THYP vs. HYPG

Last updated Jul 18, 2026

THYP (21Shares Hyperliquid ETF) and HYPG (Grayscale Hyperliquid Staking ETF) are both exchange-traded funds - THYP is a Cryptocurrency fund actively managed by 21Shares, while HYPG is a Blockchain fund actively managed by Grayscale. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep.

Performance

THYP vs. HYPG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Hyperliquid ETF (THYP) and Grayscale Hyperliquid Staking ETF (HYPG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

THYP

• 1D: -3.49%
• 1M: -16.80%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYPG

• 1D: -3.36%
• 1M: -16.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

THYP vs. HYPG - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	-15.02%
HYPG Grayscale Hyperliquid Staking ETF	-17.94%

Correlation

The correlation between THYP and HYPG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 3, 2026	0.99

Return for Risk

THYP vs. HYPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) and Grayscale Hyperliquid Staking ETF (HYPG). 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.

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

Drawdowns

THYP vs. HYPG - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, roughly equal to the maximum HYPG drawdown of -26.56%. Use the drawdown chart below to compare losses from any high point for THYP and HYPG.

Drawdown Indicators

	THYP	HYPG	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-26.56%	-0.45%
Current Drawdown Current decline from peak	-18.48%	-18.00%	-0.48%
Average Drawdown Average peak-to-trough decline	-8.54%	-11.45%	+2.91%

Volatility

Volatility by Period

	THYP	HYPG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	101.20%	93.58%	+7.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	101.20%	93.58%	+7.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	101.20%	93.58%	+7.62%

Dividends

THYP vs. HYPG - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.11%, while HYPG has not paid dividends to shareholders.

Position	TTM
HYPG Grayscale Hyperliquid Staking ETF	0.00%
THYP 21Shares Hyperliquid ETF	0.11%

Frequently Asked Questions

Can I hold both THYP and HYPG in my portfolio?

With a correlation of 0.99, THYP and HYPG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF pays a higher dividend yield, THYP or HYPG?

THYP has the higher dividend yield at 0.11%, compared with 0.00% for HYPG.

What is the main difference between THYP and HYPG?

THYP is categorized as Cryptocurrency, while HYPG is Blockchain. They also come from different issuers: 21Shares and Grayscale.