HYPG vs. THYP

Last updated Jul 18, 2026

HYPG (Grayscale Hyperliquid Staking ETF) and THYP (21Shares Hyperliquid ETF) are both exchange-traded funds - HYPG is a Blockchain fund actively managed by Grayscale, while THYP is a Cryptocurrency fund actively managed by 21Shares. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep.

Performance

HYPG vs. THYP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Hyperliquid Staking ETF (HYPG) and 21Shares Hyperliquid ETF (THYP). 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*: —

THYP

• 1D: -3.49%
• 1M: -16.80%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HYPG vs. THYP - Yearly Performance Comparison

	2026 (YTD)
HYPG Grayscale Hyperliquid Staking ETF	-17.94%
THYP 21Shares Hyperliquid ETF	-15.02%

Correlation

The correlation between HYPG and THYP is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	0.99

Return for Risk

HYPG vs. THYP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Hyperliquid Staking ETF (HYPG) and 21Shares Hyperliquid ETF (THYP). 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.

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

Drawdowns

HYPG vs. THYP - Drawdown Comparison

The maximum HYPG drawdown since its inception was -26.56%, roughly equal to the maximum THYP drawdown of -27.01%. Use the drawdown chart below to compare losses from any high point for HYPG and THYP.

Drawdown Indicators

	HYPG	THYP	Difference
Max Drawdown Largest peak-to-trough decline	-26.56%	-27.01%	+0.45%
Current Drawdown Current decline from peak	-18.00%	-18.48%	+0.48%
Average Drawdown Average peak-to-trough decline	-11.45%	-8.54%	-2.91%

Volatility

Volatility by Period

	HYPG	THYP	Difference
Volatility (1Y) Calculated over the trailing 1-year period	93.58%	101.20%	-7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.58%	101.20%	-7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.58%	101.20%	-7.62%

Dividends

HYPG vs. THYP - Dividend Comparison

HYPG has not paid dividends to shareholders, while THYP's dividend yield for the trailing twelve months is around 0.11%.

Position	TTM
HYPG Grayscale Hyperliquid Staking ETF	0.00%
THYP 21Shares Hyperliquid ETF	0.11%

Frequently Asked Questions

Can I hold both HYPG and THYP in my portfolio?

With a correlation of 0.99, HYPG and THYP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

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

THYP has the higher dividend yield at 0.11%, compared with 0.00% for HYPG.

What is the main difference between HYPG and THYP?

HYPG is categorized as Blockchain, while THYP is Cryptocurrency. They also come from different issuers: Grayscale and 21Shares.