HZEN vs. ETH
HZEN (Grayscale Horizen Trust) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, HZEN returned -6.95% vs -32.10% for ETH. At a 0.41 correlation, their price movements are largely independent.
Performance
HZEN vs. ETH - 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 ETH's -44.98% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
ETH
- 1D
- 3.21%
- 1M
- -19.33%
- YTD
- -44.98%
- 6M
- -44.10%
- 1Y
- -32.10%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HZEN vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -35.16% | -83.06% | -11.71% |
ETH Grayscale Ethereum Staking Mini ETF | -44.98% | -10.89% | -4.58% |
Correlation
The correlation between HZEN and ETH is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.42 |
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Return for Risk
HZEN vs. ETH — Risk / Return Rank
HZEN
ETH
HZEN vs. ETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Grayscale Ethereum Staking Mini ETF (ETH). 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 | ETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.97 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.48 | +0.39 |
| Martin ratioReturn relative to average drawdown | -0.12 | -0.78 | +0.66 |
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Drawdowns
HZEN vs. ETH - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, which is greater than ETH's maximum drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for HZEN and ETH.
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Drawdown Indicators
| HZEN | ETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -67.52% | -31.21% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -67.52% | -14.17% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.21% | -66.11% | -32.10% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -33.78% | -58.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 41.03% | +15.36% |
Volatility
HZEN vs. ETH - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 37.94% compared to Grayscale Ethereum Staking Mini ETF (ETH) at 20.47%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | ETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 20.47% | +17.47% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 46.63% | +31.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 69.12% | +69.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 72.21% | +77.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 72.21% | +77.82% |
Dividends
HZEN vs. ETH - Dividend Comparison
Neither HZEN nor ETH has paid dividends to shareholders.
Frequently Asked Questions
HZEN and ETH have a correlation of 0.49, 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 ETH (20.47%). In terms of maximum drawdown, HZEN dropped -98.73% vs ETH's -67.52%.
On 1-year performance, HZEN leads with -6.95% vs -32.10% for ETH. On volatility, ETH has been the lower-risk option at 20.47%. 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 -32.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HZEN and ETH have nearly identical dividend yields, around 0.00%.
HZEN currently has the higher Sharpe Ratio (-0.05 vs -0.47), 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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