ALC0.DE vs. HDXM.DE
ALC0.DE (21Shares Algorand ETP) and HDXM.DE (Hashdex Crypto Momentum Factor ETN) are both exchange-traded funds - ALC0.DE is a Cryptocurrency fund actively managed by 21Shares, while HDXM.DE is a Momentum fund tracking the Kaiko Hashdex Risk Parity Momentum Crypto Index. ALC0.DE is actively managed, while HDXM.DE is passively managed. Over the past 3 years, ALC0.DE returned -15.06%/yr vs 9.76%/yr for HDXM.DE. A 0.76 correlation means they provide meaningful diversification when combined. ALC0.DE charges 2.50%/yr vs 1.49%/yr for HDXM.DE.
Performance
ALC0.DE vs. HDXM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, ALC0.DE achieves a -9.66% return, which is significantly higher than HDXM.DE's -25.14% return.
ALC0.DE
- 1D
- -5.06%
- 1M
- -12.14%
- YTD
- -9.66%
- 6M
- -22.02%
- 1Y
- -47.46%
- 3Y*
- -15.06%
- 5Y*
- —
- 10Y*
- —
HDXM.DE
- 1D
- -4.80%
- 1M
- -13.98%
- YTD
- -25.14%
- 6M
- -27.58%
- 1Y
- -38.02%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
ALC0.DE vs. HDXM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ALC0.DE 21Shares Algorand ETP | -9.66% | -69.17% | 40.48% | 38.07% | -62.27% |
HDXM.DE Hashdex Crypto Momentum Factor ETN | -25.14% | -35.51% | 65.37% | 130.19% | -31.57% |
Correlation
The correlation between ALC0.DE and HDXM.DE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.76 |
The correlation between ALC0.DE and HDXM.DE has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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Return for Risk
ALC0.DE vs. HDXM.DE — Risk / Return Rank
ALC0.DE
HDXM.DE
ALC0.DE vs. HDXM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for 21Shares Algorand ETP (ALC0.DE) and Hashdex Crypto Momentum Factor ETN (HDXM.DE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ALC0.DE | HDXM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.46 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.86 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.72 | +0.06 |
| Martin ratioReturn relative to average drawdown | -0.97 | -1.13 | +0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ALC0.DE | HDXM.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.65 | -0.92 | +0.27 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.45 | 0.13 | -0.58 |
Drawdowns
ALC0.DE vs. HDXM.DE - Drawdown Comparison
The maximum ALC0.DE drawdown since its inception was -91.38%, which is greater than HDXM.DE's maximum drawdown of -63.33%. Use the drawdown chart below to compare losses from any high point for ALC0.DE and HDXM.DE.
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Drawdown Indicators
| ALC0.DE | HDXM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.38% | -63.33% | -28.05% |
Max Drawdown (1Y)Largest decline over 1 year | -73.56% | -54.05% | -19.51% |
Max Drawdown (3Y)Largest decline over 3 years | -87.32% | -63.33% | -23.99% |
Current DrawdownCurrent decline from peak | -89.02% | -63.33% | -25.69% |
Average DrawdownAverage peak-to-trough decline | -74.41% | -25.50% | -48.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.32% | 34.34% | +15.98% |
Volatility
ALC0.DE vs. HDXM.DE - Volatility Comparison
21Shares Algorand ETP (ALC0.DE) has a higher volatility of 20.62% compared to Hashdex Crypto Momentum Factor ETN (HDXM.DE) at 10.35%. This indicates that ALC0.DE's price experiences larger fluctuations and is considered to be riskier than HDXM.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ALC0.DE | HDXM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.62% | 10.35% | +10.27% |
Volatility (6M)Calculated over the trailing 6-month period | 51.56% | 28.32% | +23.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.05% | 42.44% | +32.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 89.03% | 52.73% | +36.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 89.03% | 52.73% | +36.30% |
ALC0.DE vs. HDXM.DE - Expense Ratio Comparison
ALC0.DE has a 2.50% expense ratio, which is higher than HDXM.DE's 1.49% expense ratio.
Dividends
ALC0.DE vs. HDXM.DE - Dividend Comparison
Neither ALC0.DE nor HDXM.DE has paid dividends to shareholders.
Frequently Asked Questions
ALC0.DE and HDXM.DE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HDXM.DE is cheaper at 1.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HDXM.DE is cheaper with a 1.49% expense ratio, compared with 2.50% for ALC0.DE.
ALC0.DE is categorized as Cryptocurrency, while HDXM.DE is Momentum. They also come from different issuers: 21Shares and Hashdex. Their fees differ too: 2.50% for ALC0.DE and 1.49% for HDXM.DE.
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