HBTC vs. CSHP
HBTC (Fortuna Hedged Bitcoin ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while CSHP is a Ultrashort Bond fund actively managed by iShares. Both are actively managed. Over the past year, HBTC returned -34.86% vs 4.04% for CSHP. Their -0.05 correlation means they have often moved in opposite directions in the past. HBTC charges 1.75%/yr vs 0.20%/yr for CSHP.
Performance
HBTC vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, HBTC achieves a -22.91% return, which is significantly lower than CSHP's 2.38% return.
HBTC
- 1D
- -2.53%
- 1M
- -0.25%
- 6M
- -19.07%
- YTD
- -22.91%
- 1Y
- -34.86%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -16.63%
CSHP
- 1D
- -0.27%
- 1M
- 0.35%
- 6M
- 2.06%
- YTD
- 2.38%
- 1Y
- 4.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.53M | $7.29M | $2.60M | |
| $620.05 | $1.99K | $5.81K |
HBTC vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HBTC Fortuna Hedged Bitcoin ETF | -22.91% | 1.18% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 2.38% | 3.20% |
Correlation
The correlation between HBTC and CSHP is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Mar 19, 2025 | -0.05 |
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Return for Risk
HBTC vs. CSHP — Risk / Return Rank
HBTC
CSHP
HBTC vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.83 | ||
| Sortino ratioReturn per unit of downside risk | -8.35 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 2.68 | -1.90 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 10.40 | -11.30 |
| Martin ratioReturn relative to average drawdown | -1.44 | 65.72 | -67.16 |
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Drawdowns
HBTC vs. CSHP - Drawdown Comparison
The maximum HBTC drawdown since its inception was -40.45%, which is greater than CSHP's maximum drawdown of -0.39%. Use the drawdown chart below to compare losses from any high point for HBTC and CSHP.
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Drawdown Indicators
| HBTC | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.45% | -0.39% | -40.06% |
Max Drawdown (1Y)Largest decline over 1 year | -40.45% | -0.39% | -40.06% |
Current DrawdownCurrent decline from peak | -39.12% | -0.27% | -38.85% |
Average DrawdownAverage peak-to-trough decline | -17.14% | -0.01% | -17.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.22% | 0.06% | +25.16% |
Volatility
HBTC vs. CSHP - Volatility Comparison
Fortuna Hedged Bitcoin ETF (HBTC) has a higher volatility of 7.39% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 1.10%. This indicates that HBTC's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HBTC | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.39% | 1.10% | +6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 18.26% | 1.12% | +17.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.00% | 1.14% | +26.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 28.62% | 0.86% | +27.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.62% | 0.86% | +27.76% |
HBTC vs. CSHP - Expense Ratio Comparison
HBTC has a 1.75% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
HBTC vs. CSHP - Dividend Comparison
HBTC's dividend yield for the trailing twelve months is around 14.21%, more than CSHP's 4.00% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.89% | 5.39% | 1.96% |
HBTC Fortuna Hedged Bitcoin ETF | 14.21% | 10.96% | 0.00% |
Frequently Asked Questions
HBTC and CSHP have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HBTC has higher volatility (7.39%) compared to CSHP (1.10%). In terms of maximum drawdown, HBTC dropped -40.45% vs CSHP's -0.39%.
On 1-year performance, CSHP leads with 4.04% vs -34.86% for HBTC. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 4.04% return vs -34.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 1.75% for HBTC.
HBTC has the higher dividend yield at 14.21%, compared with 3.89% for CSHP.
HBTC is categorized as Blockchain, while CSHP is Ultrashort Bond. They also come from different issuers: Fortuna Funds and iShares. Their fees differ too: 1.75% for HBTC and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (3.53 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.
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