HDXM.DE vs. ETHC.DE

Last updated Apr 2, 2026

Compare and contrast key facts about Hashdex Crypto Momentum Factor ETN (HDXM.DE) and 21Shares Ethereum Core Staking ETP (ETHC.DE).

HDXM.DE and ETHC.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. ETHC.DE is an actively managed fund by 21Shares. It was launched on Sep 20, 2022.

Performance

HDXM.DE vs. ETHC.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Hashdex Crypto Momentum Factor ETN (HDXM.DE) and 21Shares Ethereum Core Staking ETP (ETHC.DE). The values are adjusted to include any dividend payments, if applicable.

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

	2026 (YTD)	2025	2024	2023	2022
HDXM.DE Hashdex Crypto Momentum Factor ETN	-17.42%	-35.51%	65.37%	130.19%	-31.57%
ETHC.DE 21Shares Ethereum Core Staking ETP	-27.44%	-21.50%	52.05%	90.66%	-27.99%

Returns By Period

In the year-to-date period, HDXM.DE achieves a -17.42% return, which is significantly higher than ETHC.DE's -27.44% return.

HDXM.DE

• 1D: 1.40%
• 1M: 3.07%
• YTD: -17.42%
• 6M: -45.85%
• 1Y: -28.59%
• 3Y*: 12.95%
• 5Y*: —
• 10Y*: —

ETHC.DE

• 1D: 2.75%
• 1M: 4.78%
• YTD: -27.44%
• 6M: -50.15%
• 1Y: 4.66%
• 3Y*: 3.04%
• 5Y*: —
• 10Y*: —

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

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

HDXM.DE has a 1.49% expense ratio, which is higher than ETHC.DE's 0.10% expense ratio.

HDXM.DE

Hashdex Crypto Momentum Factor ETN

ETHC.DE

21Shares Ethereum Core Staking ETP

Return for Risk

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

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

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: 4
HDXM.DE Calmar Ratio Rank: 4
HDXM.DE Martin Ratio Rank: 4

ETHC.DE

ETHC.DE Risk / Return Rank: 15
ETHC.DE Sharpe Ratio Rank: 13
ETHC.DE Sortino Ratio Rank: 20
ETHC.DE Omega Ratio Rank: 18
ETHC.DE Calmar Ratio Rank: 13
ETHC.DE Martin Ratio Rank: 13

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.

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

This table presents a comparison of risk-adjusted performance metrics for Hashdex Crypto Momentum Factor ETN (HDXM.DE) and 21Shares Ethereum Core Staking ETP (ETHC.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	ETHC.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.62	0.07	-0.69
Sortino ratio Return per unit of downside risk	-0.68	0.59	-1.27
Omega ratio Gain probability vs. loss probability	0.92	1.07	-0.14
Calmar ratio Return relative to maximum drawdown	-0.54	0.09	-0.63
Martin ratio Return relative to average drawdown	-1.02	0.19	-1.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current HDXM.DE Sharpe Ratio is -0.62, which is lower than the ETHC.DE Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of HDXM.DE and ETHC.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

	HDXM.DE	ETHC.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	0.07	-0.69
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.15	+0.04

Correlation

The correlation between HDXM.DE and ETHC.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

HDXM.DE vs. ETHC.DE - Dividend Comparison

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

Tickers have no history of dividend payments

Drawdowns

HDXM.DE vs. ETHC.DE - Drawdown Comparison

The maximum HDXM.DE drawdown since its inception was -62.68%, roughly equal to the maximum ETHC.DE drawdown of -64.71%. Use the drawdown chart below to compare losses from any high point for HDXM.DE and ETHC.DE.

Drawdown Indicators

	HDXM.DE	ETHC.DE	Difference
Max Drawdown Largest peak-to-trough decline	-62.68%	-64.71%	+2.03%
Max Drawdown (1Y) Largest decline over 1 year	-53.24%	-60.75%	+7.51%
Current Drawdown Current decline from peak	-59.55%	-53.86%	-5.69%
Average Drawdown Average peak-to-trough decline	-23.80%	-21.89%	-1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.15%	29.16%	-1.01%

Volatility

HDXM.DE vs. ETHC.DE - Volatility Comparison

The current volatility for Hashdex Crypto Momentum Factor ETN (HDXM.DE) is 9.70%, while 21Shares Ethereum Core Staking ETP (ETHC.DE) has a volatility of 17.81%. This indicates that HDXM.DE experiences smaller price fluctuations and is considered to be less risky than ETHC.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDXM.DE	ETHC.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.70%	17.81%	-8.11%
Volatility (6M) Calculated over the trailing 6-month period	33.52%	45.62%	-12.10%
Volatility (1Y) Calculated over the trailing 1-year period	46.35%	65.55%	-19.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.59%	61.23%	-7.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.59%	61.23%	-7.64%