SPXU vs. ETH-USD
SPXU (ProShares UltraPro Short S&P500) is S&P 500 fund tracking the S&P 500 Index (-300%), while ETH-USD (Ethereum) is a cryptocurrency. Over the past 10 years, SPXU returned -41.64%/yr vs 61.34%/yr for ETH-USD. At a correlation of -0.18, they often move in opposite directions.
Performance
SPXU vs. ETH-USD - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -21.14% return, which is significantly higher than ETH-USD's -43.98% return. Over the past 10 years, SPXU has underperformed ETH-USD with an annualized return of -41.64%, while ETH-USD has yielded a comparatively higher 61.34% annualized return.
SPXU
- 1D
- -0.69%
- 1M
- -0.31%
- YTD
- -21.14%
- 6M
- -20.77%
- 1Y
- -45.16%
- 3Y*
- -41.69%
- 5Y*
- -34.21%
- 10Y*
- -41.64%
ETH-USD
- 1D
- -1.64%
- 1M
- -28.55%
- YTD
- -43.98%
- 6M
- -46.81%
- 1Y
- -33.81%
- 3Y*
- -3.34%
- 5Y*
- -8.64%
- 10Y*
- 61.34%
SPXU vs. ETH-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -21.14% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -56.27% | 3.97% | -44.23% |
ETH-USD Ethereum | -43.98% | -10.91% | 46.00% | 90.84% | -67.48% | 398.30% | 473.88% | -1.52% | -82.39% | 8,984.19% |
Correlation
The correlation between SPXU and ETH-USD is -0.39, 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 | -0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.32 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.20 |
Correlation (All Time) Calculated using the full available price history since Aug 7, 2015 | -0.18 |
Over the past year, the inverse relationship between SPXU and ETH-USD has strengthened: their correlation has moved from -0.18 to -0.39, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
SPXU vs. ETH-USD — Risk / Return Rank
SPXU
ETH-USD
SPXU vs. ETH-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.
| SPXU | ETH-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.67 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.96 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.50 | -0.40 |
| Martin ratioReturn relative to average drawdown | -1.51 | -0.88 | -0.64 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPXU | ETH-USD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.25 | -0.50 | -0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.68 | -0.12 | -0.56 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.78 | 0.65 | -1.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | 0.75 | -1.58 |
Drawdowns
SPXU vs. ETH-USD - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, which is greater than ETH-USD's maximum drawdown of -94.01%. Use the drawdown chart below to compare losses from any high point for SPXU and ETH-USD.
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Drawdown Indicators
| SPXU | ETH-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -94.01% | -5.98% |
Max Drawdown (1Y)Largest decline over 1 year | -50.35% | -67.53% | +17.18% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -67.53% | -16.83% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -79.35% | -10.88% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -94.01% | -5.62% |
Current DrawdownCurrent decline from peak | -99.99% | -65.60% | -34.39% |
Average DrawdownAverage peak-to-trough decline | -93.34% | -50.89% | -42.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.91% | 44.58% | -14.67% |
Volatility
SPXU vs. ETH-USD - Volatility Comparison
The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 10.96%, while Ethereum (ETH-USD) has a volatility of 16.88%. This indicates that SPXU experiences smaller price fluctuations and is considered to be less risky 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
| SPXU | ETH-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.96% | 16.88% | -5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 27.98% | 46.80% | -18.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.20% | 56.55% | -20.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.44% | 59.65% | -9.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.45% | 78.04% | -24.59% |
Frequently Asked Questions
SPXU and ETH-USD have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ETH-USD has higher volatility (16.88%) compared to SPXU (10.96%). In terms of maximum drawdown, SPXU dropped -99.99% vs ETH-USD's -94.01%.
ETH-USD currently has the higher Sharpe Ratio (-0.50 vs -1.25), 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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