THYP vs. BTCZ

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.60, they often move in opposite directions.

Performance

THYP vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Hyperliquid ETF (THYP) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

THYP

• 1D: 3.06%
• 1M: 0.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCZ

• 1D: -2.78%
• 1M: 40.00%
• YTD: 49.64%
• 6M: 48.24%
• 1Y: 80.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYP vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	73.31%

Correlation

The correlation between THYP and BTCZ is -0.60, 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 (All Time) Calculated using the full available price history since May 12, 2026	-0.60

Return for Risk

THYP vs. BTCZ — Risk / Return Rank

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

THYP

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

BTCZ

BTCZ Risk / Return Rank: 31
BTCZ Sharpe Ratio Rank: 27
BTCZ Sortino Ratio Rank: 33
BTCZ Omega Ratio Rank: 30
BTCZ Calmar Ratio Rank: 36
BTCZ Martin Ratio Rank: 27

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.

THYP vs. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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.

	THYP	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.91	—
Sortino ratio: Return per unit of downside risk	—	1.66	—
Omega ratio: Gain probability vs. loss probability	—	1.20	—
Calmar ratio: Return relative to maximum drawdown	—	1.66	—
Martin ratio: Return relative to average drawdown	—	3.40	—

Drawdowns

THYP vs. BTCZ - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for THYP and BTCZ.

Drawdown Indicators

	THYP	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-91.06%	+64.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.02%	—
Current Drawdown Current decline from peak	-9.34%	-75.87%	+66.53%
Average Drawdown Average peak-to-trough decline	-7.69%	-73.69%	+66.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.83%	—

Volatility

Volatility by Period

	THYP	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	27.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	68.88%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	89.07%	+21.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	96.91%	+13.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	96.91%	+13.57%

Dividends

THYP vs. BTCZ - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, more than BTCZ's 0.01% yield.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
THYP 21Shares Hyperliquid ETF	0.10%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYP and BTCZ in my portfolio?

THYP and BTCZ have a correlation of -0.60, 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, THYP or BTCZ?

THYP has the higher dividend yield at 0.10%, compared with 0.01% for BTCZ.

What is the main difference between THYP and BTCZ?

They also come from different issuers: 21Shares and T-Rex.