HDX1.DE vs. BITW
HDX1.DE (Hashdex Nasdaq Crypto Index Europe ETP EUR) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds - HDX1.DE tracks the Nasdaq Crypto Index while BITW tracks the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past 3 years, HDX1.DE returned 15.55%/yr vs 48.75%/yr for BITW. A 0.62 correlation means they provide meaningful diversification when combined. HDX1.DE charges 1.00%/yr vs 0.75%/yr for BITW.
Performance
HDX1.DE vs. BITW - Performance Comparison
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Different Trading Currencies
HDX1.DE is traded in EUR, while BITW is traded in USD. To make them comparable, the BITW values have been converted to EUR using the latest available exchange rates.
Returns By Period
The year-to-date returns for both stocks are quite close, with HDX1.DE having a -32.48% return and BITW slightly lower at -33.75%.
HDX1.DE
- 1D
- 0.00%
- 1M
- -19.00%
- YTD
- -32.48%
- 6M
- -32.20%
- 1Y
- -42.59%
- 3Y*
- 15.55%
- 5Y*
- —
- 10Y*
- —
BITW
- 1D
- -1.20%
- 1M
- -19.62%
- YTD
- -33.75%
- 6M
- -33.62%
- 1Y
- -40.72%
- 3Y*
- 48.75%
- 5Y*
- 2.48%
- 10Y*
- —
HDX1.DE vs. BITW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HDX1.DE Hashdex Nasdaq Crypto Index Europe ETP EUR | -32.48% | -21.32% | 108.60% | 133.00% | -26.82% |
BITW Bitwise 10 Crypto Index ETF | -33.75% | -14.19% | 177.90% | 318.17% | -57.17% |
Correlation
The correlation between HDX1.DE and BITW is 0.82, 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 | 0.82 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.62 |
Over the past year, HDX1.DE and BITW have become more correlated (0.82) than their long-term average of 0.62, meaning their price movements have been converging.
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Return for Risk
HDX1.DE vs. BITW — Risk / Return Rank
HDX1.DE
BITW
HDX1.DE vs. BITW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) and Bitwise 10 Crypto Index ETF (BITW). 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.
| HDX1.DE | BITW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.87 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.76 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.27 | -0.01 |
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Drawdowns
HDX1.DE vs. BITW - Drawdown Comparison
The maximum HDX1.DE drawdown since its inception was -55.56%, smaller than the maximum BITW drawdown of -95.93%. Use the drawdown chart below to compare losses from any high point for HDX1.DE and BITW.
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Drawdown Indicators
| HDX1.DE | BITW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.56% | -95.93% | +40.37% |
Max Drawdown (1Y)Largest decline over 1 year | -55.56% | -55.01% | -0.55% |
Max Drawdown (3Y)Largest decline over 3 years | -55.56% | -55.01% | -0.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.97% | — |
Current DrawdownCurrent decline from peak | -54.72% | -70.91% | +16.19% |
Average DrawdownAverage peak-to-trough decline | -16.43% | -67.51% | +51.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.32% | 32.72% | +0.60% |
Volatility
HDX1.DE vs. BITW - Volatility Comparison
Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) has a higher volatility of 14.42% compared to Bitwise 10 Crypto Index ETF (BITW) at 13.60%. This indicates that HDX1.DE's price experiences larger fluctuations and is considered to be riskier than BITW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDX1.DE | BITW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 13.60% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 31.42% | 36.64% | -5.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.28% | 49.17% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.60% | 64.82% | -14.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.60% | 107.53% | -56.93% |
HDX1.DE vs. BITW - Expense Ratio Comparison
HDX1.DE has a 1.00% expense ratio, which is higher than BITW's 0.75% expense ratio.
Dividends
HDX1.DE vs. BITW - Dividend Comparison
Neither HDX1.DE nor BITW has paid dividends to shareholders.
Frequently Asked Questions
HDX1.DE and BITW have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BITW is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BITW is cheaper with a 0.75% expense ratio, compared with 1.00% for HDX1.DE.
HDX1.DE tracks Nasdaq Crypto Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. They also come from different issuers: Hashdex and Bitwise. Their fees differ too: 1.00% for HDX1.DE and 0.75% for BITW.
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