CETH.DE vs. HDXM.DE

Last updated Apr 3, 2026

Compare and contrast key facts about CoinShares Physical Ethereum (ETH) (CETH.DE) and Hashdex Crypto Momentum Factor ETN (HDXM.DE).

CETH.DE and HDXM.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CETH.DE is an actively managed fund by CoinShares. It was launched on Feb 23, 2021. HDXM.DE is a passively managed fund by Hashdex that tracks the performance of the Kaiko Hashdex Risk Parity Momentum Crypto Index. It was launched on Nov 1, 2022.

Performance

CETH.DE vs. HDXM.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in CoinShares Physical Ethereum (ETH) (CETH.DE) and Hashdex Crypto Momentum Factor ETN (HDXM.DE). The values are adjusted to include any dividend payments, if applicable.

CETH.DE vs. HDXM.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CETH.DE CoinShares Physical Ethereum (ETH)	-29.62%	-21.13%	53.89%	91.46%	-27.32%
HDXM.DE Hashdex Crypto Momentum Factor ETN	-19.57%	-35.51%	65.37%	130.19%	-31.57%

Returns By Period

In the year-to-date period, CETH.DE achieves a -29.62% return, which is significantly lower than HDXM.DE's -19.57% return.

CETH.DE

• 1D: -3.14%
• 1M: 3.89%
• YTD: -29.62%
• 6M: -52.53%
• 1Y: 2.50%
• 3Y*: 3.45%
• 5Y*: —
• 10Y*: —

HDXM.DE

• 1D: -2.59%
• 1M: 1.45%
• YTD: -19.57%
• 6M: -47.91%
• 1Y: -30.36%
• 3Y*: 12.67%
• 5Y*: —
• 10Y*: —

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

CETH.DE vs. HDXM.DE - Expense Ratio Comparison

CETH.DE has a 0.00% expense ratio, which is lower than HDXM.DE's 1.49% expense ratio.

HDXM.DE

Hashdex Crypto Momentum Factor ETN

CETH.DE

CoinShares Physical Ethereum (ETH)

Return for Risk

CETH.DE vs. HDXM.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CETH.DE

CETH.DE Risk / Return Rank: 15
CETH.DE Sharpe Ratio Rank: 12
CETH.DE Sortino Ratio Rank: 19
CETH.DE Omega Ratio Rank: 17
CETH.DE Calmar Ratio Rank: 14
CETH.DE Martin Ratio Rank: 13

HDXM.DE

HDXM.DE Risk / Return Rank: 3
HDXM.DE Sharpe Ratio Rank: 3
HDXM.DE Sortino Ratio Rank: 3
HDXM.DE Omega Ratio Rank: 3
HDXM.DE Calmar Ratio Rank: 3
HDXM.DE Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CETH.DE vs. HDXM.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Ethereum (ETH) (CETH.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.

	CETH.DE	HDXM.DE	Difference
Sharpe ratio Return per unit of total volatility	0.04	-0.65	+0.69
Sortino ratio Return per unit of downside risk	0.54	-0.75	+1.29
Omega ratio Gain probability vs. loss probability	1.06	0.92	+0.14
Calmar ratio Return relative to maximum drawdown	0.20	-0.57	+0.77
Martin ratio Return relative to average drawdown	0.42	-1.07	+1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CETH.DE vs. HDXM.DE - Sharpe Ratio Comparison

The current CETH.DE Sharpe Ratio is 0.04, which is higher than the HDXM.DE Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of CETH.DE and HDXM.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CETH.DE	HDXM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.04	-0.65	+0.69
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.18	-0.25

Correlation

The correlation between CETH.DE and HDXM.DE is 0.79, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

CETH.DE vs. HDXM.DE - Dividend Comparison

Neither CETH.DE nor HDXM.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

CETH.DE vs. HDXM.DE - Drawdown Comparison

The maximum CETH.DE drawdown since its inception was -76.74%, which is greater than HDXM.DE's maximum drawdown of -62.68%. Use the drawdown chart below to compare losses from any high point for CETH.DE and HDXM.DE.

Drawdown Indicators

	CETH.DE	HDXM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-76.74%	-62.68%	-14.06%
Max Drawdown (1Y) Largest decline over 1 year	-60.73%	-53.24%	-7.49%
Current Drawdown Current decline from peak	-56.99%	-60.60%	+3.61%
Average Drawdown Average peak-to-trough decline	-42.53%	-23.84%	-18.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.29%	28.27%	+1.02%

Volatility

CETH.DE vs. HDXM.DE - Volatility Comparison

CoinShares Physical Ethereum (ETH) (CETH.DE) has a higher volatility of 16.13% compared to Hashdex Crypto Momentum Factor ETN (HDXM.DE) at 9.31%. This indicates that CETH.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.

Volatility by Period

	CETH.DE	HDXM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.13%	9.31%	+6.82%
Volatility (6M) Calculated over the trailing 6-month period	45.17%	33.17%	+12.00%
Volatility (1Y) Calculated over the trailing 1-year period	65.37%	46.37%	+19.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	53.58%	+14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.35%	53.58%	+14.77%