SPXU vs. ETHU

Last updated Jun 25, 2026

SPXU (ProShares UltraPro Short S&P500) and ETHU (Volatility Shares 2x Ether ETF) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while ETHU is a Leveraged Cryptocurrency fund actively managed by Volatility Shares. SPXU is passively managed, while ETHU is actively managed. Over the past year, SPXU returned -42.51% vs -78.15% for ETHU. At a correlation of -0.50, they often move in opposite directions. SPXU charges 0.90%/yr vs 2.67%/yr for ETHU.

Performance

SPXU vs. ETHU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) and Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXU achieves a -20.80% return, which is significantly higher than ETHU's -78.81% return.

SPXU

• 1D: -0.76%
• 1M: 3.14%
• YTD: -20.80%
• 6M: -17.65%
• 1Y: -42.51%
• 3Y*: -41.00%
• 5Y*: -33.50%
• 10Y*: -42.03%

ETHU

• 1D: -9.57%
• 1M: -44.33%
• YTD: -78.81%
• 6M: -78.43%
• 1Y: -78.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXU vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXU ProShares UltraPro Short S&P500	-20.80%	-41.73%	-25.56%
ETHU Volatility Shares 2x Ether ETF	-78.81%	-64.38%	-48.73%

Correlation

The correlation between SPXU and ETHU is -0.49, 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	-0.49
Correlation (All Time) Calculated using the full available price history since Jun 4, 2024	-0.50

Return for Risk

SPXU vs. ETHU — Risk / Return Rank

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

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 1

ETHU

ETHU Risk / Return Rank: 4
ETHU Sharpe Ratio Rank: 5
ETHU Sortino Ratio Rank: 5
ETHU Omega Ratio Rank: 5
ETHU Calmar Ratio Rank: 2
ETHU Martin Ratio Rank: 3

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.

SPXU vs. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) and Volatility Shares 2x Ether ETF (ETHU). 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.

	SPXU	ETHU	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-0.56	-0.58
Sortino ratio: Return per unit of downside risk	-1.82	-0.57	-1.25
Omega ratio: Gain probability vs. loss probability	0.80	0.94	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.91	-0.83	-0.07
Martin ratio: Return relative to average drawdown	-1.56	-1.19	-0.37

SPXU vs. ETHU - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.15, which is lower than the ETHU Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of SPXU and ETHU, 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

SPXU vs. ETHU - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum ETHU drawdown of -96.33%. Use the drawdown chart below to compare losses from any high point for SPXU and ETHU.

Drawdown Indicators

	SPXU	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-96.33%	-3.66%
Max Drawdown (1Y) Largest decline over 1 year	-47.04%	-93.77%	+46.73%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.63%	—	—
Current Drawdown Current decline from peak	-99.99%	-96.33%	-3.66%
Average Drawdown Average peak-to-trough decline	-93.34%	-69.98%	-23.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.42%	65.78%	-38.36%

Volatility

SPXU vs. ETHU - Volatility Comparison

The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 14.30%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 40.14%. This indicates that SPXU experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXU	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.30%	40.14%	-25.84%
Volatility (6M) Calculated over the trailing 6-month period	29.44%	94.86%	-65.42%
Volatility (1Y) Calculated over the trailing 1-year period	37.24%	139.00%	-101.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.62%	143.30%	-92.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	143.30%	-89.88%

SPXU vs. ETHU - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than ETHU's 2.67% expense ratio.

Dividends

SPXU vs. ETHU - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 7.41%, more than ETHU's 6.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETHU Volatility Shares 2x Ether ETF	6.92%	2.31%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	7.41%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and ETHU in my portfolio?

SPXU and ETHU have a correlation of -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXU or ETHU?

ETHU has higher volatility (40.14%) compared to SPXU (14.30%). In terms of maximum drawdown, SPXU dropped -99.99% vs ETHU's -96.33%.

Which ETF is better, SPXU or ETHU?

On 1-year performance, SPXU leads with -42.51% vs -78.15% for ETHU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 14.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or ETHU?

Over the 1-year period, SPXU has performed better with a -42.51% return vs -78.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or ETHU?

SPXU is cheaper with a 0.90% expense ratio, compared with 2.67% for ETHU.

Which ETF pays a higher dividend yield, SPXU or ETHU?

SPXU has the higher dividend yield at 7.41%, compared with 6.92% for ETHU.

What is the main difference between SPXU and ETHU?

SPXU is categorized as S&P 500, while ETHU is Leveraged Cryptocurrency. They also come from different issuers: ProShares and Volatility Shares. Their fees differ too: 0.90% for SPXU and 2.67% for ETHU.

Which has better risk-adjusted returns?

ETHU currently has the higher Sharpe Ratio (-0.56 vs -1.15), 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.