HDXM.DE vs. IS3R.DE
HDXM.DE (Hashdex Crypto Momentum Factor ETN) and IS3R.DE (iShares Edge MSCI World Momentum Factor UCITS ETF (Acc)) are both Momentum funds - HDXM.DE tracks the Kaiko Hashdex Risk Parity Momentum Crypto Index while IS3R.DE tracks the MSCI World Momentum Index. Both are passively managed. Over the past 3 years, HDXM.DE returned 9.76%/yr vs 26.05%/yr for IS3R.DE. At a 0.26 correlation, their price movements are largely independent. HDXM.DE charges 1.49%/yr vs 0.25%/yr for IS3R.DE.
Performance
HDXM.DE vs. IS3R.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 IS3R.DE's 22.51% return.
HDXM.DE
- 1D
- -4.80%
- 1M
- -13.98%
- YTD
- -25.14%
- 6M
- -27.58%
- 1Y
- -38.02%
- 3Y*
- 9.76%
- 5Y*
- —
- 10Y*
- —
IS3R.DE
- 1D
- -1.01%
- 1M
- 6.72%
- YTD
- 22.51%
- 6M
- 23.47%
- 1Y
- 31.36%
- 3Y*
- 26.05%
- 5Y*
- 14.66%
- 10Y*
- 15.31%
HDXM.DE vs. IS3R.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% |
IS3R.DE iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) | 22.51% | 8.37% | 37.95% | 8.09% | -4.65% |
Correlation
The correlation between HDXM.DE and IS3R.DE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.28 |
Correlation (All Time) Calculated using the full available price history since Nov 9, 2022 | 0.26 |
The correlation between HDXM.DE and IS3R.DE shifts across timeframes, from 0.26 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HDXM.DE vs. IS3R.DE — Risk / Return Rank
HDXM.DE
IS3R.DE
HDXM.DE vs. IS3R.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 World Momentum Factor UCITS ETF (Acc) (IS3R.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 | IS3R.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.76 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.34 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 3.48 | -4.20 |
| Martin ratioReturn relative to average drawdown | -1.13 | 13.30 | -14.43 |
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 | IS3R.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.92 | 1.84 | -2.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.84 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.85 | -0.72 |
Drawdowns
HDXM.DE vs. IS3R.DE - Drawdown Comparison
The maximum HDXM.DE drawdown since its inception was -63.33%, which is greater than IS3R.DE's maximum drawdown of -30.77%. Use the drawdown chart below to compare losses from any high point for HDXM.DE and IS3R.DE.
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Drawdown Indicators
| HDXM.DE | IS3R.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -63.33% | -30.77% | -32.56% |
Max Drawdown (1Y)Largest decline over 1 year | -54.05% | -9.01% | -45.04% |
Max Drawdown (3Y)Largest decline over 3 years | -63.33% | -23.57% | -39.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -23.57% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -30.77% | — |
Current DrawdownCurrent decline from peak | -63.33% | -1.01% | -62.32% |
Average DrawdownAverage peak-to-trough decline | -25.50% | -5.67% | -19.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.34% | 2.36% | +31.98% |
Volatility
HDXM.DE vs. IS3R.DE - Volatility Comparison
Hashdex Crypto Momentum Factor ETN (HDXM.DE) has a higher volatility of 10.35% compared to iShares Edge MSCI World Momentum Factor UCITS ETF (Acc) (IS3R.DE) at 5.96%. This indicates that HDXM.DE's price experiences larger fluctuations and is considered to be riskier than IS3R.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 | IS3R.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.35% | 5.96% | +4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 28.32% | 14.33% | +13.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.44% | 17.01% | +25.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.73% | 17.32% | +35.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.73% | 17.23% | +35.50% |
HDXM.DE vs. IS3R.DE - Expense Ratio Comparison
HDXM.DE has a 1.49% expense ratio, which is higher than IS3R.DE's 0.25% expense ratio.
Dividends
HDXM.DE vs. IS3R.DE - Dividend Comparison
Neither HDXM.DE nor IS3R.DE has paid dividends to shareholders.
Frequently Asked Questions
HDXM.DE and IS3R.DE have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IS3R.DE is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IS3R.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 IS3R.DE tracks MSCI World Momentum Index. They also come from different issuers: Hashdex and iShares. Their fees differ too: 1.49% for HDXM.DE and 0.25% for IS3R.DE.
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