HZEN vs. LTCN
HZEN (Grayscale Horizen Trust) and LTCN (Grayscale Litecoin Trust) are both Cryptocurrency funds from Grayscale. HZEN is actively managed, while LTCN is passively managed. Over the past 3 years, HZEN returned -15.44%/yr vs -19.70%/yr for LTCN. At a 0.34 correlation, their price movements are largely independent.
Performance
HZEN vs. LTCN - 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 LTCN's -45.08% return.
HZEN
- 1D
- 7.64%
- 1M
- -14.57%
- YTD
- -35.16%
- 6M
- -42.74%
- 1Y
- -6.95%
- 3Y*
- -15.44%
- 5Y*
- —
- 10Y*
- —
LTCN
- 1D
- 3.25%
- 1M
- -14.65%
- YTD
- -45.08%
- 6M
- -47.17%
- 1Y
- -53.08%
- 3Y*
- -19.70%
- 5Y*
- -47.80%
- 10Y*
- —
HZEN vs. LTCN - 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% |
LTCN Grayscale Litecoin Trust | -45.08% | -54.37% | -18.79% | 650.00% | -77.17% | -37.63% |
Correlation
The correlation between HZEN and LTCN is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2021 | 0.34 |
The correlation between HZEN and LTCN shifts across timeframes, from 0.34 (all time) to 0.47 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HZEN vs. LTCN — Risk / Return Rank
HZEN
LTCN
HZEN vs. LTCN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Grayscale Litecoin Trust (LTCN). 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 | LTCN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +2.05 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.88 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.09 | -0.73 | +0.64 |
| Martin ratioReturn relative to average drawdown | -0.12 | -1.14 | +1.01 |
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Drawdowns
HZEN vs. LTCN - Drawdown Comparison
The maximum HZEN drawdown since its inception was -98.73%, roughly equal to the maximum LTCN drawdown of -99.58%. Use the drawdown chart below to compare losses from any high point for HZEN and LTCN.
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Drawdown Indicators
| HZEN | LTCN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.73% | -99.58% | +0.85% |
Max Drawdown (1Y)Largest decline over 1 year | -81.69% | -72.99% | -8.70% |
Max Drawdown (3Y)Largest decline over 3 years | -94.24% | -93.68% | -0.56% |
Max Drawdown (5Y)Largest decline over 5 years | — | -97.60% | — |
Current DrawdownCurrent decline from peak | -98.21% | -99.36% | +1.15% |
Average DrawdownAverage peak-to-trough decline | -91.97% | -89.68% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.39% | 46.69% | +9.70% |
Volatility
HZEN vs. LTCN - Volatility Comparison
Grayscale Horizen Trust (HZEN) has a higher volatility of 37.94% compared to Grayscale Litecoin Trust (LTCN) at 17.53%. This indicates that HZEN's price experiences larger fluctuations and is considered to be riskier than LTCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HZEN | LTCN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.94% | 17.53% | +20.41% |
Volatility (6M)Calculated over the trailing 6-month period | 78.48% | 41.60% | +36.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 139.07% | 70.47% | +68.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 150.03% | 104.86% | +45.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 150.03% | 141.42% | +8.61% |
Dividends
HZEN vs. LTCN - Dividend Comparison
Neither HZEN nor LTCN has paid dividends to shareholders.
Frequently Asked Questions
HZEN and LTCN have a correlation of 0.47, 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 LTCN (17.53%). In terms of maximum drawdown, HZEN dropped -98.73% vs LTCN's -99.58%.
On 3-year performance, HZEN leads with -15.44% vs -19.70% for LTCN. On volatility, LTCN has been the lower-risk option at 17.53%. 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 -19.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HZEN and LTCN have nearly identical dividend yields, around 0.00%.
HZEN currently has the higher Sharpe Ratio (-0.05 vs -0.76), 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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