THYP vs. ETHD

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.63, they often move in opposite directions.

Performance

THYP vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Hyperliquid ETF (THYP) and ProShares UltraShort Ether ETF (ETHD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

THYP

• 1D: 3.06%
• 1M: 0.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETHD

• 1D: -6.34%
• 1M: 36.59%
• YTD: 81.43%
• 6M: 75.78%
• 1Y: -42.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYP vs. ETHD - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
ETHD ProShares UltraShort Ether ETF	81.45%

Correlation

The correlation between THYP and ETHD is -0.63, 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 (All Time) Calculated using the full available price history since May 12, 2026	-0.63

Return for Risk

THYP vs. ETHD — Risk / Return Rank

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

THYP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 5
ETHD Martin Ratio Rank: 7

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.

THYP vs. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) 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.

	THYP	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.31	—
Sortino ratio: Return per unit of downside risk	—	0.42	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	-0.52	—
Martin ratio: Return relative to average drawdown	—	-0.66	—

Drawdowns

THYP vs. ETHD - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for THYP and ETHD.

Drawdown Indicators

	THYP	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-95.59%	+68.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-82.01%	—
Current Drawdown Current decline from peak	-9.34%	-85.82%	+76.48%
Average Drawdown Average peak-to-trough decline	-7.69%	-66.55%	+58.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	64.12%	—

Volatility

Volatility by Period

	THYP	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	40.69%	—
Volatility (6M) Calculated over the trailing 6-month period	—	92.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	137.68%	-27.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	142.23%	-31.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	142.23%	-31.75%

Dividends

THYP vs. ETHD - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, less than ETHD's 9.64% yield.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	9.64%	156.62%	19.15%
THYP 21Shares Hyperliquid ETF	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYP and ETHD in my portfolio?

THYP and ETHD have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

ETHD has the higher dividend yield at 9.64%, compared with 0.10% for THYP.

What is the main difference between THYP and ETHD?

They also come from different issuers: 21Shares and ProShares.