Data as of .
ETHD vs EVMU: which held to its multiple?
Over three months against its own daily promise, ETHD finished 0.2 points over and EVMU 7.9 points short.
ETFIQ Decay Resistance Score: ETHD scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| ETHD | EVMU | ETHD | EVMU | ETHD | EVMU | |
| 1 month | −50.5% | +76.2% | −70.6% | +70.6% | +20.1 pts | +5.6 pts |
| 3 months | −65.0% | +110.6% | −104.9% | +104.9% | +39.8 pts | +5.7 pts |
| 6 months | −54.1% | not published | −41.2% | not published | −12.9 pts | not published |
| 1 year | −7.4% | not published | +85.6% | not published | −93.0 pts | not published |
| Since launch | −90.3% | +33.3% | +54.0% | +47.5% | −144.2 pts | −14.2 pts |
| ETHD ProShares UltraShort Ether ETF Aims to return twice the opposite of the daily move of ether (ETHA) | EVMU Direxion Daily Ether Bull 2X ETF Aims to return twice the daily move of ether (ETHA) | |
|---|---|---|
| Issuer | ProShares | Direxion |
| Sets out to return | -2x | +2x |
| On | ETHA | ETHA |
| Segment | crypto | crypto |
| Fund returned, 3 months | −65.0% | +110.6% |
| Underlying returned, 3 months | +52.4% | +52.4% |
| What the stated multiple implies, 3 months | −104.9% | +104.9% |
| Difference from stated, 3 months | +39.8 pts | +5.7 pts |
| Fund returned, 1 year or since launch | −7.4% | +33.3% |
| Difference from stated, over that window | −93.0 pts | −14.2 pts |
| Underlying volatility | 51% | 51% |
| Difference over the days both have traded | no shared window | +5.7 pts |
| Expense ratio | 0.99% | 1.03% |
| Launched | Jun 7, 2024 | May 27, 2026 |
ETHD in plain words
Three months to Sep 11, 2026: ETHD returned −65.0% where its own daily promise gave −65.2%, 0.2 points over. Read the multiple against the whole window instead and −2 times ETHA's 52.4% implies −104.9%, which makes ETHD look 39.8 points over. 39.7 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. ETHD aims to return -2 times ETHA's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. ETHA moved at 51% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
EVMU in plain words
Three months to Sep 11, 2026: EVMU returned +110.6% where its own daily promise gave +118.5%, 7.9 points short. Read the multiple against the whole window instead and +2 times ETHA's 52.4% implies +104.9%, which makes EVMU look 5.7 points over. 13.6 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. EVMU aims to return +2 times ETHA's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, ETHD or EVMU?
- Over the window to Sep 11, 2026, ETHD finished 39.8 points from what its multiple implies and EVMU finished 5.7 points from its own, so EVMU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ETHD and EVMU levered on the same thing?
- Yes. Both are levered on ether, ETHD at -2 times and EVMU at +2 times the daily move.
- Which one decays faster, ETHD or EVMU?
- Decay follows how much the underlying moves about. Over this window ETHD’s moved at 51% annualized and EVMU’s at 51%, so ETHD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ETHD or EVMU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, ETHD or EVMU?
- ETHD charges 0.99% a year and EVMU charges 1.03%, so ETHD is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ETHD against EVMU, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ETHD-EVMU Free to use with attribution; the underlying files are at Open data.