According to Eric Balchunas, Senior ETF Analyst at Bloomberg
The double inverse Ethereum ETF has emerged as one of the best-performing fund products year-to-date, trailing only a triple long gold mining ETN.
According to a chart shared by Balchunas on the social media platform X, the “ProShares UltraShort Ether ETF” (ticker: ETHD) and the “T-Rex 2X Inverse Ether Daily Target ETF” (ETQ) are the second and third best-performing funds this year, with year-to-date returns of 176.18% and 151.17%, respectively. Both ETFs utilize financial derivatives to inversely track the performance of Ethereum, with their price fluctuations being twice that of Ethereum.
Source: Eric Balchunas
The chart indicates that the top-performing fund product is the MicroSectors Gold Mining Daily 3X Long ETN (GDXU), boasting a year-to-date return of 180.1%, benefiting from the strong performance of gold prices. According to TradingView data, the spot price of gold reached $3,500 per ounce today, setting a new historical high, with an increase of over 30% year-to-date.
In contrast, the performance of Ethereum (ETH) has been relatively lackluster, having declined significantly since briefly surpassing $4,000 at the end of last year, with a year-to-date drop of approximately 51%. As of the publication of this article, Ethereum is trading at $1,615.
