HZEN vs. BTRN
HZEN (Grayscale Horizen Trust) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds. HZEN is actively managed, while BTRN is passively managed. Over the past year, HZEN returned -43.99% vs -23.90% for BTRN. At a 0.26 correlation, their price movements are largely independent.
Performance
HZEN vs. BTRN - Performance Comparison
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Returns By Period
In the year-to-date period, HZEN achieves a -39.27% return, which is significantly lower than BTRN's -9.44% return.
HZEN
- 1D
- -1.16%
- 1M
- -3.07%
- 6M
- -66.40%
- YTD
- -39.27%
- 1Y
- -43.99%
- 3Y*
- -18.47%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -57.69%
BTRN
- 1D
- 0.73%
- 1M
- 0.20%
- 6M
- -11.62%
- YTD
- -9.44%
- 1Y
- -23.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.83%
HZEN vs. BTRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -39.27% | -83.06% | -30.00% |
BTRN Global X Bitcoin Trend Strategy ETF | -9.44% | 4.89% | 3.25% |
Correlation
The correlation between HZEN and BTRN is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024 | 0.26 |
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Return for Risk
HZEN vs. BTRN — Risk / Return Rank
HZEN
BTRN
HZEN vs. BTRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Global X Bitcoin Trend Strategy ETF (BTRN). 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 | BTRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.08 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.74 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.92 | +0.38 |
| Martin ratioReturn relative to average drawdown | -0.74 | -1.43 | +0.69 |
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Drawdowns
HZEN vs. BTRN - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than BTRN's maximum drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for HZEN and BTRN.
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Drawdown Indicators
| HZEN | BTRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -36.97% | -61.76% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -26.03% | -55.66% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.32% | -25.42% | -72.90% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -15.00% | -77.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.46% | 16.77% | +42.69% |
Volatility
HZEN vs. BTRN - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 21.60% compared to Global X Bitcoin Trend Strategy ETF (BTRN) at 2.25%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than BTRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | BTRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.60% | 2.25% | +19.35% |
Volatility (6M)Calculated over the trailing 6-month period | 72.53% | 9.99% | +62.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 136.16% | 17.16% | +119.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.33% | 30.16% | +119.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.33% | 30.16% | +119.17% |
Dividends
HZEN vs. BTRN - Dividend Comparison
HZEN has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 31.00%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTRN Global X Bitcoin Trend Strategy ETF | 31.00% | 27.76% | 2.56% |
HZEN Grayscale Horizen Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HZEN and BTRN have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HZEN has higher volatility (21.60%) compared to BTRN (2.25%). In terms of maximum drawdown, HZEN dropped -98.73% vs BTRN's -36.97%.
On 1-year performance, BTRN leads with -23.90% vs -43.99% for HZEN. On volatility, BTRN has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTRN has performed better with a -23.90% return vs -43.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTRN has the higher dividend yield at 31.00%, compared with 0.00% for HZEN.
They also come from different issuers: Grayscale and Global X.
HZEN currently has the higher Sharpe Ratio (-0.32 vs -1.40), 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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