GFOF vs. HBTC

Last updated Jun 4, 2026

GFOF (Grayscale Future of Finance ETF) and HBTC (Fortuna Hedged Bitcoin ETF) are both Blockchain funds. GFOF is passively managed, while HBTC is actively managed. GFOF charges 0.70%/yr vs 1.75%/yr for HBTC.

Performance

GFOF vs. HBTC - Performance Comparison

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

Returns By Period

GFOF

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

HBTC

• 1D: -1.09%
• 1M: -14.07%
• YTD: -21.27%
• 6M: -26.23%
• 1Y: -31.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GFOF vs. HBTC - Yearly Performance Comparison

	2026 (YTD)	2025
GFOF Grayscale Future of Finance ETF	0.00%	0.00%
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%

Return for Risk

GFOF vs. HBTC — Risk / Return Rank

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

HBTC

HBTC Risk / Return Rank: 1
HBTC Sharpe Ratio Rank: 1
HBTC Sortino Ratio Rank: 1
HBTC Omega Ratio Rank: 2
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.

GFOF vs. HBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Future of Finance ETF (GFOF) 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.

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

Sharpe Ratios by Period

	GFOF	HBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.58	—

Drawdowns

Drawdown Indicators

	GFOF	HBTC	Difference
Max Drawdown Largest peak-to-trough decline	—	-37.82%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-37.82%	—
Current Drawdown Current decline from peak	—	-37.82%	—
Average Drawdown Average peak-to-trough decline	—	-14.38%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.05%	—

Volatility

Volatility by Period

	GFOF	HBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	28.95%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	29.66%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	29.66%	—

GFOF vs. HBTC - Expense Ratio Comparison

GFOF has a 0.70% expense ratio, which is lower than HBTC's 1.75% expense ratio.

Dividends

GFOF vs. HBTC - Dividend Comparison

GFOF has not paid dividends to shareholders, while HBTC's dividend yield for the trailing twelve months is around 13.92%.

Position	TTM	2025	2024	2023
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, GFOF or HBTC?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFOF or HBTC?

GFOF is cheaper with a 0.70% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.92%, compared with 0.00% for GFOF.

What is the main difference between GFOF and HBTC?

They also come from different issuers: Grayscale and Fortuna Funds. Their fees differ too: 0.70% for GFOF and 1.75% for HBTC.