By Keel Research Team · Updated May 12, 2026
A 4-asset basket of major privacy-focused cryptocurrencies — XMR, ZEC, ZEN, DASH. Equal-weighted. Currently in drawdown after the Jan 2026 XMR ATH; counter-narrative play for the patient.
Window: Jan 1 — May 1, 2026 (YTD). Equal-weight, vol-targeted sizing. $10,000 start → $8,044 end.
Verified 2026-05-12 against the live Keel backtest engine on Hyperliquid price data. Past backtest performance is not indicative of future returns.
Bring this index live on Hyperliquid via Keel, or open the Index Builder to tweak weighting, add a short side, or change the asset list.
Opens the Keel strategy editor with the index pre-built. New users sign in first; the config persists through sign-up.
| Ticker | Category | YTD return | Target weight |
|---|---|---|---|
| XMR | L1 | -9.1% | 25.0% |
| DASH | L1 | -11.8% | 25.0% |
| ZEC | L1 | -33.7% | 25.0% |
| ZEN | L1 | -37.6% | 25.0% |
Sector beta: all four assets move together when privacy narrative shifts. XMR is the index-defining anchor; if you have a high-conviction XMR-only view, hold XMR directly. The basket exists for sector diversification.
The pipeline loads 15-minute price data for the four privacy perps, resamples to daily bars, and applies equal-weight allocation. Buffered execution keeps turnover minimal — 15 trades over the 4-month backtest. Privacy coins move as a correlated sector, so trade granularity matters less here than in a multi-narrative basket. Execution parameters can be tuned inside the Keel editor.
Privacy is one of the rare crypto sub-sectors with a multi-year track record. The 12-month picture is strikingly better than YTD: XMR went +179% over the trailing 12-month window into the Jan 2026 ATH. The current drawdown reflects mean reversion from that peak rather than thesis collapse.
For sector rotation, the Index Builder lets you pair this basket as the long leg with a short basket of broader crypto (e.g. short SOL + ETH) to isolate the privacy-vs-market spread.
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A 4-asset basket of the major privacy-focused cryptocurrencies: Monero (XMR), Zcash (ZEC), Horizen (ZEN), and Dash (DASH). The thesis is that privacy as a narrative cycles with regulatory pressure — when surveillance fears rise, privacy coins rally as a group. XMR led the broader privacy rally that peaked Jan 2026 (ATH $579).
XMR hit its all-time high on Jan 12, 2026 — exactly when this YTD window starts. So the index inherits that peak as the starting price and shows the subsequent drawdown. Over longer windows (12M, 24M) the basket has materially outperformed broad crypto. Treat this as a sector in a corrective phase, not a sector that’s broken.
AZTEC is a zk-rollup L2 with privacy properties, tagged in our system as both L2 and privacy. We excluded it from this index because it’s structurally different — an L2 token, not a base-layer privacy chain. If you want a broader “privacy tech” basket, add AZTEC + MINA in the Index Builder.
Privacy coins are exposed to delisting risk at major exchanges. Hyperliquid is a DEX, so spot delisting isn’t a concern, but a coordinated regulatory action could compress liquidity. To partially hedge: open the Index Builder, switch to long/short mode, long the privacy basket, short BTC or a stablecoin issuer (ENA, USUAL). That isolates the privacy-vs-broad-crypto spread.
They’re not active perps on Hyperliquid, so they can’t be traded systematically through Keel. The four included are the privacy coins that have continuous HL perp markets.
Build a long/short privacy-vs-market basket, or extend with AZTEC + MINA for broader privacy tech exposure.
The opposite narrative — picks-and-shovels AI infrastructure. +69% YTD.
Filter HL perps by momentum, funding, volume — useful for finding entry points on individual privacy names.