Grayscale Horizen Trust (HZEN) belongs to the Cryptocurrency category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with HZEN. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to HZEN
Among 118 ETFs in the Cryptocurrency category with expense-ratio data, the lowest-cost alternatives shown here go as low as 0.14%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Morgan Stanley Bitcoin Trust | 0.14% | 376.59M | Apr 2026 | HZEN vs MSBT | |
| Grayscale Bitcoin Mini Trust ETF | 0.15% | 3.69B | Jul 2024 | HZEN vs BTC | |
| Grayscale Ethereum Staking Mini ETF | 0.15% | 1.55B | Jul 2024 | HZEN vs ETH | |
| Franklin Bitcoin ETF | 0.19% | 366.62M | Jan 2024 | HZEN vs EZBC | |
| Franklin Solana ETF | 0.19% | 8.51M | Dec 2025 | HZEN vs SOEZ |
Best Risk-Adjusted Alternatives to HZEN
HZEN has a PortfoliosLab risk / return rank of 9. There are 10 ETFs in the Cryptocurrency category with higher risk-adjusted ranks, going as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Grayscale Zcash Trust (ZEC) | 95 | — | Oct 2017 | HZEN vs ZCSH | |
| ProShares Short Bitcoin ETF | 53 | 118.48M | Jun 2022 | HZEN vs BITI | |
| Proshares Ultrashort Bitcoin ETF | 47 | 163.33M | Apr 2024 | HZEN vs SBIT | |
| CoinShares Bitcoin Miners ETF | 45 | 240.40M | Feb 2022 | HZEN vs WGMI | |
| T-Rex 2X Inverse Bitcoin Daily Target ETF | 41 | — | Jul 2024 | HZEN vs BTCZ |
Top Performing HZEN Alternatives (YTD)
HZEN is at -39.27% YTD. There are 94 ETFs in the Cryptocurrency category with higher YTD returns, going as high as 37.71%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| CoinShares Bitcoin Miners ETF | 37.71% | 240.40M | Feb 2022 | HZEN vs WGMI | |
| Proshares Ultrashort Bitcoin ETF | 30.98% | 163.33M | Apr 2024 | HZEN vs SBIT | |
| ProShares UltraShort Ether ETF | 27.90% | 50.89M | Jun 2024 | HZEN vs ETHD | |
| ProShares Short Ether Strategy ETF | 27.84% | 16.28M | Nov 2023 | HZEN vs SETH | |
| T-Rex 2X Inverse Bitcoin Daily Target ETF | 26.37% | — | Jul 2024 | HZEN vs BTCZ |
Lowest Volatility Alternatives to HZEN
HZEN has 136.16% 1-year volatility. There are 129 ETFs in the Cryptocurrency category with lower 1-year volatility, going as low as 1.99%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Calamos Bitcoin Structured Alt Protection ETF - Oc... | 1.99% | — | Oct 2025 | HZEN vs CBOO | |
| Calamos Laddered Bitcoin 90 Series Structured Alt ... | 3.70% | — | Oct 2025 | HZEN vs CBOL | |
| Calamos Bitcoin 90 Series Structured Alt Protectio... | 6.63% | — | Oct 2025 | HZEN vs CBXO | |
| Calamos Bitcoin 80 Series Structured Alt Protectio... | 11.82% | — | Oct 2025 | HZEN vs CBTO | |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 11.86% | 7.63M | Sep 2025 | HZEN vs BFOC |
Lowest Drawdown Alternatives to HZEN
HZEN has a 1-year max drawdown of -81.69%. There are 65 ETFs in the Cryptocurrency category with shallower 1-year drawdowns, going as shallow as -14.02%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Horizon Kinetics Blockchain Development ETF | -14.02% | 22.87M | Aug 2022 | HZEN vs BCDF | |
| FT Vest Bitcoin Strategy Floor15 ETF - July | -21.27% | 3.45M | Jun 2025 | HZEN vs BFJL | |
| REX Crypto Equity Premium Income ETF | -22.47% | 110.04M | Dec 2024 | HZEN vs CEPI | |
| ProShares Short Bitcoin ETF | -25.28% | 118.48M | Jun 2022 | HZEN vs BITI | |
| Global X Bitcoin Trend Strategy ETF | -26.03% | 1.48M | Mar 2024 | HZEN vs BTRN |
Other ETFs from Grayscale
The 10 most viewed Grayscale ETFs shown here include GBTC, ETHE, GDLC and span 3 categories. AUM among these funds goes as high as $9B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Grayscale Bitcoin Trust ETF | Cryptocurrency | 2 | -26.20% | 8.64B | Jan 2024 | HZEN vs GBTC | |
| Grayscale Ethereum Trust ETF | Cryptocurrency | 4 | -36.43% | 1.42B | Dec 2017 | HZEN vs ETHE | |
| Grayscale CoinDesk Crypto 5 ETF | Cryptocurrency | 3 | -29.02% | 341.36M | Feb 2018 | HZEN vs GDLC | |
| Grayscale Future of Finance ETF | Blockchain, Technology Equities | — | — | 6.70M | Feb 2022 | HZEN vs GFOF | |
| Grayscale Litecoin Trust | Cryptocurrency | 2 | -40.71% | — | Aug 2020 | HZEN vs LTCN | |
| Grayscale Chainlink Trust ETF | Cryptocurrency, Blockchain | 2 | -30.24% | 83.49M | Feb 2021 | HZEN vs GLNK | |
| Grayscale Bitcoin Miners ETF | Blockchain | 18 | 19.11% | 12.57M | Jan 2025 | HZEN vs MNRS | |
| Grayscale Ethereum Classic Trust (ETC) | Cryptocurrency, Blockchain | 0 | -42.49% | 141.12M | Apr 2017 | HZEN vs ETCG | |
| Grayscale Solana Staking ETF | Cryptocurrency | — | — | 98.64M | Nov 2021 | HZEN vs GSOL | |
| Grayscale Sui Staking ETF | Cryptocurrency | — | -43.14% | 23.10M | Feb 2026 | HZEN vs GSUI |
Often Compared With HZEN
Investors most often compare HZEN with EZET, BITC, EZPZ. These 3 comparison targets span 1 categories, based on PortfoliosLab usage data.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| Franklin Ethereum ETF | Cryptocurrency | 4 | -36.10% | 37.67M | Jul 2024 | HZEN vs EZET | |
| Bitwise Bitcoin Strategy Optimum Roll ETF | Cryptocurrency | 3 | 1.83% | 14.63M | Mar 2023 | HZEN vs BITC | |
| Franklin Crypto Index ETF | Cryptocurrency | 2 | -28.32% | 12.73M | Feb 2025 | HZEN vs EZPZ |
Compare HZEN with Any Fund or Stock
Compare HZEN with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair HZEN with funds that move differently
Grayscale Horizen Trust alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HZEN.
Explore HZEN Diversifiers