BKCH vs. HBTC

Last updated Jul 16, 2026

BKCH (Global X Blockchain ETF) and HBTC (Fortuna Hedged Bitcoin ETF) are both Blockchain funds. BKCH is passively managed, while HBTC is actively managed. Over the past year, BKCH returned 19.57% vs -34.17% for HBTC. A 0.61 correlation means they provide meaningful diversification when combined. BKCH charges 0.50%/yr vs 1.75%/yr for HBTC.

Performance

BKCH vs. HBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain ETF (BKCH) and Fortuna Hedged Bitcoin ETF (HBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKCH achieves a 7.19% return, which is significantly higher than HBTC's -19.71% return.

BKCH

• 1D: 1.59%
• 1M: -21.67%
• 6M: -15.70%
• YTD: 7.19%
• 1Y: 19.57%
• 3Y*: 23.26%
• 5Y*: -1.53%
• 10Y*: —

HBTC

• 1D: 0.41%
• 1M: 3.12%
• 6M: -25.79%
• YTD: -19.71%
• 1Y: -34.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKCH vs. HBTC - Yearly Performance Comparison

	2026 (YTD)	2025
BKCH Global X Blockchain ETF	7.19%	81.43%
HBTC Fortuna Hedged Bitcoin ETF	-19.71%	1.18%

Correlation

The correlation between BKCH and HBTC is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	0.61

The correlation between BKCH and HBTC has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.

Return for Risk

BKCH vs. HBTC — Risk / Return Rank

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

BKCH

BKCH Risk / Return Rank: 16
BKCH Sharpe Ratio Rank: 14
BKCH Sortino Ratio Rank: 19
BKCH Omega Ratio Rank: 18
BKCH Calmar Ratio Rank: 14
BKCH Martin Ratio Rank: 13

HBTC

HBTC Risk / Return Rank: 1
HBTC Sharpe Ratio Rank: 0
HBTC Sortino Ratio Rank: 1
HBTC Omega Ratio Rank: 1
HBTC Calmar Ratio Rank: 2
HBTC Martin Ratio Rank: 1

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.

BKCH vs. HBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain ETF (BKCH) and Fortuna Hedged Bitcoin ETF (HBTC). 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.

	BKCH	HBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.28	-1.23	+1.51
Sortino ratio: Return per unit of downside risk	0.88	-1.86	+2.74
Omega ratio: Gain probability vs. loss probability	1.10	0.80	+0.30
Calmar ratio: Return relative to maximum drawdown	0.35	-0.85	+1.20
Martin ratio: Return relative to average drawdown	0.61	-1.43	+2.04

BKCH vs. HBTC - Sharpe Ratio Comparison

The current BKCH Sharpe Ratio is 0.28, which is higher than the HBTC Sharpe Ratio of -1.23. The chart below compares the historical Sharpe Ratios of BKCH and HBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BKCH vs. HBTC - Drawdown Comparison

The maximum BKCH drawdown since its inception was -91.80%, which is greater than HBTC's maximum drawdown of -40.45%. Use the drawdown chart below to compare losses from any high point for BKCH and HBTC.

Drawdown Indicators

	BKCH	HBTC	Difference
Max Drawdown Largest peak-to-trough decline	-91.80%	-40.45%	-51.35%
Max Drawdown (1Y) Largest decline over 1 year	-56.28%	-40.45%	-15.83%
Max Drawdown (3Y) Largest decline over 3 years	-57.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.80%	—	—
Current Drawdown Current decline from peak	-48.61%	-36.59%	-12.02%
Average Drawdown Average peak-to-trough decline	-61.66%	-16.41%	-45.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.40%	23.88%	+8.52%

Volatility

BKCH vs. HBTC - Volatility Comparison

Global X Blockchain ETF (BKCH) has a higher volatility of 15.63% compared to Fortuna Hedged Bitcoin ETF (HBTC) at 6.10%. This indicates that BKCH's price experiences larger fluctuations and is considered to be riskier than HBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKCH	HBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.63%	6.10%	+9.53%
Volatility (6M) Calculated over the trailing 6-month period	50.56%	19.33%	+31.23%
Volatility (1Y) Calculated over the trailing 1-year period	70.32%	28.06%	+42.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.24%	28.88%	+46.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.25%	28.88%	+46.37%

BKCH vs. HBTC - Expense Ratio Comparison

BKCH has a 0.50% expense ratio, which is lower than HBTC's 1.75% expense ratio.

Dividends

BKCH vs. HBTC - Dividend Comparison

BKCH's dividend yield for the trailing twelve months is around 1.78%, less than HBTC's 13.65% yield.

Position	TTM	2025	2024	2023	2022	2021
BKCH Global X Blockchain ETF	1.78%	2.00%	7.61%	2.33%	1.29%	4.28%
HBTC Fortuna Hedged Bitcoin ETF	13.65%	10.96%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKCH and HBTC in my portfolio?

BKCH and HBTC have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKCH or HBTC?

BKCH has higher volatility (15.63%) compared to HBTC (6.10%). In terms of maximum drawdown, BKCH dropped -91.80% vs HBTC's -40.45%.

Which ETF is better, BKCH or HBTC?

On 1-year performance, BKCH leads with 19.57% vs -34.17% for HBTC. On fees, BKCH is cheaper at 0.50% per year. On volatility, HBTC has been the lower-risk option at 6.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKCH or HBTC?

Over the 1-year period, BKCH has performed better with a 19.57% return vs -34.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKCH or HBTC?

BKCH is cheaper with a 0.50% expense ratio, compared with 1.75% for HBTC.

Which ETF pays a higher dividend yield, BKCH or HBTC?

HBTC has the higher dividend yield at 13.65%, compared with 1.78% for BKCH.

What is the main difference between BKCH and HBTC?

They also come from different issuers: Global X and Fortuna Funds. Their fees differ too: 0.50% for BKCH and 1.75% for HBTC.

Which has better risk-adjusted returns?

BKCH currently has the higher Sharpe Ratio (0.28 vs -1.23), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.