HBTC vs. TOXR

Last updated Jun 4, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and TOXR (21Shares XRP ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while TOXR is a Cryptocurrency fund tracking the CME CF XRP-Dollar Reference Rate - New York Variant. HBTC is actively managed, while TOXR is passively managed. Their correlation of 0.83 suggests significant overlap in exposure. HBTC charges 1.75%/yr vs 0.30%/yr for TOXR.

Performance

HBTC vs. TOXR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) and 21Shares XRP ETF (TOXR). 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 higher than TOXR's -34.38% return.

HBTC

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

TOXR

• 1D: -1.62%
• 1M: -14.04%
• YTD: -34.38%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTC vs. TOXR - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	-4.31%
TOXR 21Shares XRP ETF	-34.38%	-9.65%

Correlation

The correlation between HBTC and TOXR is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 12, 2025	0.83

Return for Risk

HBTC vs. TOXR — 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. TOXR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) and 21Shares XRP ETF (TOXR). 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	TOXR	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	TOXR	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	-0.92	+0.34

Drawdowns

HBTC vs. TOXR - Drawdown Comparison

The maximum HBTC drawdown since its inception was -37.82%, smaller than the maximum TOXR drawdown of -48.78%. Use the drawdown chart below to compare losses from any high point for HBTC and TOXR.

Drawdown Indicators

	HBTC	TOXR	Difference
Max Drawdown Largest peak-to-trough decline	-37.82%	-48.78%	+10.96%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	—	—
Current Drawdown Current decline from peak	-37.82%	-48.10%	+10.28%
Average Drawdown Average peak-to-trough decline	-14.38%	-31.50%	+17.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.05%	—	—

Volatility

Volatility by Period

	HBTC	TOXR	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%	73.16%	-44.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.66%	73.16%	-43.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.66%	73.16%	-43.50%

HBTC vs. TOXR - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than TOXR's 0.30% expense ratio.

Dividends

HBTC vs. TOXR - Dividend Comparison

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

Position	TTM	2025
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%
TOXR 21Shares XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBTC and TOXR in my portfolio?

HBTC and TOXR have a correlation of 0.83, 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 TOXR?

On fees, TOXR is cheaper at 0.30% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBTC or TOXR?

TOXR is cheaper with a 0.30% expense ratio, compared with 1.75% for HBTC.

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

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

What is the main difference between HBTC and TOXR?

HBTC is categorized as Blockchain, while TOXR is Cryptocurrency. They also come from different issuers: Fortuna Funds and 21Shares. Their fees differ too: 1.75% for HBTC and 0.30% for TOXR.