THYP vs. ETH

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

THYP vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Hyperliquid ETF (THYP) and Grayscale Ethereum Staking Mini ETF (ETH). 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*: —

ETH

• 1D: 3.21%
• 1M: -19.33%
• YTD: -44.98%
• 6M: -44.10%
• 1Y: -32.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYP vs. ETH - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
ETH Grayscale Ethereum Staking Mini ETF	-30.51%

Correlation

The correlation between THYP and ETH is 0.65, 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 May 12, 2026	0.65

Return for Risk

THYP vs. ETH — 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.

ETH

ETH Risk / Return Rank: 6
ETH Sharpe Ratio Rank: 6
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 6

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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.47	—
Sortino ratio: Return per unit of downside risk	—	-0.31	—
Omega ratio: Gain probability vs. loss probability	—	0.97	—
Calmar ratio: Return relative to maximum drawdown	—	-0.48	—
Martin ratio: Return relative to average drawdown	—	-0.78	—

Drawdowns

THYP vs. ETH - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, smaller than the maximum ETH drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for THYP and ETH.

Drawdown Indicators

	THYP	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-67.52%	+40.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.52%	—
Current Drawdown Current decline from peak	-9.34%	-66.11%	+56.77%
Average Drawdown Average peak-to-trough decline	-7.69%	-33.78%	+26.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.03%	—

Volatility

Volatility by Period

	THYP	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.47%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	69.12%	+41.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	72.21%	+38.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	72.21%	+38.27%

Dividends

THYP vs. ETH - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, while ETH has not paid dividends to shareholders.

Position	TTM
ETH Grayscale Ethereum Staking Mini ETF	0.00%
THYP 21Shares Hyperliquid ETF	0.10%

Frequently Asked Questions

Can I hold both THYP and ETH in my portfolio?

THYP and ETH have a correlation of 0.65, 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 ETH?

THYP has the higher dividend yield at 0.10%, compared with 0.00% for ETH.

What is the main difference between THYP and ETH?

They also come from different issuers: 21Shares and Grayscale.