INFL vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Bitcoin (BTC-USD).

INFL is an actively managed fund by Horizon Kinetics LLC. It was launched on Jan 11, 2021.

Performance

INFL vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

INFL vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
INFL Horizon Kinetics Inflation Beneficiaries ETF	16.92%	18.30%	23.34%	1.62%	2.65%	24.77%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	35.76%

Returns By Period

In the year-to-date period, INFL achieves a 16.92% return, which is significantly higher than BTC-USD's -21.63% return.

INFL

• 1D: -0.31%
• 1M: -5.75%
• YTD: 16.92%
• 6M: 16.27%
• 1Y: 28.33%
• 3Y*: 20.85%
• 5Y*: 15.13%
• 10Y*: —

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

INFL vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

INFL

INFL Risk / Return Rank: 77
INFL Sharpe Ratio Rank: 76
INFL Sortino Ratio Rank: 74
INFL Omega Ratio Rank: 74
INFL Calmar Ratio Rank: 78
INFL Martin Ratio Rank: 81

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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.

INFL vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Inflation Beneficiaries ETF (INFL) and Bitcoin (BTC-USD). 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.

	INFL	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	1.46	-0.44	+1.90
Sortino ratio Return per unit of downside risk	1.93	-0.38	+2.31
Omega ratio Gain probability vs. loss probability	1.29	0.96	+0.33
Calmar ratio Return relative to maximum drawdown	2.25	-1.11	+3.36
Martin ratio Return relative to average drawdown	9.54	-1.99	+11.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INFL vs. BTC-USD - Sharpe Ratio Comparison

The current INFL Sharpe Ratio is 1.46, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of INFL and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	INFL	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.46	-0.44	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.05	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	1.19	-0.26

Correlation

The correlation between INFL and BTC-USD is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

INFL vs. BTC-USD - Drawdown Comparison

The maximum INFL drawdown since its inception was -21.30%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for INFL and BTC-USD.

Drawdown Indicators

	INFL	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-85.30%	+64.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	-49.65%	+36.76%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	-76.67%	+55.37%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-5.75%	-45.02%	+39.27%
Average Drawdown Average peak-to-trough decline	-5.14%	-41.99%	+36.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	27.60%	-24.56%

Volatility

INFL vs. BTC-USD - Volatility Comparison

The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 5.05%, while Bitcoin (BTC-USD) has a volatility of 13.58%. This indicates that INFL experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	INFL	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.05%	13.58%	-8.53%
Volatility (6M) Calculated over the trailing 6-month period	13.53%	35.98%	-22.45%
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	36.76%	-17.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.69%	46.90%	-29.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.78%	56.70%	-38.92%