HZEN vs. CEPI
HZEN (Grayscale Horizen Trust) and CEPI (REX Crypto Equity Premium Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, HZEN returned -6.95% vs 25.85% for CEPI. At a 0.32 correlation, their price movements are largely independent.
Performance
HZEN vs. CEPI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HZEN achieves a -35.16% return, which is significantly lower than CEPI's 20.69% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
CEPI
- 1D
- 0.79%
- 1M
- -1.55%
- YTD
- 20.69%
- 6M
- 19.17%
- 1Y
- 25.85%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HZEN vs. CEPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -83.06% | -17.65% |
CEPI REX Crypto Equity Premium Income ETF | 20.69% | 10.75% | -7.02% |
Correlation
The correlation between HZEN and CEPI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024 | 0.32 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HZEN vs. CEPI — Risk / Return Rank
HZEN
CEPI
HZEN vs. CEPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and REX Crypto Equity Premium Income ETF (CEPI). 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 | CEPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.18 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | 1.16 | -1.24 |
| Martin ratioReturn relative to average drawdown | -0.12 | 2.74 | -2.86 |
Loading charts...
Drawdowns
HZEN vs. CEPI - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for HZEN and CEPI.
Loading charts...
Drawdown Indicators
| HZEN | CEPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -29.48% | -69.25% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -22.47% | -59.22% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.21% | -3.14% | -95.07% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -8.36% | -83.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 9.46% | +46.93% |
Volatility
HZEN vs. CEPI - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 37.94% compared to REX Crypto Equity Premium Income ETF (CEPI) at 8.28%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HZEN | CEPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 8.28% | +29.66% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 21.55% | +56.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 27.41% | +111.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 31.52% | +118.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 31.52% | +118.51% |
Dividends
HZEN vs. CEPI - Dividend Comparison
HZEN has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 42.20%.
| Position | TTM | 2025 |
|---|---|---|
CEPI REX Crypto Equity Premium Income ETF | 42.20% | 50.78% |
HZEN Grayscale Horizen Trust | 0.00% | 0.00% |
Frequently Asked Questions
HZEN and CEPI have a correlation of 0.42, 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 CEPI (8.28%). In terms of maximum drawdown, HZEN dropped -98.73% vs CEPI's -29.48%.
On 1-year performance, CEPI leads with 25.85% vs -6.95% for HZEN. On volatility, CEPI has been the lower-risk option at 8.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CEPI has performed better with a 25.85% return vs -6.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CEPI has the higher dividend yield at 42.20%, compared with 0.00% for HZEN.
They also come from different issuers: Grayscale and REX.
CEPI currently has the higher Sharpe Ratio (0.95 vs -0.05), 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.
Find the right allocation for HZEN and CEPI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer