HBTC vs. BLCN

Last updated Jun 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and BLCN (Siren ETF Trust Siren Nasdaq NexGen Economy ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while BLCN is a Large Cap Blend Equities fund tracking the Siren NASDAQ Blockchain Economy Index. HBTC is actively managed, while BLCN is passively managed. Over the past year, HBTC returned -31.57% vs 27.10% for BLCN. At a 0.45 correlation, their price movements are largely independent. HBTC charges 1.75%/yr vs 0.68%/yr for BLCN.

Performance

HBTC vs. BLCN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBTC achieves a -21.27% return, which is significantly lower than BLCN's 13.09% return.

HBTC

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

BLCN

• 1D: 0.39%
• 1M: 10.42%
• YTD: 13.09%
• 6M: 10.14%
• 1Y: 27.10%
• 3Y*: 9.50%
• 5Y*: -9.77%
• 10Y*: —

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

HBTC vs. BLCN - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF	13.09%	18.83%

Correlation

The correlation between HBTC and BLCN is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.45

Return for Risk

HBTC vs. BLCN — 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

BLCN

BLCN Risk / Return Rank: 21
BLCN Sharpe Ratio Rank: 21
BLCN Sortino Ratio Rank: 23
BLCN Omega Ratio Rank: 23
BLCN Calmar Ratio Rank: 21
BLCN Martin Ratio Rank: 18

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. BLCN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN). 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	BLCN	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	0.76	-1.85
Sortino ratio: Return per unit of downside risk	-1.62	1.25	-2.87
Omega ratio: Gain probability vs. loss probability	0.83	1.15	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.84	0.92	-1.76
Martin ratio: Return relative to average drawdown	-1.58	1.97	-3.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBTC vs. BLCN - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.10, which is lower than the BLCN Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of HBTC and BLCN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HBTC	BLCN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	0.76	-1.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	0.08	-0.66

Drawdowns

HBTC vs. BLCN - Drawdown Comparison

The maximum HBTC drawdown since its inception was -37.82%, smaller than the maximum BLCN drawdown of -67.51%. Use the drawdown chart below to compare losses from any high point for HBTC and BLCN.

Drawdown Indicators

	HBTC	BLCN	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	-67.51%	+29.69%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-29.53%	-8.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-45.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-67.51%	—
Current Drawdown Current decline from peak	-37.82%	-45.11%	+7.29%
Average Drawdown Average peak-to-trough decline	-14.38%	-30.29%	+15.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	13.82%	+6.23%

Volatility

HBTC vs. BLCN - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 6.85%, while Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) has a volatility of 14.45%. This indicates that HBTC experiences smaller price fluctuations and is considered to be less risky than BLCN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTC	BLCN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	14.45%	-7.60%
Volatility (6M) Calculated over the trailing 6-month period	20.63%	29.11%	-8.48%
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	36.03%	-7.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.66%	34.93%	-5.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	31.22%	-1.56%

HBTC vs. BLCN - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than BLCN's 0.68% expense ratio.

Dividends

HBTC vs. BLCN - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 13.92%, more than BLCN's 2.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF	2.66%	3.01%	0.67%	0.54%	1.28%	0.56%	0.58%	1.45%	1.16%
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBTC and BLCN in my portfolio?

HBTC and BLCN have a correlation of 0.43, 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 BLCN?

BLCN has higher volatility (14.45%) compared to HBTC (6.85%). In terms of maximum drawdown, HBTC dropped -37.82% vs BLCN's -67.51%.

Which ETF is better, HBTC or BLCN?

On 1-year performance, BLCN leads with 27.10% vs -31.57% for HBTC. On fees, BLCN is cheaper at 0.68% 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.

Which ETF has performed better, HBTC or BLCN?

Over the 1-year period, BLCN has performed better with a 27.10% return vs -31.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or BLCN?

BLCN is cheaper with a 0.68% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.92%, compared with 2.66% for BLCN.

What is the main difference between HBTC and BLCN?

HBTC is categorized as Blockchain, while BLCN is Large Cap Blend Equities. They also come from different issuers: Fortuna Funds and SRN Advisors. Their fees differ too: 1.75% for HBTC and 0.68% for BLCN.

Which has better risk-adjusted returns?

BLCN currently has the higher Sharpe Ratio (0.76 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.