- Issuer
- Grayscale
- Category
- Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Accumulating
- Asset Class
- Cryptocurrency
Share Price Chart
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Performance
HZEN Performance Chart
Grayscale Horizen Trust (HZEN) is down 35.2% since the beginning of the year. HZEN is currently trading at $1 per share.
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Returns By Period
Grayscale Horizen Trust (HZEN) has returned -35.16% so far this year and -6.95% over the past 12 months.
Grayscale Horizen Trust
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 1.18%
- 1M
- -1.84%
- YTD
- 8.69%
- 6M
- 7.74%
- 1Y
- 20.53%
- 3Y*
- 18.69%
- 5Y*
- 11.60%
- 10Y*
- 13.47%
HZEN Monthly Returns History
Based on dividend-adjusted daily data since Oct 19, 2021, HZEN's average daily return is +0.10%, while the average monthly return is +0.63%. At this rate, an investment would double in approximately 9.2 years.
Historically, 40% of months were positive and 60% were negative. The best month was Feb 2024 with a return of +160.2%, while the worst month was Oct 2021 at -74.8%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 6 months.
On a daily basis, HZEN closed higher 42% of trading days. The best single day was Feb 14, 2024 with a return of +68.2%, while the worst single day was Oct 21, 2021 at -46.7%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 20.48% | -34.00% | -5.39% | -2.31% | 3.28% | -14.57% | -35.16% | ||||||
| 2025 | -31.02% | -14.20% | -24.83% | -31.19% | -15.17% | -54.81% | 33.91% | 6.49% | -3.66% | 77.22% | -13.93% | -31.12% | -83.06% |
| 2024 | -7.57% | 160.23% | 83.82% | -43.64% | 51.63% | -36.48% | -6.53% | -28.19% | 38.48% | 19.95% | -9.09% | 8.89% | 164.86% |
| 2023 | 37.25% | 11.94% | -17.16% | -14.29% | -11.00% | 66.67% | 17.02% | -29.67% | 2.39% | -2.00% | 60.54% | 56.78% | 236.36% |
| 2022 | -61.25% | -0.65% | 9.09% | -30.06% | -31.91% | -43.75% | 37.78% | -6.45% | -0.86% | 3.48% | -53.78% | 0.00% | -93.12% |
| 2021 | -74.83% | 36.42% | -22.33% | -73.33% |
Benchmark Metrics
Grayscale Horizen Trust has an annualized alpha of -0.13%, beta of 1.96, and R2 of 0.05 versus S&P 500 Index. Calculated based on daily prices since October 19, 2021.
- This ETF participated in 243.37% of S&P 500 Index downside but only -0.75% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.05 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -0.13%
- Beta
- 1.96
- R²
- 0.05
- Upside Capture
- -0.75%
- Downside Capture
- 243.37%
Return for Risk
Risk / Return Rank
HZEN ranks 12 for risk / return — in the bottom 12% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and compare them to S&P 500 Index.
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.
| HZEN | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.30 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 2.27 | -2.35 |
| Martin ratioReturn relative to average drawdown | -0.12 | 9.90 | -10.02 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Grayscale Horizen Trust. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Grayscale Horizen Trust was 98.73%, occurring on Jan 4, 2023. The portfolio has not yet recovered.
The current Grayscale Horizen Trust drawdown is 98.21%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -98.73%Jan 2023 | 1y 2mo | — | 4y 8moOct 2021 - now |
Drawdown Indicators
| HZEN | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -56.78% | -41.95% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -9.10% | -72.59% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | -18.90% | -75.34% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -98.21% | -2.23% | -95.98% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -10.71% | -81.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 2.08% | +54.31% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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