HZEN vs. BTC
HZEN (Grayscale Horizen Trust) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, HZEN returned -6.95% vs -43.60% for BTC. At a 0.39 correlation, their price movements are largely independent.
Performance
HZEN vs. BTC - Performance Comparison
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Returns By Period
In the year-to-date period, HZEN achieves a -35.16% return, which is significantly lower than BTC's -31.09% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- 1.14%
- 1M
- -17.83%
- YTD
- -31.09%
- 6M
- -30.77%
- 1Y
- -43.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HZEN vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -83.06% | 20.99% |
BTC Grayscale Bitcoin Mini Trust ETF | -31.09% | -7.50% | 41.93% |
Correlation
The correlation between HZEN and BTC is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024 | 0.39 |
The correlation between HZEN and BTC shifts across timeframes, from 0.39 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HZEN vs. BTC — Risk / Return Rank
HZEN
BTC
HZEN vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
| HZEN | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.94 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.84 | +0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.83 | +0.74 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.40 | +1.27 |
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Drawdowns
HZEN vs. BTC - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than BTC's maximum drawdown of -52.89%. Use the drawdown chart below to compare losses from any high point for HZEN and BTC.
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Drawdown Indicators
| HZEN | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -52.89% | -45.84% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -52.89% | -28.80% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.21% | -51.97% | -46.24% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -17.95% | -74.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 31.23% | +25.16% |
Volatility
HZEN vs. BTC - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 37.94% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 13.42%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 13.42% | +24.52% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 34.57% | +43.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 44.38% | +94.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 48.16% | +101.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 48.16% | +101.87% |
Dividends
HZEN vs. BTC - Dividend Comparison
Neither HZEN nor BTC has paid dividends to shareholders.
Frequently Asked Questions
HZEN and BTC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HZEN has higher volatility (37.94%) compared to BTC (13.42%). In terms of maximum drawdown, HZEN dropped -98.73% vs BTC's -52.89%.
On 1-year performance, HZEN leads with -6.95% vs -43.60% for BTC. On volatility, BTC has been the lower-risk option at 13.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HZEN has performed better with a -6.95% return vs -43.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HZEN and BTC have nearly identical dividend yields, around 0.00%.
HZEN currently has the higher Sharpe Ratio (-0.05 vs -0.99), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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