HYPG vs. BITQ

Last updated Jul 18, 2026

HYPG (Grayscale Hyperliquid Staking ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both Blockchain funds. HYPG is actively managed, while BITQ is passively managed. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

HYPG vs. BITQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Hyperliquid Staking ETF (HYPG) and Bitwise Crypto Industry Innovators ETF (BITQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HYPG

• 1D: -3.36%
• 1M: -16.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -2.14%
• 1M: -18.65%
• 6M: -8.75%
• YTD: 10.99%
• 1Y: 0.05%
• 3Y*: 30.38%
• 5Y*: 3.58%
• 10Y*: —

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

HYPG vs. BITQ - Yearly Performance Comparison

	2026 (YTD)
HYPG Grayscale Hyperliquid Staking ETF	-17.94%
BITQ Bitwise Crypto Industry Innovators ETF	-22.36%

Correlation

The correlation between HYPG and BITQ is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	0.63

Return for Risk

HYPG vs. BITQ — Risk / Return Rank

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

HYPG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BITQ

BITQ Risk / Return Rank: 11
BITQ Sharpe Ratio Rank: 10
BITQ Sortino Ratio Rank: 12
BITQ Omega Ratio Rank: 12
BITQ Calmar Ratio Rank: 10
BITQ Martin Ratio Rank: 10

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.

HYPG vs. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Hyperliquid Staking ETF (HYPG) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	HYPG	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.00	—
Sortino ratio: Return per unit of downside risk	—	0.41	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.00	—
Martin ratio: Return relative to average drawdown	—	0.00	—

Drawdowns

HYPG vs. BITQ - Drawdown Comparison

The maximum HYPG drawdown since its inception was -26.56%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for HYPG and BITQ.

Drawdown Indicators

	HYPG	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-26.56%	-90.32%	+63.76%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-18.00%	-31.77%	+13.77%
Average Drawdown Average peak-to-trough decline	-11.45%	-52.18%	+40.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.19%	—

Volatility

Volatility by Period

	HYPG	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.21%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	93.58%	57.12%	+36.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.58%	67.31%	+26.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.58%	67.02%	+26.56%

Dividends

HYPG vs. BITQ - Dividend Comparison

Neither HYPG nor BITQ has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
HYPG Grayscale Hyperliquid Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HYPG and BITQ in my portfolio?

HYPG and BITQ have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, HYPG or BITQ?

HYPG and BITQ have nearly identical dividend yields, around 0.00%.

What is the main difference between HYPG and BITQ?

They also come from different issuers: Grayscale and Bitwise.