BHYP vs. THYP

Last updated Jul 17, 2026

BHYP (Bitwise Hyperliquid ETF) and THYP (21Shares Hyperliquid ETF) are both Cryptocurrency funds. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep.

Performance

BHYP vs. THYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Hyperliquid ETF (BHYP) and 21Shares Hyperliquid ETF (THYP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHYP

• 1D: -6.95%
• 1M: -14.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THYP

• 1D: -6.81%
• 1M: -13.93%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BHYP vs. THYP - Yearly Performance Comparison

	2026 (YTD)
BHYP Bitwise Hyperliquid ETF	43.76%
THYP 21Shares Hyperliquid ETF	39.15%

Correlation

The correlation between BHYP and THYP is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 15, 2026	0.99

Return for Risk

BHYP vs. THYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Hyperliquid ETF (BHYP) and 21Shares Hyperliquid ETF (THYP). 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.

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BHYP vs. THYP - Drawdown Comparison

The maximum BHYP drawdown since its inception was -27.22%, roughly equal to the maximum THYP drawdown of -27.01%. Use the drawdown chart below to compare losses from any high point for BHYP and THYP.

Drawdown Indicators

	BHYP	THYP	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-27.01%	-0.21%
Current Drawdown Current decline from peak	-15.81%	-15.53%	-0.28%
Average Drawdown Average peak-to-trough decline	-8.62%	-8.32%	-0.30%

Volatility

Volatility by Period

	BHYP	THYP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	98.49%	101.78%	-3.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	98.49%	101.78%	-3.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	98.49%	101.78%	-3.29%

Dividends

BHYP vs. THYP - Dividend Comparison

BHYP has not paid dividends to shareholders, while THYP's dividend yield for the trailing twelve months is around 0.10%.

Position	TTM
BHYP Bitwise Hyperliquid ETF	0.00%
THYP 21Shares Hyperliquid ETF	0.10%

Frequently Asked Questions

Can I hold both BHYP and THYP in my portfolio?

With a correlation of 0.99, BHYP and THYP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF pays a higher dividend yield, BHYP or THYP?

THYP has the higher dividend yield at 0.10%, compared with 0.00% for BHYP.

What is the main difference between BHYP and THYP?

They also come from different issuers: Bitwise and 21Shares.