HZEN vs. ETCG
HZEN (Grayscale Horizen Trust) and ETCG (Grayscale Ethereum Classic Trust (ETC)) are both Cryptocurrency funds from Grayscale. HZEN is actively managed, while ETCG is passively managed. Over the past 3 years, HZEN returned -15.44%/yr vs -19.29%/yr for ETCG. At a 0.31 correlation, their price movements are largely independent.
Performance
HZEN vs. ETCG - Performance Comparison
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Returns By Period
In the year-to-date period, HZEN achieves a -35.16% return, which is significantly higher than ETCG's -38.79% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
ETCG
- 1D
- -3.83%
- 1M
- -8.63%
- YTD
- -38.79%
- 6M
- -39.88%
- 1Y
- -51.29%
- 3Y*
- -19.29%
- 5Y*
- -37.15%
- 10Y*
- —
HZEN vs. ETCG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -83.06% | 164.86% | 236.36% | -93.12% | -73.33% |
ETCG Grayscale Ethereum Classic Trust (ETC) | -38.79% | -39.78% | -9.57% | 289.22% | -80.45% | -40.34% |
Correlation
The correlation between HZEN and ETCG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.30 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.31 |
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Return for Risk
HZEN vs. ETCG — Risk / Return Rank
HZEN
ETCG
HZEN vs. ETCG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Grayscale Ethereum Classic Trust (ETC) (ETCG). 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 | ETCG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.78 | ||
| Sortino ratioReturn per unit of downside risk | +2.31 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.86 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.75 | +0.66 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.10 | +0.97 |
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Drawdowns
HZEN vs. ETCG - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, roughly equal to the maximum ETCG drawdown of -96.59%. Use the drawdown chart below to compare losses from any high point for HZEN and ETCG.
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Drawdown Indicators
| HZEN | ETCG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -96.59% | -2.14% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -68.71% | -12.98% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | -79.59% | -14.65% |
Max Drawdown (5Y)Largest decline over 5 years | — | -92.70% | — |
Current DrawdownCurrent decline from peak | -98.21% | -95.57% | -2.64% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -82.73% | -9.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 46.80% | +9.59% |
Volatility
HZEN vs. ETCG - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 37.94% compared to Grayscale Ethereum Classic Trust (ETC) (ETCG) at 12.88%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than ETCG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | ETCG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 12.88% | +25.06% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 36.86% | +41.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 62.36% | +76.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 92.24% | +57.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 114.90% | +35.13% |
Dividends
HZEN vs. ETCG - Dividend Comparison
Neither HZEN nor ETCG has paid dividends to shareholders.
Frequently Asked Questions
HZEN and ETCG have a correlation of 0.39, 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 ETCG (12.88%). In terms of maximum drawdown, HZEN dropped -98.73% vs ETCG's -96.59%.
On 3-year performance, HZEN leads with -15.44% vs -19.29% for ETCG. On volatility, ETCG has been the lower-risk option at 12.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HZEN has performed better with a -15.44% return vs -19.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HZEN and ETCG have nearly identical dividend yields, around 0.00%.
HZEN currently has the higher Sharpe Ratio (-0.05 vs -0.83), 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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