EVMU vs SETH: which held to its multiple?
Over three months against its own daily promise, EVMU finished 8.9 points short and SETH 1.0 points over. Direxion Daily Ether Bull 2X ETF and ProShares Short Ether ETF.
EVMU returned +148.6% while 2 times ETHA's move would have been +130.1%
SETH returned −42.0% while −1 times ETHA's move would have been −65.0%
EVMU among the 470 leveraged ETFs, long, over three months
SETH among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. SETH is a percentile among the 125 inverse ETFs 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 | EVMU | SETH | EVMU | SETH | EVMU | SETH |
| 1 month | +12.4% | −7.9% | +15.0% | −7.5% | −2.6 pts | −0.4 pts |
| 3 months | +148.6% | −42.0% | +130.1% | −65.0% | +18.5 pts | +23.0 pts |
| 6 months | not published | −27.0% | not published | −24.5% | not published | −2.5 pts |
| 1 year | not published | +10.2% | not published | +36.1% | not published | −25.9 pts |
| Since launch EVMU May 2026 · SETH Jul 2024 | +44.4% | −46.1% | +59.9% | +23.3% | −15.4 pts | −69.4 pts |
EVMU and SETH over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
EVMU and SETH on the same fields, as of Sep 30, 2026. Source: ETFIQ.
EVMU in plain words
Three months to Sep 30, 2026: EVMU returned +148.6% where its own daily promise gave +157.5%, 8.9 points short. Read the multiple against the whole window instead and 2 times ETHA's 65.0% implies +130.1%, which makes EVMU look 18.5 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. EVMU 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.
SETH in plain words
Three months to Sep 30, 2026: SETH returned −42.0% where its own daily promise gave −43.1%, 1.0 points over. Read the multiple against the whole window instead and −1 times ETHA's 65.0% implies −65.0%, which makes SETH look 23.0 points over. 22.0 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. SETH aims to return -1 times ETHA's move each day, then resets. Over longer, the daily results compound, so the total is not -1 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, EVMU or SETH?
- Over the window to Sep 30, 2026, EVMU finished 18.5 points from what its multiple implies and SETH finished 23.0 points from its own, so EVMU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are EVMU and SETH levered on the same thing?
- Yes. Both are levered on ether, EVMU at +2 times and SETH at -1 times the daily move.
- Which one decays faster, EVMU or SETH?
- Decay follows how much the underlying moves about. Over this window EVMU’s moved at 48% annualized and SETH’s at 48%, so EVMU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold EVMU or SETH 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.
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.
ETFIQ, EVMU against SETH, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/evmu-vs-seth
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, EVMU against SETH, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/evmu-vs-seth Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, EVMU against SETH, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/evmu-vs-seth
- APA
- ETFIQ. (Sep 30, 2026). EVMU against SETH. Retrieved from https://etfiq.com/compare/leverage/evmu-vs-seth
- Markdown
- [EVMU against SETH (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/evmu-vs-seth)