SETH vs. ETH-USD
SETH (ProShares Short Ether Strategy ETF) is Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while ETH-USD (Ethereum) is a cryptocurrency. Over the past year, SETH returned 14.25% vs -39.99% for ETH-USD. At a correlation of -0.69, they often move in opposite directions.
Performance
SETH vs. ETH-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SETH achieves a 37.43% return, which is significantly higher than ETH-USD's -39.86% return.
SETH
- 1D
- 1.22%
- 1M
- -8.19%
- 6M
- 43.90%
- YTD
- 37.43%
- 1Y
- 14.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH-USD
- 1D
- -1.18%
- 1M
- 6.19%
- 6M
- -42.29%
- YTD
- -39.86%
- 1Y
- -39.99%
- 3Y*
- -2.73%
- 5Y*
- -2.20%
- 10Y*
- 64.92%
SETH vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SETH ProShares Short Ether Strategy ETF | 37.43% | -29.41% | -49.59% | -22.19% |
ETH-USD Ethereum | -39.86% | -10.91% | 46.00% | 23.45% |
Correlation
The correlation between SETH and ETH-USD is -0.72, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 2, 2023 | -0.69 |
The correlation between SETH and ETH-USD has been stable across timeframes, ranging from -0.72 to -0.69 - a consistent structural relationship.
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Return for Risk
SETH vs. ETH-USD — Risk / Return Rank
SETH
ETH-USD
SETH vs. ETH-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) and Ethereum (ETH-USD). 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.
| SETH | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.81 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | -0.59 | +0.93 |
| Martin ratioReturn relative to average drawdown | 0.62 | -0.92 | +1.54 |
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Drawdowns
SETH vs. ETH-USD - Drawdown Comparison
The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum ETH-USD drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for SETH and ETH-USD.
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Drawdown Indicators
| SETH | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.74% | -94.01% | +13.27% |
Max Drawdown (1Y)Largest decline over 1 year | -41.92% | -67.60% | +25.68% |
Max Drawdown (3Y)Largest decline over 3 years | — | -67.60% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -79.35% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -94.01% | — |
Current DrawdownCurrent decline from peak | -62.25% | -63.07% | +0.82% |
Average DrawdownAverage peak-to-trough decline | -54.90% | -51.00% | -3.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 23.13% | 36.45% | -13.32% |
Volatility
SETH vs. ETH-USD - Volatility Comparison
ProShares Short Ether Strategy ETF (SETH) has a higher volatility of 16.64% compared to Ethereum (ETH-USD) at 12.59%. This indicates that SETH's price experiences larger fluctuations and is considered to be riskier than ETH-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SETH | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.64% | 12.59% | +4.05% |
Volatility (6M)Calculated over the trailing 6-month period | 46.74% | 46.69% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.32% | 55.16% | +13.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.32% | 58.69% | +10.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.32% | 76.79% | -7.47% |
Frequently Asked Questions
SETH and ETH-USD have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SETH has higher volatility (16.64%) compared to ETH-USD (12.59%). In terms of maximum drawdown, SETH dropped -80.74% vs ETH-USD's -94.01%.
SETH currently has the higher Sharpe Ratio (0.21 vs -0.60), 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.
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