HBTC vs. GFOF

Last updated Jun 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and GFOF (Grayscale Future of Finance ETF) are both Blockchain funds. HBTC is actively managed, while GFOF is passively managed. HBTC charges 1.75%/yr vs 0.70%/yr for GFOF.

Performance

HBTC vs. GFOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and Grayscale Future of Finance ETF (GFOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HBTC

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

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTC vs. GFOF - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%

Return for Risk

HBTC vs. GFOF — 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

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. GFOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and Grayscale Future of Finance ETF (GFOF). 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	GFOF	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.62	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.84	—	—
Martin ratio: Return relative to average drawdown	-1.58	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HBTC	GFOF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	—	—

Drawdowns

Drawdown Indicators

	HBTC	GFOF	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	—	—
Current Drawdown Current decline from peak	-37.82%	—	—
Average Drawdown Average peak-to-trough decline	-14.38%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	—	—

Volatility

Volatility by Period

	HBTC	GFOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.66%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	—	—

HBTC vs. GFOF - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than GFOF's 0.70% expense ratio.

Dividends

HBTC vs. GFOF - Dividend Comparison

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

Position	TTM	2025	2024	2023
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, HBTC or GFOF?

On fees, GFOF is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBTC or GFOF?

GFOF is cheaper with a 0.70% expense ratio, compared with 1.75% for HBTC.

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

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

What is the main difference between HBTC and GFOF?

They also come from different issuers: Fortuna Funds and Grayscale. Their fees differ too: 1.75% for HBTC and 0.70% for GFOF.