HBTC vs. BITQ
HBTC (Fortuna Hedged Bitcoin ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while BITQ is a Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return. HBTC is actively managed, while BITQ is passively managed. Over the past year, HBTC returned -31.57% vs 60.30% for BITQ. A 0.66 correlation means they provide meaningful diversification when combined. HBTC charges 1.75%/yr vs 0.85%/yr for BITQ.
Performance
HBTC vs. BITQ - Performance Comparison
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Returns By Period
In the year-to-date period, HBTC achieves a -21.27% return, which is significantly lower than BITQ's 39.79% return.
HBTC
- 1D
- -1.09%
- 1M
- -14.07%
- YTD
- -21.27%
- 6M
- -26.23%
- 1Y
- -31.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITQ
- 1D
- -2.21%
- 1M
- 11.04%
- YTD
- 39.79%
- 6M
- 21.39%
- 1Y
- 60.30%
- 3Y*
- 58.56%
- 5Y*
- 5.19%
- 10Y*
- —
HBTC vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HBTC Fortuna Hedged Bitcoin ETF | -21.27% | 1.24% |
BITQ Bitwise Crypto Industry Innovators ETF | 39.79% | 45.26% |
Correlation
The correlation between HBTC and BITQ is 0.64, 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 | 0.64 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025 | 0.66 |
The correlation between HBTC and BITQ has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.
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Return for Risk
HBTC vs. BITQ — Risk / Return Rank
HBTC
BITQ
HBTC vs. BITQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.
| HBTC | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.18 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.20 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 1.35 | -2.18 |
| Martin ratioReturn relative to average drawdown | -1.58 | 2.84 | -4.41 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HBTC | BITQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.10 | 1.08 | -2.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | 0.07 | -0.65 |
Drawdowns
HBTC vs. BITQ - Drawdown Comparison
The maximum HBTC drawdown since its inception was -37.82%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for HBTC and BITQ.
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Drawdown Indicators
| HBTC | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -37.82% | -90.32% | +52.50% |
Max Drawdown (1Y)Largest decline over 1 year | -37.82% | -44.99% | +7.17% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.32% | — |
Current DrawdownCurrent decline from peak | -37.82% | -14.06% | -23.76% |
Average DrawdownAverage peak-to-trough decline | -14.38% | -52.80% | +38.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.05% | 21.32% | -1.27% |
Volatility
HBTC vs. BITQ - Volatility Comparison
The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 6.85%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 14.73%. This indicates that HBTC experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBTC | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.85% | 14.73% | -7.88% |
Volatility (6M)Calculated over the trailing 6-month period | 20.63% | 42.74% | -22.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.95% | 56.05% | -27.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.66% | 67.17% | -37.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.66% | 67.23% | -37.57% |
HBTC vs. BITQ - Expense Ratio Comparison
HBTC has a 1.75% expense ratio, which is higher than BITQ's 0.85% expense ratio.
Dividends
HBTC vs. BITQ - Dividend Comparison
HBTC's dividend yield for the trailing twelve months is around 13.92%, while BITQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
HBTC Fortuna Hedged Bitcoin ETF | 13.92% | 10.96% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HBTC and BITQ have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (14.73%) compared to HBTC (6.85%). In terms of maximum drawdown, HBTC dropped -37.82% vs BITQ's -90.32%.
On 1-year performance, BITQ leads with 60.30% vs -31.57% for HBTC. On fees, BITQ is cheaper at 0.85% per year. On volatility, HBTC has been the lower-risk option at 6.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITQ has performed better with a 60.30% return vs -31.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITQ is cheaper with a 0.85% expense ratio, compared with 1.75% for HBTC.
HBTC has the higher dividend yield at 13.92%, compared with 0.00% for BITQ.
HBTC is categorized as Blockchain, while BITQ is Technology Equities. They also come from different issuers: Fortuna Funds and Exchange Traded Concepts. Their fees differ too: 1.75% for HBTC and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (1.08 vs -1.10), 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.
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