HBTC vs. HECO

Last updated Jun 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. Both are actively managed. Over the past year, HBTC returned -31.57% vs 136.32% for HECO. A 0.61 correlation means they provide meaningful diversification when combined. HBTC charges 1.75%/yr vs 0.90%/yr for HECO.

Performance

HBTC vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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 HECO's 71.77% return.

HBTC

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

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTC vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	46.45%

Correlation

The correlation between HBTC and HECO is 0.61, 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	0.61
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.61

The correlation between HBTC and HECO has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

HBTC vs. HECO — 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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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	HECO	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	3.68	-4.78
Sortino ratio: Return per unit of downside risk	-1.62	4.07	-5.69
Omega ratio: Gain probability vs. loss probability	0.83	1.51	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.84	6.52	-7.36
Martin ratio: Return relative to average drawdown	-1.58	18.71	-20.29
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. HECO - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.10, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of HBTC and HECO, 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	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	3.68	-4.78
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	1.80	-2.38

Drawdowns

HBTC vs. HECO - Drawdown Comparison

The maximum HBTC drawdown since its inception was -37.82%, smaller than the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for HBTC and HECO.

Drawdown Indicators

	HBTC	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	-44.59%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-21.03%	-16.79%
Current Drawdown Current decline from peak	-37.82%	-1.18%	-36.64%
Average Drawdown Average peak-to-trough decline	-14.38%	-11.81%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	7.31%	+12.74%

Volatility

HBTC vs. HECO - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 6.85%, while State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) has a volatility of 10.30%. This indicates that HBTC experiences smaller price fluctuations and is considered to be less risky than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBTC	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.85%	10.30%	-3.45%
Volatility (6M) Calculated over the trailing 6-month period	20.63%	29.36%	-8.73%
Volatility (1Y) Calculated over the trailing 1-year period	28.95%	37.32%	-8.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.66%	44.93%	-15.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	44.93%	-15.27%

HBTC vs. HECO - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

HBTC vs. HECO - Dividend Comparison

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

Position	TTM	2025	2024
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%	0.00%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%

Frequently Asked Questions

Can I hold both HBTC and HECO in my portfolio?

HBTC and HECO have a correlation of 0.61, 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 HECO?

HECO has higher volatility (10.30%) compared to HBTC (6.85%). In terms of maximum drawdown, HBTC dropped -37.82% vs HECO's -44.59%.

Which ETF is better, HBTC or HECO?

On 1-year performance, HECO leads with 136.32% vs -31.57% for HBTC. On fees, HECO is cheaper at 0.90% 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 HECO?

Over the 1-year period, HECO has performed better with a 136.32% 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 HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.75% for HBTC.

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

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

What is the main difference between HBTC and HECO?

They also come from different issuers: Fortuna Funds and State Street. Their fees differ too: 1.75% for HBTC and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 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.