HYPG vs. STCE

Last updated Jun 30, 2026

HYPG (Grayscale Hyperliquid Staking ETF) and STCE (Schwab Crypto Thematic ETF) are both Blockchain funds. HYPG is actively managed, while STCE is passively managed. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

HYPG vs. STCE - Performance Comparison

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

Returns By Period

HYPG

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

STCE

• 1D: -2.22%
• 1M: -11.44%
• YTD: 18.95%
• 6M: 14.88%
• 1Y: 50.85%
• 3Y*: 48.34%
• 5Y*: —
• 10Y*: —

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

HYPG vs. STCE - Yearly Performance Comparison

	2026 (YTD)
HYPG Grayscale Hyperliquid Staking ETF	-8.85%
STCE Schwab Crypto Thematic ETF	-11.66%

Correlation

The correlation between HYPG and STCE is 0.60, 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	0.60

Return for Risk

HYPG vs. STCE — 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.

STCE

STCE Risk / Return Rank: 23
STCE Sharpe Ratio Rank: 24
STCE Sortino Ratio Rank: 28
STCE Omega Ratio Rank: 26
STCE Calmar Ratio Rank: 21
STCE Martin Ratio Rank: 17

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. STCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Hyperliquid Staking ETF (HYPG) and Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	—	0.82	—
Sortino ratio: Return per unit of downside risk	—	1.45	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	0.94	—
Martin ratio: Return relative to average drawdown	—	1.65	—

Drawdowns

HYPG vs. STCE - Drawdown Comparison

The maximum HYPG drawdown since its inception was -26.56%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for HYPG and STCE.

Drawdown Indicators

	HYPG	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-26.56%	-54.11%	+27.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-54.11%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-54.11%	—
Current Drawdown Current decline from peak	-8.91%	-32.99%	+24.08%
Average Drawdown Average peak-to-trough decline	-12.29%	-22.09%	+9.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.82%	—

Volatility

Volatility by Period

	HYPG	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	109.96%	62.10%	+47.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	109.96%	56.00%	+53.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	109.96%	56.00%	+53.96%

Dividends

HYPG vs. STCE - Dividend Comparison

HYPG has not paid dividends to shareholders, while STCE's dividend yield for the trailing twelve months is around 1.59%.

Position	TTM	2025	2024	2023	2022
HYPG Grayscale Hyperliquid Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.59%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both HYPG and STCE in my portfolio?

HYPG and STCE have a correlation of 0.60, 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 STCE?

STCE has the higher dividend yield at 1.59%, compared with 0.00% for HYPG.

What is the main difference between HYPG and STCE?

They also come from different issuers: Grayscale and Charles Schwab.