CSSC.DE vs. HDXM.DE

Last updated Apr 1, 2026

Compare and contrast key facts about CoinShares Physical Smart Contract Platform ETP (CSSC.DE) and Hashdex Crypto Momentum Factor ETN (HDXM.DE).

CSSC.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. CSSC.DE is an actively managed fund by CoinShares. It was launched on Mar 27, 2023. 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

CSSC.DE vs. HDXM.DE - Performance Comparison

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

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

	2026 (YTD)	2025	2024	2023
CSSC.DE CoinShares Physical Smart Contract Platform ETP	-24.98%	-35.55%	50.17%	86.11%
HDXM.DE Hashdex Crypto Momentum Factor ETN	-18.56%	-35.51%	65.37%	73.75%

Returns By Period

In the year-to-date period, CSSC.DE achieves a -24.98% return, which is significantly lower than HDXM.DE's -18.56% return.

CSSC.DE

• 1D: -2.88%
• 1M: 4.66%
• YTD: -24.98%
• 6M: -51.86%
• 1Y: -22.12%
• 3Y*: 7.61%
• 5Y*: —
• 10Y*: —

HDXM.DE

• 1D: -2.19%
• 1M: 3.80%
• YTD: -18.56%
• 6M: -43.95%
• 1Y: -28.28%
• 3Y*: 12.43%
• 5Y*: —
• 10Y*: —

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

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

CSSC.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

CSSC.DE

CoinShares Physical Smart Contract Platform ETP

Return for Risk

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

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

CSSC.DE

CSSC.DE Risk / Return Rank: 6
CSSC.DE Sharpe Ratio Rank: 5
CSSC.DE Sortino Ratio Rank: 7
CSSC.DE Omega Ratio Rank: 8
CSSC.DE Calmar Ratio Rank: 6
CSSC.DE Martin Ratio Rank: 6

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: 4
HDXM.DE Martin Ratio Rank: 4

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.

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

This table presents a comparison of risk-adjusted performance metrics for CoinShares Physical Smart Contract Platform ETP (CSSC.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.

	CSSC.DE	HDXM.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.37	-0.61	+0.24
Sortino ratio Return per unit of downside risk	-0.17	-0.67	+0.50
Omega ratio Gain probability vs. loss probability	0.98	0.92	+0.06
Calmar ratio Return relative to maximum drawdown	-0.39	-0.53	+0.14
Martin ratio Return relative to average drawdown	-0.76	-1.01	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current CSSC.DE Sharpe Ratio is -0.37, which is higher than the HDXM.DE Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of CSSC.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

	CSSC.DE	HDXM.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	-0.61	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.18	-0.01

Correlation

The correlation between CSSC.DE and HDXM.DE is 0.91, 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

CSSC.DE vs. HDXM.DE - Dividend Comparison

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

Tickers have no history of dividend payments

Drawdowns

CSSC.DE vs. HDXM.DE - Drawdown Comparison

The maximum CSSC.DE drawdown since its inception was -65.21%, roughly equal to the maximum HDXM.DE drawdown of -62.68%. Use the drawdown chart below to compare losses from any high point for CSSC.DE and HDXM.DE.

Drawdown Indicators

	CSSC.DE	HDXM.DE	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-62.68%	-2.53%
Max Drawdown (1Y) Largest decline over 1 year	-61.70%	-53.24%	-8.46%
Current Drawdown Current decline from peak	-61.76%	-60.11%	-1.65%
Average Drawdown Average peak-to-trough decline	-26.26%	-23.75%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.43%	27.98%	+3.45%

Volatility

CSSC.DE vs. HDXM.DE - Volatility Comparison

CoinShares Physical Smart Contract Platform ETP (CSSC.DE) has a higher volatility of 14.27% compared to Hashdex Crypto Momentum Factor ETN (HDXM.DE) at 9.69%. This indicates that CSSC.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

	CSSC.DE	HDXM.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.27%	9.69%	+4.58%
Volatility (6M) Calculated over the trailing 6-month period	41.39%	33.50%	+7.89%
Volatility (1Y) Calculated over the trailing 1-year period	59.72%	46.35%	+13.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	53.62%	+7.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.74%	53.62%	+7.12%