HDXM.DE vs. CEMR.DE
HDXM.DE (Hashdex Crypto Momentum Factor ETN) and CEMR.DE (iShares Edge MSCI Europe Momentum Factor UCITS ETF) are both Momentum funds - HDXM.DE tracks the Kaiko Hashdex Risk Parity Momentum Crypto Index while CEMR.DE tracks the MSCI Europe Momentum Index. Both are passively managed. Over the past 3 years, HDXM.DE returned 9.76%/yr vs 20.23%/yr for CEMR.DE. At a 0.23 correlation, their price movements are largely independent. HDXM.DE charges 1.49%/yr vs 0.25%/yr for CEMR.DE.
Performance
HDXM.DE vs. CEMR.DE - Performance Comparison
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Returns By Period
In the year-to-date period, HDXM.DE achieves a -25.14% return, which is significantly lower than CEMR.DE's 7.91% return.
HDXM.DE
- 1D
- -4.80%
- 1M
- -13.98%
- YTD
- -25.14%
- 6M
- -27.58%
- 1Y
- -38.02%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
CEMR.DE
- 1D
- -0.11%
- 1M
- 0.87%
- YTD
- 7.91%
- 6M
- 11.86%
- 1Y
- 16.81%
- 3Y*
- 20.23%
- 5Y*
- 11.35%
- 10Y*
- 11.36%
HDXM.DE vs. CEMR.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HDXM.DE Hashdex Crypto Momentum Factor ETN | -25.14% | -35.51% | 65.37% | 130.19% | -31.57% |
CEMR.DE iShares Edge MSCI Europe Momentum Factor UCITS ETF | 7.91% | 27.17% | 20.01% | 12.79% | 1.10% |
Correlation
The correlation between HDXM.DE and CEMR.DE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.23 |
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Return for Risk
HDXM.DE vs. CEMR.DE — Risk / Return Rank
HDXM.DE
CEMR.DE
HDXM.DE vs. CEMR.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Crypto Momentum Factor ETN (HDXM.DE) and iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.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.
| HDXM.DE | CEMR.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.19 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.49 | -2.21 |
| Martin ratioReturn relative to average drawdown | -1.13 | 5.53 | -6.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HDXM.DE | CEMR.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | 1.01 | -1.92 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.68 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.61 | -0.48 |
Drawdowns
HDXM.DE vs. CEMR.DE - Drawdown Comparison
The maximum HDXM.DE drawdown since its inception was -63.33%, which is greater than CEMR.DE's maximum drawdown of -31.78%. Use the drawdown chart below to compare losses from any high point for HDXM.DE and CEMR.DE.
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Drawdown Indicators
| HDXM.DE | CEMR.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.33% | -31.78% | -31.55% |
Max Drawdown (1Y)Largest decline over 1 year | -54.05% | -11.73% | -42.32% |
Max Drawdown (3Y)Largest decline over 3 years | -63.33% | -15.75% | -47.58% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.73% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -31.78% | — |
Current DrawdownCurrent decline from peak | -63.33% | -1.48% | -61.85% |
Average DrawdownAverage peak-to-trough decline | -25.50% | -6.03% | -19.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.34% | 3.16% | +31.18% |
Volatility
HDXM.DE vs. CEMR.DE - Volatility Comparison
Hashdex Crypto Momentum Factor ETN (HDXM.DE) has a higher volatility of 10.35% compared to iShares Edge MSCI Europe Momentum Factor UCITS ETF (CEMR.DE) at 4.42%. This indicates that HDXM.DE's price experiences larger fluctuations and is considered to be riskier than CEMR.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDXM.DE | CEMR.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.35% | 4.42% | +5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 28.32% | 14.63% | +13.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.44% | 17.29% | +25.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.73% | 16.37% | +36.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.73% | 16.48% | +36.25% |
HDXM.DE vs. CEMR.DE - Expense Ratio Comparison
HDXM.DE has a 1.49% expense ratio, which is higher than CEMR.DE's 0.25% expense ratio.
Dividends
HDXM.DE vs. CEMR.DE - Dividend Comparison
Neither HDXM.DE nor CEMR.DE has paid dividends to shareholders.
Frequently Asked Questions
HDXM.DE and CEMR.DE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CEMR.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CEMR.DE is cheaper with a 0.25% expense ratio, compared with 1.49% for HDXM.DE.
HDXM.DE tracks Kaiko Hashdex Risk Parity Momentum Crypto Index, while CEMR.DE tracks MSCI Europe Momentum Index. They also come from different issuers: Hashdex and iShares. Their fees differ too: 1.49% for HDXM.DE and 0.25% for CEMR.DE.
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