HBTC vs. BDRY

Last updated Jul 17, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and BDRY (Breakwave Dry Bulk Shipping ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while BDRY is a Commodities fund tracking the Breakwave Dry Freight Futures Index. HBTC is actively managed, while BDRY is passively managed. Over the past year, HBTC returned -36.19% vs 74.48% for BDRY. At a correlation of -0.03, they often move in opposite directions. HBTC charges 1.75%/yr vs 3.76%/yr for BDRY.

Performance

HBTC vs. BDRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and Breakwave Dry Bulk Shipping ETF (BDRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBTC achieves a -20.50% return, which is significantly lower than BDRY's 44.24% return.

HBTC

• 1D: -0.98%
• 1M: 3.03%
• 6M: -24.64%
• YTD: -20.50%
• 1Y: -36.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BDRY

• 1D: -1.48%
• 1M: 4.29%
• 6M: 33.44%
• YTD: 44.24%
• 1Y: 74.48%
• 3Y*: 37.75%
• 5Y*: -12.39%
• 10Y*: —

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

HBTC vs. BDRY - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-20.50%	1.18%
BDRY Breakwave Dry Bulk Shipping ETF	44.24%	30.31%

Correlation

The correlation between HBTC and BDRY is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025	-0.03

Return for Risk

HBTC vs. BDRY — 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: 0
HBTC Sortino Ratio Rank: 0
HBTC Omega Ratio Rank: 1
HBTC Calmar Ratio Rank: 1
HBTC Martin Ratio Rank: 1

BDRY

BDRY Risk / Return Rank: 68
BDRY Sharpe Ratio Rank: 72
BDRY Sortino Ratio Rank: 63
BDRY Omega Ratio Rank: 58
BDRY Calmar Ratio Rank: 82
BDRY Martin Ratio Rank: 66

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.

HBTC vs. BDRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and Breakwave Dry Bulk Shipping ETF (BDRY). 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.

	HBTC	BDRY	Difference
Sharpe ratio: Return per unit of total volatility	-1.30	1.84	-3.15
Sortino ratio: Return per unit of downside risk	-2.01	2.37	-4.38
Omega ratio: Gain probability vs. loss probability	0.79	1.29	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.90	3.47	-4.36
Martin ratio: Return relative to average drawdown	-1.51	9.43	-10.94

HBTC vs. BDRY - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.30, which is lower than the BDRY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of HBTC and BDRY, 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

HBTC vs. BDRY - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, smaller than the maximum BDRY drawdown of -89.16%. Use the drawdown chart below to compare losses from any high point for HBTC and BDRY.

Drawdown Indicators

	HBTC	BDRY	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-89.16%	+48.71%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	-21.60%	-18.85%
Max Drawdown (3Y) Largest decline over 3 years	—	-69.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-89.16%	—
Current Drawdown Current decline from peak	-37.22%	-69.53%	+32.31%
Average Drawdown Average peak-to-trough decline	-16.47%	-58.52%	+42.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.99%	7.92%	+16.07%

Volatility

HBTC vs. BDRY - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 6.05%, while Breakwave Dry Bulk Shipping ETF (BDRY) has a volatility of 10.05%. This indicates that HBTC experiences smaller price fluctuations and is considered to be less risky than BDRY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTC	BDRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	10.05%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	19.21%	29.47%	-10.26%
Volatility (1Y) Calculated over the trailing 1-year period	27.93%	41.13%	-13.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.84%	59.91%	-31.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.84%	62.24%	-33.40%

HBTC vs. BDRY - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is lower than BDRY's 3.76% expense ratio.

Dividends

HBTC vs. BDRY - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 13.78%, while BDRY has not paid dividends to shareholders.

Position	TTM	2025
BDRY Breakwave Dry Bulk Shipping ETF	0.00%	0.00%
HBTC Fortuna Hedged Bitcoin ETF	13.78%	10.96%

Frequently Asked Questions

Can I hold both HBTC and BDRY in my portfolio?

HBTC and BDRY have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBTC or BDRY?

BDRY has higher volatility (10.05%) compared to HBTC (6.05%). In terms of maximum drawdown, HBTC dropped -40.45% vs BDRY's -89.16%.

Which ETF is better, HBTC or BDRY?

On 1-year performance, BDRY leads with 74.48% vs -36.19% for HBTC. On fees, HBTC is cheaper at 1.75% per year. On volatility, HBTC has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTC or BDRY?

Over the 1-year period, BDRY has performed better with a 74.48% return vs -36.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or BDRY?

HBTC is cheaper with a 1.75% expense ratio, compared with 3.76% for BDRY.

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

HBTC has the higher dividend yield at 13.78%, compared with 0.00% for BDRY.

What is the main difference between HBTC and BDRY?

HBTC is categorized as Blockchain, while BDRY is Commodities. They also come from different issuers: Fortuna Funds and ETFMG. Their fees differ too: 1.75% for HBTC and 3.76% for BDRY.

Which has better risk-adjusted returns?

BDRY currently has the higher Sharpe Ratio (1.84 vs -1.30), 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.