21Shares Hyperliquid ETF (THYP) 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 THYP. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to THYP
Among 112 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% | 295.32M | Apr 2026 | THYP vs MSBT | |
| Grayscale Ethereum Staking Mini ETF | 0.15% | 1.35B | Jul 2024 | THYP vs ETH | |
| Grayscale Bitcoin Mini Trust ETF | 0.15% | 3.26B | Jul 2024 | THYP vs BTC | |
| Franklin Ethereum ETF | 0.19% | 32.26M | Jul 2024 | THYP vs EZET | |
| Franklin Crypto Index ETF | 0.19% | 11.81M | Feb 2025 | THYP vs EZPZ |
Best Risk-Adjusted Alternatives to THYP
Among 72 ETFs in the Cryptocurrency category with risk / return rank data, the top risk-adjusted alternatives shown here go as high as 91.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Grayscale Zcash Trust (ZEC) | 91 | — | Oct 2017 | THYP vs ZCSH | |
| CoinShares Bitcoin Miners ETF | 72 | 395.17M | Feb 2022 | THYP vs WGMI | |
| ProShares Shrt Bitcoin ETF | 42 | 140.30M | Jun 2022 | THYP vs BITI | |
| Proshares Ultrashort Bitcoin ETF | 36 | 211.63M | Apr 2024 | THYP vs SBIT | |
| T-Rex 2X Inverse Bitcoin Daily Target ETF | 31 | — | Jul 2024 | THYP vs BTCZ |
Top Performing THYP Alternatives (YTD)
Among 109 ETFs in the Cryptocurrency category with YTD return data, the top-performing alternatives shown here go as high as 81.43%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| ProShares UltraShort Ether ETF | 81.43% | 90.21M | Jun 2024 | THYP vs ETHD | |
| CoinShares Bitcoin Miners ETF | 66.45% | 395.17M | Feb 2022 | THYP vs WGMI | |
| Proshares Ultrashort Bitcoin ETF | 55.04% | 211.63M | Apr 2024 | THYP vs SBIT | |
| ProShares Short Ether Strategy ETF | 51.54% | 24.22M | Nov 2023 | THYP vs SETH | |
| T-Rex 2X Inverse Bitcoin Daily Target ETF | 49.64% | — | Jul 2024 | THYP vs BTCZ |
Lowest Volatility Alternatives to THYP
THYP has 110.48% 1-year volatility. There are 113 ETFs in the Cryptocurrency category with lower 1-year volatility, going as low as 2.05%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Calamos Bitcoin Structured Alt Protection ETF - Oc... | 2.05% | — | Oct 2025 | THYP vs CBOO | |
| Calamos Laddered Bitcoin 90 Series Structured Alt ... | 3.78% | — | Oct 2025 | THYP vs CBOL | |
| Calamos Bitcoin 90 Series Structured Alt Protectio... | 6.87% | — | Oct 2025 | THYP vs CBXO | |
| FT Vest Bitcoin Strategy Floor15 ETF - October | 12.19% | 7.62M | Sep 2025 | THYP vs BFOC | |
| Calamos Bitcoin 80 Series Structured Alt Protectio... | 12.25% | — | Oct 2025 | THYP vs CBTO |
Lowest Drawdown Alternatives to THYP
Among 72 ETFs in the Cryptocurrency category with 1-year drawdown data, the lowest-drawdown alternatives shown here go as shallow as -14.02%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Horizon Kinetics Blockchain Development ETF | -14.02% | 21.22M | Aug 2022 | THYP vs BCDF | |
| REX Crypto Equity Premium Income ETF | -22.47% | 111.95M | Dec 2024 | THYP vs CEPI | |
| ProShares Shrt Bitcoin ETF | -25.28% | 140.30M | Jun 2022 | THYP vs BITI | |
| Global X Bitcoin Trend Strategy ETF | -26.45% | 1.49M | Mar 2024 | THYP vs BTRN | |
| Bitwise Bitcoin Strategy Optimum Roll ETF | -26.51% | 17.91M | Mar 2023 | THYP vs BITC |
Other ETFs from 21Shares
The 10 most viewed 21Shares ETFs shown here include TTOP, TSOL, TOXR and span 3 categories. AUM among these funds goes as high as $154M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| 21Shares FTSE Crypto 10 Index ETF | Cryptocurrency | — | -33.49% | — | Nov 2025 | THYP vs TTOP | |
| 21Shares Solana ETF | Cryptocurrency, Blockchain | — | -38.28% | 2.60M | Nov 2025 | THYP vs TSOL | |
| 21Shares XRP ETF | Cryptocurrency, Blockchain | — | -41.56% | 153.97M | Dec 2025 | THYP vs TOXR | |
| 21Shares 2x Long Sui ETF | Leveraged Cryptocurrency, Blockchain | — | -86.40% | 2.15M | Dec 2025 | THYP vs TXXS | |
| 21Shares 2x Long Dogecoin ETF | Leveraged Cryptocurrency, Cryptocurrency, Blockchain | — | -74.04% | 4.46M | Nov 2025 | THYP vs TXXD | |
| 21Shares Dogecoin ETF | Cryptocurrency | — | — | — | Jan 2026 | THYP vs TDOG | |
| 21Shares Polkadot ETF | Cryptocurrency | — | — | 10.64M | Mar 2026 | THYP vs TDOT | |
| 21Shares Active Crypto ETF | Cryptocurrency | — | — | — | — | THYP vs TKNS | |
| 21Shares Ethereum ETF | Cryptocurrency | 6 | -45.15% | — | — | THYP vs TETH | |
| 21Shares Canton Network ETF | Blockchain | — | — | — | May 2026 | THYP vs TCAN |
Compare THYP with Any Fund or Stock
Compare THYP with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair THYP with funds that move differently
21Shares Hyperliquid ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to THYP.
Explore THYP Diversifiers