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 -43.99% vs -46.03% 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 -39.27% return, which is significantly lower than ETH's -35.53% 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%
ETH
- 1D
- 3.08%
- 1M
- 11.60%
- 6M
- -41.87%
- YTD
- -35.53%
- 1Y
- -46.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.07%
HZEN vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -39.27% | -83.06% | -11.71% |
ETH Grayscale Ethereum Staking Mini ETF | -35.53% | -10.89% | -4.58% |
Correlation
The correlation between HZEN and ETH is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.41 |
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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 | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.91 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.68 | +0.14 |
| Martin ratioReturn relative to average drawdown | -0.74 | -1.06 | +0.32 |
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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 | -98.32% | -60.29% | -38.03% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -34.59% | -57.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.46% | 43.62% | +15.84% |
Volatility
HZEN vs. ETH - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 21.60% compared to Grayscale Ethereum Staking Mini ETF (ETH) at 14.37%. 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 | 21.60% | 14.37% | +7.23% |
Volatility (6M)Calculated over the trailing 6-month period | 72.53% | 47.06% | +25.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 136.16% | 67.57% | +68.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.33% | 71.70% | +77.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.33% | 71.70% | +77.63% |
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 0.48, 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 ETH (14.37%). In terms of maximum drawdown, HZEN dropped -98.73% vs ETH's -67.52%.
On 1-year performance, HZEN leads with -43.99% vs -46.03% for ETH. On volatility, ETH has been the lower-risk option at 14.37%. 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 -43.99% return vs -46.03%. 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 (-0.32 vs -0.68), 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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