Which came closer to its stated multiple, ETHD or ETHU?

Over the window to Sep 30, 2026, ETHD finished 60.5 points from what its multiple implies and ETHU finished 20.8 points from its own, so ETHU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are ETHD and ETHU levered on the same thing?

Yes. Both are levered on ether, ETHD at -2 times and ETHU at +2 times the daily move.

Which one decays faster, ETHD or ETHU?

Decay follows how much the underlying moves about. Over this window ETHD’s moved at 48% annualized and ETHU’s at 48%, so ETHD has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold ETHD or ETHU 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 ETHU?

ETHD charges 0.95% a year and ETHU charges 2.97%, so ETHD is cheaper. Fees come from each fund's prospectus.

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ETHD vs ETHU: which held to its multiple?

Over three months against its own daily promise, ETHD finished 0.3 points over and ETHU 6.6 points short. ProShares UltraShort Ether ETF and 2x Ether ETF.

−69.5%

ETHD returned, 3 months

+150.9%

ETHU returned, 3 months

+60.5 pts

ETHD from its stated multiple

+20.8 pts

ETHU from its stated multiple

ETHD · 3 months to Sep 30, 202660.5 pts ahead of its stated multiple

ETHD returned −69.5% while −2 times ETHA's move would have been −130.1%

ETHU · 3 months to Sep 30, 202620.8 pts ahead of its stated multiple

ETHU returned +150.9% while 2 times ETHA's move would have been +130.1%

ETFIQ Decay Resistance Score · ETHD scores higherDid it keep up with its own daily multiple, compounded day by day?

ETHD among the 125 inverse ETFs over three months

ETHD 21.2

0.4, the lowest in this set99.6, the highest

ETHU among the 470 leveraged ETFs, long, over three months

ETHU 7.1

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. ETHU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. 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

	Total return		Multiple would give		Difference
Window	ETHD	ETHU	ETHD	ETHU	ETHD	ETHU
1 month	−17.6%	+12.2%	−15.0%	+15.0%	−2.6 pts	−2.8 pts
3 months	−69.5%	+150.9%	−130.1%	+130.1%	+60.5 pts	+20.8 pts
6 months	−55.3%	+29.1%	−49.0%	+49.0%	−6.3 pts	−19.9 pts
1 year	−24.9%	−76.7%	+72.3%	−72.3%	−97.2 pts	−4.4 pts
Since launch ETHD Jul 2024 · ETHU Jul 2024	−91.5%	−87.2%	+46.6%	−46.6%	−138.1 pts	−40.5 pts

ETHD and ETHU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

ETHD

ProShares UltraShort Ether ETF · Aims to return twice the opposite of the daily move of ether (ETHA)

ETHU

2x Ether ETF · Aims to return twice the daily move of ether (ETHA)

Issuer ProShares Volatility Shares

Sets out to return -2x +2x

Underlying asset ETHA ETHA

Segment crypto crypto

Fund returned, 3 months or since launch −69.5% +150.9%

Underlying returned, over that window +65.0% +65.0%

What the stated multiple implies, over that window −130.1% +130.1%

Difference from stated, over that window +60.5 pts +20.8 pts

Fund returned, 1 year or since launch −24.9% −76.7%

Difference from stated, over that window −97.2 pts −4.4 pts

Underlying volatility 48% 48%

Difference over the days both have traded no shared window +20.8 pts

Expense ratio 0.95% 2.97%

Launched Jun 7, 2024 Jun 4, 2024

Net assets $59m $1.2bn

ETHD and ETHU on the same fields, as of Sep 30, 2026. Source: ETFIQ.

ETHD in plain words

Three months to Sep 30, 2026: ETHD returned −69.5% where its own daily promise gave −69.8%, 0.3 points over. Read the multiple against the whole window instead and −2 times ETHA's 65.0% implies −130.1%, which makes ETHD look 60.5 points over. 60.3 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 48% 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.

ETHU in plain words

Three months to Sep 30, 2026: ETHU returned +150.9% where its own daily promise gave +157.5%, 6.6 points short. Read the multiple against the whole window instead and 2 times ETHA's 65.0% implies +130.1%, which makes ETHU look 20.8 points over. 27.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. ETHU 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 ETHU?: Over the window to Sep 30, 2026, ETHD finished 60.5 points from what its multiple implies and ETHU finished 20.8 points from its own, so ETHU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are ETHD and ETHU levered on the same thing?: Yes. Both are levered on ether, ETHD at -2 times and ETHU at +2 times the daily move.
Which one decays faster, ETHD or ETHU?: Decay follows how much the underlying moves about. Over this window ETHD’s moved at 48% annualized and ETHU’s at 48%, so ETHD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold ETHD or ETHU 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 ETHU?: ETHD charges 0.95% a year and ETHU charges 2.97%, so ETHD is cheaper. Fees come from each fund's prospectus.

Other comparisons

ETHD vs ETHT ETHD vs ETU ETHD vs EVMU ETHD vs SETH ETHU vs ETU ETHU vs EVMU ETHU vs SETH ETHU vs ETHT

ETHA →ETHD on its own →ETHU on its own →How every figure is computed →Standards and sources →

Where these figures came from

ETHD filings on SEC EDGAR ↗ETHD prospectus with the expense ratio (SEC) ↗ProShares page for ETHD ↗ETHU filings on SEC EDGAR ↗ETHU prospectus with the expense ratio (SEC) ↗Volatility Shares page for ETHU ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, ETHD against ETHU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/ethd-vs-ethu

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.