HZEN vs. SOEZ

Last updated Jul 17, 2026

HZEN (Grayscale Horizen Trust) and SOEZ (Franklin Solana ETF) are both Cryptocurrency funds. Both are actively managed. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

HZEN vs. SOEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Horizen Trust (HZEN) and Franklin Solana ETF (SOEZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HZEN having a -38.07% return and SOEZ slightly higher at -37.14%.

HZEN

• 1D: 2.78%
• 1M: -12.93%
• 6M: -64.92%
• YTD: -38.07%
• 1Y: -31.10%
• 3Y*: -17.94%
• 5Y*: —
• 10Y*: —

SOEZ

• 1D: -1.74%
• 1M: 3.32%
• 6M: -44.84%
• YTD: -37.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HZEN vs. SOEZ - Yearly Performance Comparison

	2026 (YTD)	2025
HZEN Grayscale Horizen Trust	-38.07%	-16.16%
SOEZ Franklin Solana ETF	-37.14%	-11.69%

Correlation

The correlation between HZEN and SOEZ is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.52

Return for Risk

HZEN vs. SOEZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HZEN

HZEN Risk / Return Rank: 10
HZEN Sharpe Ratio Rank: 7
HZEN Sortino Ratio Rank: 15
HZEN Omega Ratio Rank: 14
HZEN Calmar Ratio Rank: 6
HZEN Martin Ratio Rank: 7

SOEZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HZEN vs. SOEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Horizen Trust (HZEN) and Franklin Solana ETF (SOEZ). 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	SOEZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.23	—	—
Sortino ratio: Return per unit of downside risk	0.61	—	—
Omega ratio: Gain probability vs. loss probability	1.07	—	—
Calmar ratio: Return relative to maximum drawdown	-0.38	—	—
Martin ratio: Return relative to average drawdown	-0.53	—	—

Drawdowns

HZEN vs. SOEZ - Drawdown Comparison

The maximum HZEN drawdown since its inception was -98.73%, which is greater than SOEZ's maximum drawdown of -56.14%. Use the drawdown chart below to compare losses from any high point for HZEN and SOEZ.

Drawdown Indicators

	HZEN	SOEZ	Difference
Max Drawdown Largest peak-to-trough decline	-98.73%	-56.14%	-42.59%
Max Drawdown (1Y) Largest decline over 1 year	-81.69%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-94.24%	—	—
Current Drawdown Current decline from peak	-98.29%	-47.18%	-51.11%
Average Drawdown Average peak-to-trough decline	-92.03%	-34.12%	-57.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	59.02%	—	—

Volatility

Volatility by Period

	HZEN	SOEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.24%	—	—
Volatility (6M) Calculated over the trailing 6-month period	75.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	136.73%	70.21%	+66.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	149.46%	70.21%	+79.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	149.46%	70.21%	+79.25%

Dividends

HZEN vs. SOEZ - Dividend Comparison

HZEN has not paid dividends to shareholders, while SOEZ's dividend yield for the trailing twelve months is around 0.87%.

Position	TTM
HZEN Grayscale Horizen Trust	0.00%
SOEZ Franklin Solana ETF	0.87%

Frequently Asked Questions

Can I hold both HZEN and SOEZ in my portfolio?

HZEN and SOEZ have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, HZEN or SOEZ?

SOEZ has the higher dividend yield at 0.87%, compared with 0.00% for HZEN.

What is the main difference between HZEN and SOEZ?

They also come from different issuers: Grayscale and Franklin.