QETH vs. ETHD

Last updated Aug 5, 2026

QETH (Invesco Galaxy Ethereum ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, QETH returned -49.13% vs 6.93% for ETHD. Their -1.00 correlation means they have often moved in opposite directions in the past. QETH charges 0.25%/yr vs 1.01%/yr for ETHD.

Performance

QETH vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Ethereum ETF (QETH) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QETH achieves a -36.96% return, which is significantly lower than ETHD's 28.16% return.

QETH

• 1D: 0.23%
• 1M: 10.30%
• 6M: -18.57%
• YTD: -36.96%
• 1Y: -49.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.83%

ETHD

• 1D: -0.69%
• 1M: -21.42%
• 6M: -13.33%
• YTD: 28.16%
• 1Y: 6.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHD ProShares UltraShort Ether ETF	$15.91M	$15.40M	$23.23M
QETH Invesco Galaxy Ethereum ETF	$441.76K	$366.32K	$431.82K

QETH vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QETH Invesco Galaxy Ethereum ETF	-36.96%	-11.44%	-5.03%
ETHD ProShares UltraShort Ether ETF	28.16%	-72.49%	-43.10%

Correlation

The correlation between QETH and ETHD is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-1.00
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	-1.00

The correlation between QETH and ETHD has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.

Return for Risk

QETH vs. ETHD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QETH

QETH Risk / Return Rank: 3
QETH Sharpe Ratio Rank: 3
QETH Sortino Ratio Rank: 3
QETH Omega Ratio Rank: 3
QETH Calmar Ratio Rank: 3
QETH Martin Ratio Rank: 4

ETHD

ETHD Risk / Return Rank: 17
ETHD Sharpe Ratio Rank: 11
ETHD Sortino Ratio Rank: 26
ETHD Omega Ratio Rank: 25
ETHD Calmar Ratio Rank: 12
ETHD Martin Ratio Rank: 11

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QETH vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Ethereum ETF (QETH) and ProShares UltraShort Ether ETF (ETHD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QETH	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.74	0.05	-0.79
Sortino ratio: Return per unit of downside risk	-0.95	1.04	-1.99
Omega ratio: Gain probability vs. loss probability	0.89	1.13	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.73	0.13	-0.85
Martin ratio: Return relative to average drawdown	-1.08	0.19	-1.27

QETH vs. ETHD - Sharpe Ratio Comparison

The current QETH Sharpe Ratio is -0.74, which is lower than the ETHD Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of QETH and ETHD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QETH vs. ETHD - Drawdown Comparison

The maximum QETH drawdown since its inception was -67.90%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for QETH and ETHD.

Drawdown Indicators

	QETH	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-67.90%	-95.59%	+27.69%
Max Drawdown (1Y) Largest decline over 1 year	-67.90%	-55.14%	-12.76%
Current Drawdown Current decline from peak	-61.38%	-89.99%	+28.61%
Average Drawdown Average peak-to-trough decline	-35.37%	-67.60%	+32.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.70%	35.65%	+10.05%

Volatility

QETH vs. ETHD - Volatility Comparison

The current volatility for Invesco Galaxy Ethereum ETF (QETH) is 11.18%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 22.21%. This indicates that QETH experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QETH	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.18%	22.21%	-11.03%
Volatility (6M) Calculated over the trailing 6-month period	43.43%	88.19%	-44.76%
Volatility (1Y) Calculated over the trailing 1-year period	66.86%	133.41%	-66.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.09%	140.15%	-69.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.09%	140.15%	-69.06%

QETH vs. ETHD - Expense Ratio Comparison

QETH has a 0.25% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

QETH vs. ETHD - Dividend Comparison

QETH has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 8.92%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	8.92%	156.62%	19.15%
QETH Invesco Galaxy Ethereum ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QETH and ETHD in my portfolio?

QETH and ETHD have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QETH or ETHD?

ETHD has higher volatility (22.21%) compared to QETH (11.18%). In terms of maximum drawdown, QETH dropped -67.90% vs ETHD's -95.59%.

Which ETF is better, QETH or ETHD?

On 1-year performance, ETHD leads with 6.93% vs -49.13% for QETH. On fees, QETH is cheaper at 0.25% per year. On volatility, QETH has been the lower-risk option at 11.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QETH or ETHD?

Over the 1-year period, ETHD has performed better with a 6.93% return vs -49.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QETH or ETHD?

QETH is cheaper with a 0.25% expense ratio, compared with 1.01% for ETHD.

Which ETF pays a higher dividend yield, QETH or ETHD?

ETHD has the higher dividend yield at 8.92%, compared with 0.00% for QETH.

What is the main difference between QETH and ETHD?

They also come from different issuers: Invesco and ProShares. Their fees differ too: 0.25% for QETH and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (0.05 vs -0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.