SETH vs. ETHD

Last updated Jun 23, 2026

SETH (ProShares Short Ether Strategy ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds from ProShares. SETH is passively managed, while ETHD is actively managed. Over the past year, SETH returned -6.94% vs -49.25% for ETHD. With a 1.00 correlation, they move nearly in lockstep. SETH charges 0.95%/yr vs 1.01%/yr for ETHD.

Performance

SETH vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 42.44% return, which is significantly lower than ETHD's 61.66% return.

SETH

• 1D: -1.56%
• 1M: 15.03%
• YTD: 42.44%
• 6M: 43.03%
• 1Y: -6.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -3.34%
• 1M: 27.31%
• YTD: 61.66%
• 6M: 62.24%
• 1Y: -49.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETH vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SETH ProShares Short Ether Strategy ETF	42.44%	-29.41%	-6.86%
ETHD ProShares UltraShort Ether ETF	61.66%	-72.49%	-38.58%

Correlation

The correlation between SETH and ETHD is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	1.00

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

Return for Risk

SETH vs. ETHD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SETH

SETH Risk / Return Rank: 8
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 10
SETH Omega Ratio Rank: 10
SETH Calmar Ratio Rank: 7
SETH Martin Ratio Rank: 7

ETHD

ETHD Risk / Return Rank: 7
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 10
ETHD Omega Ratio Rank: 9
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SETH vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	-0.36	+0.26
Sortino ratio: Return per unit of downside risk	0.34	0.28	+0.05
Omega ratio: Gain probability vs. loss probability	1.04	1.03	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.12	-0.59	+0.47
Martin ratio: Return relative to average drawdown	-0.19	-0.74	+0.54

SETH vs. ETHD - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.10, which is higher than the ETHD Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of SETH 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

SETH vs. ETHD - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for SETH and ETHD.

Drawdown Indicators

	SETH	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-95.59%	+14.85%
Max Drawdown (1Y) Largest decline over 1 year	-56.01%	-83.63%	+27.62%
Current Drawdown Current decline from peak	-60.87%	-87.37%	+26.50%
Average Drawdown Average peak-to-trough decline	-54.79%	-66.37%	+11.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.80%	66.84%	-31.04%

Volatility

SETH vs. ETHD - Volatility Comparison

The current volatility for ProShares Short Ether Strategy ETF (SETH) is 19.18%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 38.88%. This indicates that SETH 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

	SETH	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.18%	38.88%	-19.70%
Volatility (6M) Calculated over the trailing 6-month period	46.55%	93.41%	-46.86%
Volatility (1Y) Calculated over the trailing 1-year period	69.22%	137.58%	-68.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.66%	142.56%	-72.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.66%	142.56%	-72.90%

SETH vs. ETHD - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

SETH vs. ETHD - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.80%, which matches ETHD's 10.82% yield.

Position	TTM	2025	2024	2023
ETHD ProShares UltraShort Ether ETF	10.82%	156.62%	19.15%	0.00%
SETH ProShares Short Ether Strategy ETF	10.80%	7.01%	3.44%	0.38%

Frequently Asked Questions

Can I hold both SETH and ETHD in my portfolio?

With a correlation of 1.00, SETH and ETHD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SETH or ETHD?

ETHD has higher volatility (38.88%) compared to SETH (19.18%). In terms of maximum drawdown, SETH dropped -80.74% vs ETHD's -95.59%.

Which ETF is better, SETH or ETHD?

On 1-year performance, SETH leads with -6.94% vs -49.25% for ETHD. On fees, SETH is cheaper at 0.95% per year. On volatility, SETH has been the lower-risk option at 19.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or ETHD?

Over the 1-year period, SETH has performed better with a -6.94% return vs -49.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or ETHD?

SETH is cheaper with a 0.95% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 10.82%, compared with 10.80% for SETH.

What is the main difference between SETH and ETHD?

Their fees differ too: 0.95% for SETH and 1.01% for ETHD.

Which has better risk-adjusted returns?

SETH currently has the higher Sharpe Ratio (-0.10 vs -0.36), 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.