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HYPG vs. GBTC
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYPG vs. GBTC

Last updated Jun 30, 2026
See Documentation

HYPG (Grayscale Hyperliquid Staking ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - HYPG is a Blockchain fund actively managed by Grayscale, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. HYPG is actively managed, while GBTC is passively managed. A 0.75 correlation means they provide meaningful diversification when combined.

Performance

HYPG vs. GBTC - Performance Comparison

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

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Returns By Period

HYPG

1D
3.00%
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—

GBTC

1D
1.06%
1M
-17.98%
YTD
-31.58%
6M
-31.27%
1Y
-44.43%
3Y*
34.57%
5Y*
9.43%
10Y*
45.08%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYPG vs. GBTC - Yearly Performance Comparison

2026 (YTD)
HYPG
Grayscale Hyperliquid Staking ETF		-8.85%
GBTC
Grayscale Bitcoin Trust ETF		-10.33%

Correlation

The correlation between HYPG and GBTC is 0.75, 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

0.75

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Grayscale Hyperliquid Staking ETF

Grayscale Bitcoin Trust ETF

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Return for Risk

HYPG vs. GBTC — 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.

GBTC
GBTC Risk / Return Rank: 22
Overall Rank
GBTC Sharpe Ratio Rank: 22
Sharpe Ratio Rank
GBTC Sortino Ratio Rank: 22
Sortino Ratio Rank
GBTC Omega Ratio Rank: 22
Omega Ratio Rank
GBTC Calmar Ratio Rank: 22
Calmar Ratio Rank
GBTC Martin Ratio Rank: 22
Martin Ratio Rank
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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Hyperliquid Staking ETF (HYPG) and Grayscale Bitcoin Trust ETF (GBTC). 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.

HYPGGBTCDifference
Sharpe ratioReturn per unit of total volatility

—

-1.01

—

Sortino ratioReturn per unit of downside risk

—

-1.49

—

Omega ratioGain probability vs. loss probability

—

0.84

—

Calmar ratioReturn relative to maximum drawdown

—

-0.83

—

Martin ratioReturn relative to average drawdown

—

-1.41

—

HYPG vs. GBTC - Sharpe Ratio Comparison

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Drawdowns

HYPG vs. GBTC - Drawdown Comparison

The maximum HYPG drawdown since its inception was -26.56%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for HYPG and GBTC.

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Drawdown Indicators

HYPGGBTCDifference

Max Drawdown

Largest peak-to-trough decline

-26.56%

-89.91%

+63.35%

Max Drawdown (1Y)

Largest decline over 1 year

—

-53.37%

—

Max Drawdown (3Y)

Largest decline over 3 years

—

-53.37%

—

Max Drawdown (5Y)

Largest decline over 5 years

—

-85.42%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-89.91%

—

Current Drawdown

Current decline from peak

-8.91%

-52.48%

+43.57%

Average Drawdown

Average peak-to-trough decline

-12.29%

-43.46%

+31.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

—

31.51%

—

Volatility

HYPG vs. GBTC - Volatility Comparison

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Volatility by Period

HYPGGBTCDifference

Volatility (1M)

Calculated over the trailing 1-month period

—

13.54%

—

Volatility (6M)

Calculated over the trailing 6-month period

—

34.56%

—

Volatility (1Y)

Calculated over the trailing 1-year period

109.96%

44.37%

+65.59%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

109.96%

61.91%

+48.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

109.96%

81.46%

+28.50%

Dividends

HYPG vs. GBTC - Dividend Comparison

Neither HYPG nor GBTC has paid dividends to shareholders.

PositionTTM202520242023202220212020201920182017
GBTC
Grayscale Bitcoin Trust ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%5.61%
HYPG
Grayscale Hyperliquid Staking ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYPG and GBTC have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

HYPG is categorized as Blockchain, while GBTC is Cryptocurrency.

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