INFL vs. BTC-USD
INFL (Horizon Kinetics Inflation Beneficiaries ETF) is Global Equities fund actively managed by Horizon Kinetics LLC, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, INFL returned 12.45%/yr vs 13.61%/yr for BTC-USD. At a 0.25 correlation, their price movements are largely independent.
Performance
INFL vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, INFL achieves a 12.64% return, which is significantly higher than BTC-USD's -26.70% return.
INFL
- 1D
- 0.18%
- 1M
- -1.47%
- 6M
- 11.39%
- YTD
- 12.64%
- 1Y
- 18.51%
- 3Y*
- 19.88%
- 5Y*
- 12.45%
- 10Y*
- —
BTC-USD
- 1D
- 0.87%
- 1M
- 5.39%
- 6M
- -31.68%
- YTD
- -26.70%
- 1Y
- -41.28%
- 3Y*
- 28.32%
- 5Y*
- 13.61%
- 10Y*
- 57.86%
INFL vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
INFL Horizon Kinetics Inflation Beneficiaries ETF | 12.64% | 18.30% | 23.34% | 1.62% | 2.65% | 25.22% |
BTC-USD Bitcoin | -26.70% | -6.27% | 120.76% | 155.82% | -64.23% | 30.35% |
Correlation
The correlation between INFL and BTC-USD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2021 | 0.25 |
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Return for Risk
INFL vs. BTC-USD — Risk / Return Rank
INFL
BTC-USD
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.
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.
| INFL | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.10 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 0.86 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 1.52 | -0.78 | +2.30 |
| Martin ratioReturn relative to average drawdown | 4.63 | -1.29 | +5.92 |
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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.
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Drawdown Indicators
| INFL | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.30% | -85.30% | +64.00% |
Max Drawdown (1Y)Largest decline over 1 year | -12.20% | -53.08% | +40.88% |
Max Drawdown (3Y)Largest decline over 3 years | -15.56% | -53.08% | +37.52% |
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 DrawdownCurrent decline from peak | -9.19% | -48.58% | +39.39% |
Average DrawdownAverage peak-to-trough decline | -5.16% | -42.50% | +37.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.03% | 32.15% | -28.12% |
Volatility
INFL vs. BTC-USD - Volatility Comparison
The current volatility for Horizon Kinetics Inflation Beneficiaries ETF (INFL) is 5.77%, while Bitcoin (BTC-USD) has a volatility of 10.02%. 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.
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Volatility by Period
| INFL | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.77% | 10.02% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 13.08% | 34.89% | -21.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.37% | 35.72% | -19.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.81% | 43.98% | -26.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.67% | 56.33% | -38.66% |
Frequently Asked Questions
INFL and BTC-USD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (10.02%) compared to INFL (5.77%). In terms of maximum drawdown, INFL dropped -21.30% vs BTC-USD's -85.30%.
INFL currently has the higher Sharpe Ratio (1.14 vs -0.96), 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.
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