HBTC vs. DAPP

Last updated Jun 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and DAPP (VanEck Digital Transformation ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while DAPP is a Technology Equities fund tracking the MVIS Global Digital Assets Equity Index. HBTC is actively managed, while DAPP is passively managed. Over the past year, HBTC returned -31.57% vs 55.85% for DAPP. A 0.66 correlation means they provide meaningful diversification when combined. HBTC charges 1.75%/yr vs 0.50%/yr for DAPP.

Performance

HBTC vs. DAPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and VanEck Digital Transformation ETF (DAPP). 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 DAPP's 33.03% return.

HBTC

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

DAPP

• 1D: -2.57%
• 1M: 10.45%
• YTD: 33.03%
• 6M: 15.86%
• 1Y: 55.85%
• 3Y*: 57.26%
• 5Y*: -0.16%
• 10Y*: —

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

HBTC vs. DAPP - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%
DAPP VanEck Digital Transformation ETF	33.03%	56.68%

Correlation

The correlation between HBTC and DAPP 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 DAPP has been stable across timeframes, ranging from 0.64 to 0.66 - a consistent structural relationship.

Return for Risk

HBTC vs. DAPP — 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

DAPP

DAPP Risk / Return Rank: 25
DAPP Sharpe Ratio Rank: 25
DAPP Sortino Ratio Rank: 28
DAPP Omega Ratio Rank: 26
DAPP Calmar Ratio Rank: 24
DAPP Martin Ratio Rank: 20

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. DAPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and VanEck Digital Transformation ETF (DAPP). 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	DAPP	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	0.91	-2.01
Sortino ratio: Return per unit of downside risk	-1.62	1.54	-3.16
Omega ratio: Gain probability vs. loss probability	0.83	1.18	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.84	1.16	-2.00
Martin ratio: Return relative to average drawdown	-1.58	2.28	-3.86
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. DAPP - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.10, which is lower than the DAPP Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of HBTC and DAPP, 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	DAPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	0.91	-2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	-0.07	-0.51

Drawdowns

HBTC vs. DAPP - Drawdown Comparison

The maximum HBTC drawdown since its inception was -37.82%, smaller than the maximum DAPP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for HBTC and DAPP.

Drawdown Indicators

	HBTC	DAPP	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	-91.90%	+54.08%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-48.21%	+10.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.90%	—
Current Drawdown Current decline from peak	-37.82%	-27.06%	-10.76%
Average Drawdown Average peak-to-trough decline	-14.38%	-57.42%	+43.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	24.56%	-4.51%

Volatility

HBTC vs. DAPP - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 6.85%, while VanEck Digital Transformation ETF (DAPP) has a volatility of 15.49%. This indicates that HBTC experiences smaller price fluctuations and is considered to be less risky than DAPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTC	DAPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	15.49%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	20.63%	46.31%	-25.68%
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	61.71%	-32.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.66%	72.90%	-43.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	72.64%	-42.98%

HBTC vs. DAPP - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than DAPP's 0.50% expense ratio.

Dividends

HBTC vs. DAPP - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 13.92%, while DAPP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBTC and DAPP in my portfolio?

HBTC and DAPP 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.

Which is riskier, HBTC or DAPP?

DAPP has higher volatility (15.49%) compared to HBTC (6.85%). In terms of maximum drawdown, HBTC dropped -37.82% vs DAPP's -91.90%.

Which ETF is better, HBTC or DAPP?

On 1-year performance, DAPP leads with 55.85% vs -31.57% for HBTC. On fees, DAPP is cheaper at 0.50% 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 DAPP?

Over the 1-year period, DAPP has performed better with a 55.85% 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 DAPP?

DAPP is cheaper with a 0.50% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.92%, compared with 0.00% for DAPP.

What is the main difference between HBTC and DAPP?

HBTC is categorized as Blockchain, while DAPP is Technology Equities. They also come from different issuers: Fortuna Funds and VanEck. Their fees differ too: 1.75% for HBTC and 0.50% for DAPP.

Which has better risk-adjusted returns?

DAPP currently has the higher Sharpe Ratio (0.91 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.