DA20.DE vs. HDXM.DE
DA20.DE (Bitwise MSCI Digital Assets Select 20 ETP) and HDXM.DE (Hashdex Crypto Momentum Factor ETN) are both exchange-traded funds - DA20.DE is a Cryptocurrency fund tracking the MSCI Global Digital Assets Select Top 20 Capped Index, while HDXM.DE is a Momentum fund tracking the Kaiko Hashdex Risk Parity Momentum Crypto Index. Both are passively managed. Over the past 3 years, DA20.DE returned 10.66%/yr vs 9.57%/yr for HDXM.DE. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 1.49% expense ratio.
Performance
DA20.DE vs. HDXM.DE - Performance Comparison
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Returns By Period
In the year-to-date period, DA20.DE achieves a -33.33% return, which is significantly lower than HDXM.DE's -26.95% return.
DA20.DE
- 1D
- 0.00%
- 1M
- 1.81%
- 6M
- -39.73%
- YTD
- -33.33%
- 1Y
- -51.30%
- 3Y*
- 10.66%
- 5Y*
- —
- 10Y*
- —
HDXM.DE
- 1D
- 0.00%
- 1M
- -0.89%
- 6M
- -31.03%
- YTD
- -26.95%
- 1Y
- -49.66%
- 3Y*
- 9.57%
- 5Y*
- —
- 10Y*
- —
DA20.DE vs. HDXM.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DA20.DE Bitwise MSCI Digital Assets Select 20 ETP | -33.33% | -25.93% | 90.42% | 52.76% |
HDXM.DE Hashdex Crypto Momentum Factor ETN | -26.95% | -35.51% | 65.37% | 67.93% |
Correlation
The correlation between DA20.DE and HDXM.DE is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.94 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Apr 24, 2023 | 0.91 |
The correlation between DA20.DE and HDXM.DE has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.
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Return for Risk
DA20.DE vs. HDXM.DE — Risk / Return Rank
DA20.DE
HDXM.DE
DA20.DE vs. HDXM.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise MSCI Digital Assets Select 20 ETP (DA20.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.
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.
| DA20.DE | HDXM.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.79 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.82 | -0.85 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.26 | -1.26 | 0.00 |
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Drawdowns
DA20.DE vs. HDXM.DE - Drawdown Comparison
The maximum DA20.DE drawdown since its inception was -62.91%, smaller than the maximum HDXM.DE drawdown of -66.70%. Use the drawdown chart below to compare losses from any high point for DA20.DE and HDXM.DE.
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Drawdown Indicators
| DA20.DE | HDXM.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.91% | -66.70% | +3.79% |
Max Drawdown (1Y)Largest decline over 1 year | -62.91% | -58.27% | -4.64% |
Max Drawdown (3Y)Largest decline over 3 years | -62.91% | -66.70% | +3.79% |
Current DrawdownCurrent decline from peak | -58.37% | -64.22% | +5.85% |
Average DrawdownAverage peak-to-trough decline | -21.72% | -26.64% | +4.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.73% | 39.34% | +1.39% |
Volatility
DA20.DE vs. HDXM.DE - Volatility Comparison
Bitwise MSCI Digital Assets Select 20 ETP (DA20.DE) has a higher volatility of 11.67% compared to Hashdex Crypto Momentum Factor ETN (HDXM.DE) at 9.01%. This indicates that DA20.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
| DA20.DE | HDXM.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.67% | 9.01% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 26.74% | +8.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.48% | 42.26% | +8.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.85% | 52.01% | +0.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.85% | 52.01% | +0.84% |
DA20.DE vs. HDXM.DE - Expense Ratio Comparison
Both DA20.DE and HDXM.DE have an expense ratio of 1.49%.
Dividends
DA20.DE vs. HDXM.DE - Dividend Comparison
Neither DA20.DE nor HDXM.DE has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.94, DA20.DE and HDXM.DE 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.
Both ETFs have the same 1.49% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.
DA20.DE and HDXM.DE have the same expense ratio: 1.49% per year.
DA20.DE is categorized as Cryptocurrency, while HDXM.DE is Momentum. DA20.DE tracks MSCI Global Digital Assets Select Top 20 Capped Index, while HDXM.DE tracks Kaiko Hashdex Risk Parity Momentum Crypto Index. They also come from different issuers: Bitwise and Hashdex.
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