HBTC vs. QSOL

Last updated Jul 17, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and QSOL (Invesco Galaxy Solana ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while QSOL is a Cryptocurrency fund tracking the Lukka Prime Solana Reference Rate - Benchmark Price Return. HBTC is actively managed, while QSOL is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. HBTC charges 1.75%/yr vs 0.25%/yr for QSOL.

Performance

HBTC vs. QSOL - Performance Comparison

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

Returns By Period

In the year-to-date period, HBTC achieves a -20.50% return, which is significantly higher than QSOL's -38.08% return.

HBTC

• 1D: -0.98%
• 1M: 3.03%
• 6M: -24.64%
• YTD: -20.50%
• 1Y: -36.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QSOL

• 1D: -1.86%
• 1M: 3.11%
• 6M: -45.69%
• YTD: -38.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTC vs. QSOL - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-20.50%	-3.05%
QSOL Invesco Galaxy Solana ETF	-38.08%	-4.28%

Correlation

The correlation between HBTC and QSOL is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 15, 2025	0.78

Return for Risk

HBTC vs. QSOL — 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: 0
HBTC Sortino Ratio Rank: 0
HBTC Omega Ratio Rank: 1
HBTC Calmar Ratio Rank: 1
HBTC Martin Ratio Rank: 1

QSOL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. QSOL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and Invesco Galaxy Solana ETF (QSOL). 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	QSOL	Difference
Sharpe ratio: Return per unit of total volatility	-1.30	—	—
Sortino ratio: Return per unit of downside risk	-2.01	—	—
Omega ratio: Gain probability vs. loss probability	0.79	—	—
Calmar ratio: Return relative to maximum drawdown	-0.90	—	—
Martin ratio: Return relative to average drawdown	-1.51	—	—

Drawdowns

HBTC vs. QSOL - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, smaller than the maximum QSOL drawdown of -56.55%. Use the drawdown chart below to compare losses from any high point for HBTC and QSOL.

Drawdown Indicators

	HBTC	QSOL	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-56.55%	+16.10%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	—	—
Current Drawdown Current decline from peak	-37.22%	-47.94%	+10.72%
Average Drawdown Average peak-to-trough decline	-16.47%	-35.45%	+18.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.99%	—	—

Volatility

Volatility by Period

	HBTC	QSOL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.21%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.93%	71.51%	-43.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.84%	71.51%	-42.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.84%	71.51%	-42.67%

HBTC vs. QSOL - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than QSOL's 0.25% expense ratio.

Dividends

HBTC vs. QSOL - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 13.78%, more than QSOL's 0.90% yield.

Position	TTM	2025
HBTC Fortuna Hedged Bitcoin ETF	13.78%	10.96%
QSOL Invesco Galaxy Solana ETF	0.90%	0.00%

Frequently Asked Questions

Can I hold both HBTC and QSOL in my portfolio?

HBTC and QSOL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBTC or QSOL?

On fees, QSOL is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBTC or QSOL?

QSOL is cheaper with a 0.25% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.78%, compared with 0.90% for QSOL.

What is the main difference between HBTC and QSOL?

HBTC is categorized as Blockchain, while QSOL is Cryptocurrency. They also come from different issuers: Fortuna Funds and Invesco. Their fees differ too: 1.75% for HBTC and 0.25% for QSOL.