HBR vs. BTC
HBR (Canary HBAR ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. HBR charges 0.50%/yr vs 0.15%/yr for BTC.
Performance
HBR vs. BTC - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HBR having a -32.96% return and BTC slightly higher at -31.86%.
HBR
- 1D
- -1.11%
- 1M
- -16.21%
- YTD
- -32.96%
- 6M
- -36.03%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- 0.80%
- 1M
- -20.34%
- YTD
- -31.86%
- 6M
- -31.88%
- 1Y
- -44.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HBR vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HBR Canary HBAR ETF | -32.96% | -49.43% |
BTC Grayscale Bitcoin Mini Trust ETF | -31.86% | -23.91% |
Correlation
The correlation between HBR and BTC is 0.79, 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 Oct 28, 2025 | 0.79 |
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Return for Risk
HBR vs. BTC — Risk / Return Rank
HBR
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC
HBR vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Canary HBAR ETF (HBR) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
| HBR | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.83 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.85 | — |
| Martin ratioReturn relative to average drawdown | — | -1.44 | — |
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Drawdowns
HBR vs. BTC - Drawdown Comparison
The maximum HBR drawdown since its inception was -66.10%, which is greater than BTC's maximum drawdown of -52.89%. Use the drawdown chart below to compare losses from any high point for HBR and BTC.
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Drawdown Indicators
| HBR | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -66.10% | -52.89% | -13.21% |
Max Drawdown (1Y)Largest decline over 1 year | — | -52.89% | — |
Current DrawdownCurrent decline from peak | -66.10% | -52.51% | -13.59% |
Average DrawdownAverage peak-to-trough decline | -49.10% | -17.88% | -31.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 31.06% | — |
Volatility
HBR vs. BTC - Volatility Comparison
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Volatility by Period
| HBR | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.30% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.55% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 71.94% | 44.28% | +27.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.94% | 48.20% | +23.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.94% | 48.20% | +23.74% |
HBR vs. BTC - Expense Ratio Comparison
HBR has a 0.50% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
HBR vs. BTC - Dividend Comparison
Neither HBR nor BTC has paid dividends to shareholders.
Frequently Asked Questions
HBR and BTC have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.50% for HBR.
HBR and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Canary Capital and Grayscale. Their fees differ too: 0.50% for HBR and 0.15% for BTC.
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