POLY.DE vs. HDX1.DE

Last updated Apr 2, 2026

Compare and contrast key facts about 21Shares Polygon ETP (POLY.DE) and Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE).

POLY.DE and HDX1.DE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. POLY.DE is an actively managed fund by 21Shares. It was launched on Nov 17, 2021. HDX1.DE is a passively managed fund by Hashdex that tracks the performance of the Nasdaq Crypto Index. It was launched on Apr 28, 2022.

Performance

POLY.DE vs. HDX1.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in 21Shares Polygon ETP (POLY.DE) and Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE). The values are adjusted to include any dividend payments, if applicable.

POLY.DE vs. HDX1.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
POLY.DE 21Shares Polygon ETP	-9.64%	-80.84%	-51.82%	25.34%	-16.37%
HDX1.DE Hashdex Nasdaq Crypto Index Europe ETP EUR	-22.58%	-21.32%	108.60%	133.00%	-27.55%

Returns By Period

In the year-to-date period, POLY.DE achieves a -9.64% return, which is significantly higher than HDX1.DE's -22.58% return.

POLY.DE

• 1D: 3.43%
• 1M: -10.17%
• YTD: -9.64%
• 6M: -60.40%
• 1Y: -58.61%
• 3Y*: -58.20%
• 5Y*: —
• 10Y*: —

HDX1.DE

• 1D: 2.16%
• 1M: 0.29%
• YTD: -22.58%
• 6M: -44.68%
• 1Y: -25.31%
• 3Y*: 22.09%
• 5Y*: —
• 10Y*: —

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

POLY.DE vs. HDX1.DE - Expense Ratio Comparison

POLY.DE has a 2.50% expense ratio, which is higher than HDX1.DE's 1.00% expense ratio.

POLY.DE

21Shares Polygon ETP

HDX1.DE

Hashdex Nasdaq Crypto Index Europe ETP EUR

Return for Risk

POLY.DE vs. HDX1.DE — Risk / Return Rank

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

POLY.DE

POLY.DE Risk / Return Rank: 1
POLY.DE Sharpe Ratio Rank: 1
POLY.DE Sortino Ratio Rank: 1
POLY.DE Omega Ratio Rank: 2
POLY.DE Calmar Ratio Rank: 1
POLY.DE Martin Ratio Rank: 1

HDX1.DE

HDX1.DE Risk / Return Rank: 4
HDX1.DE Sharpe Ratio Rank: 3
HDX1.DE Sortino Ratio Rank: 4
HDX1.DE Omega Ratio Rank: 4
HDX1.DE Calmar Ratio Rank: 4
HDX1.DE Martin Ratio Rank: 4

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.

POLY.DE vs. HDX1.DE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Polygon ETP (POLY.DE) and Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE). 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.

	POLY.DE	HDX1.DE	Difference
Sharpe ratio Return per unit of total volatility	-0.80	-0.56	-0.23
Sortino ratio Return per unit of downside risk	-1.25	-0.59	-0.65
Omega ratio Gain probability vs. loss probability	0.87	0.93	-0.06
Calmar ratio Return relative to maximum drawdown	-0.82	-0.50	-0.32
Martin ratio Return relative to average drawdown	-1.41	-1.05	-0.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

POLY.DE vs. HDX1.DE - Sharpe Ratio Comparison

The current POLY.DE Sharpe Ratio is -0.80, which is lower than the HDX1.DE Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of POLY.DE and HDX1.DE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	POLY.DE	HDX1.DE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.80	-0.56	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.60	0.47	-1.07

Correlation

The correlation between POLY.DE and HDX1.DE is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

POLY.DE vs. HDX1.DE - Dividend Comparison

Neither POLY.DE nor HDX1.DE has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

POLY.DE vs. HDX1.DE - Drawdown Comparison

The maximum POLY.DE drawdown since its inception was -95.11%, which is greater than HDX1.DE's maximum drawdown of -52.67%. Use the drawdown chart below to compare losses from any high point for POLY.DE and HDX1.DE.

Drawdown Indicators

	POLY.DE	HDX1.DE	Difference
Max Drawdown Largest peak-to-trough decline	-95.11%	-52.67%	-42.44%
Max Drawdown (1Y) Largest decline over 1 year	-69.85%	-52.67%	-17.18%
Current Drawdown Current decline from peak	-94.75%	-48.08%	-46.67%
Average Drawdown Average peak-to-trough decline	-61.65%	-14.64%	-47.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.56%	24.92%	+15.64%

Volatility

POLY.DE vs. HDX1.DE - Volatility Comparison

21Shares Polygon ETP (POLY.DE) has a higher volatility of 14.96% compared to Hashdex Nasdaq Crypto Index Europe ETP EUR (HDX1.DE) at 13.60%. This indicates that POLY.DE's price experiences larger fluctuations and is considered to be riskier than HDX1.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	POLY.DE	HDX1.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.96%	13.60%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	51.29%	35.57%	+15.72%
Volatility (1Y) Calculated over the trailing 1-year period	73.51%	44.76%	+28.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	86.86%	51.57%	+35.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.86%	51.57%	+35.29%