HZEN vs. ETHD
HZEN (Grayscale Horizen Trust) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, HZEN returned -43.99% vs -2.31% for ETHD. At a correlation of -0.41, they often move in opposite directions.
Performance
HZEN vs. ETHD - 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 ETHD's 27.90% 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%
ETHD
- 1D
- -5.29%
- 1M
- -23.52%
- 6M
- 61.71%
- YTD
- 27.90%
- 1Y
- -2.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -51.51%
HZEN vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HZEN Grayscale Horizen Trust | -39.27% | -83.06% | -2.29% |
ETHD ProShares UltraShort Ether ETF | 27.90% | -72.49% | -38.58% |
Correlation
The correlation between HZEN and ETHD is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024 | -0.41 |
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Return for Risk
HZEN vs. ETHD — Risk / Return Rank
HZEN
ETHD
HZEN vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and ProShares UltraShort Ether ETF (ETHD). 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 | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.59 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.11 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.04 | -0.50 |
| Martin ratioReturn relative to average drawdown | -0.74 | -0.07 | -0.68 |
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Drawdowns
HZEN vs. ETHD - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, roughly equal to the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for HZEN and ETHD.
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Drawdown Indicators
| HZEN | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -95.59% | -3.14% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -57.19% | -24.50% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | — | — |
Current DrawdownCurrent decline from peak | -98.32% | -90.01% | -8.31% |
Average DrawdownAverage peak-to-trough decline | -92.04% | -67.13% | -24.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.46% | 35.61% | +23.85% |
Volatility
HZEN vs. ETHD - Volatility Comparison
The current volatility for Grayscale Horizen Trust (HZEN) is 21.60%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 28.94%. This indicates that HZEN experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.60% | 28.94% | -7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 72.53% | 93.62% | -21.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 136.16% | 134.57% | +1.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 149.33% | 141.28% | +8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 149.33% | 141.28% | +8.05% |
Dividends
HZEN vs. ETHD - Dividend Comparison
HZEN has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 5.82%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
ETHD ProShares UltraShort Ether ETF | 5.82% | 156.62% | 19.15% |
HZEN Grayscale Horizen Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HZEN and ETHD 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.
ETHD has higher volatility (28.94%) compared to HZEN (21.60%). In terms of maximum drawdown, HZEN dropped -98.73% vs ETHD's -95.59%.
On 1-year performance, ETHD leads with -2.31% vs -43.99% for HZEN. On volatility, HZEN has been the lower-risk option at 21.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHD has performed better with a -2.31% return vs -43.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHD has the higher dividend yield at 5.82%, compared with 0.00% for HZEN.
They also come from different issuers: Grayscale and ProShares.
ETHD currently has the higher Sharpe Ratio (-0.02 vs -0.32), 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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