QBF vs. HBTC

Last updated Jun 4, 2026

QBF (Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly) and HBTC (Fortuna Hedged Bitcoin ETF) are both Blockchain funds. Both are actively managed. Over the past year, QBF returned -35.86% vs -31.57% for HBTC. Their correlation of 0.95 suggests significant overlap in exposure. QBF charges 0.79%/yr vs 1.75%/yr for HBTC.

Performance

QBF vs. HBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Fortuna Hedged Bitcoin ETF (HBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QBF achieves a -23.63% return, which is significantly lower than HBTC's -21.27% return.

QBF

• 1D: -2.17%
• 1M: -14.35%
• YTD: -23.63%
• 6M: -27.96%
• 1Y: -35.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBTC

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

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

QBF vs. HBTC - Yearly Performance Comparison

	2026 (YTD)	2025
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	-23.63%	-3.26%
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	1.24%

Correlation

The correlation between QBF and HBTC is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.95

The correlation between QBF and HBTC has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

QBF vs. HBTC — Risk / Return Rank

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

QBF

QBF Risk / Return Rank: 1
QBF Sharpe Ratio Rank: 0
QBF Sortino Ratio Rank: 1
QBF Omega Ratio Rank: 1
QBF Calmar Ratio Rank: 2
QBF Martin Ratio Rank: 1

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.

QBF vs. HBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Fortuna Hedged Bitcoin ETF (HBTC). 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.

	QBF	HBTC	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	-1.10	-0.27
Sortino ratio: Return per unit of downside risk	-2.04	-1.62	-0.42
Omega ratio: Gain probability vs. loss probability	0.78	0.83	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.84	0.00
Martin ratio: Return relative to average drawdown	-1.48	-1.58	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QBF vs. HBTC - Sharpe Ratio Comparison

The current QBF Sharpe Ratio is -1.37, which is comparable to the HBTC Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of QBF and HBTC, 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

	QBF	HBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	-1.10	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	-0.97	-0.58	-0.39

Drawdowns

QBF vs. HBTC - Drawdown Comparison

The maximum QBF drawdown since its inception was -42.92%, which is greater than HBTC's maximum drawdown of -37.82%. Use the drawdown chart below to compare losses from any high point for QBF and HBTC.

Drawdown Indicators

	QBF	HBTC	Difference
Max Drawdown Largest peak-to-trough decline	-42.92%	-37.82%	-5.10%
Max Drawdown (1Y) Largest decline over 1 year	-42.92%	-37.82%	-5.10%
Current Drawdown Current decline from peak	-42.92%	-37.82%	-5.10%
Average Drawdown Average peak-to-trough decline	-16.82%	-14.38%	-2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	20.05%	+4.15%

Volatility

QBF vs. HBTC - Volatility Comparison

Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly (QBF) and Fortuna Hedged Bitcoin ETF (HBTC) have volatilities of 7.09% and 6.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QBF	HBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	6.85%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	18.56%	20.63%	-2.07%
Volatility (1Y) Calculated over the trailing 1-year period	26.36%	28.95%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.53%	29.66%	-1.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.53%	29.66%	-1.13%

QBF vs. HBTC - Expense Ratio Comparison

QBF has a 0.79% expense ratio, which is lower than HBTC's 1.75% expense ratio.

Dividends

QBF vs. HBTC - Dividend Comparison

QBF's dividend yield for the trailing twelve months is around 1.81%, less than HBTC's 13.92% yield.

Position	TTM	2025
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%
QBF Innovator Uncapped Bitcoin 20 Floor ETF - Quarterly	1.81%	1.38%

Frequently Asked Questions

Can I hold both QBF and HBTC in my portfolio?

With a correlation of 0.94, QBF and HBTC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QBF or HBTC?

QBF has higher volatility (7.09%) compared to HBTC (6.85%). In terms of maximum drawdown, QBF dropped -42.92% vs HBTC's -37.82%.

Which ETF is better, QBF or HBTC?

On 1-year performance, HBTC leads with -31.57% vs -35.86% for QBF. On fees, QBF is cheaper at 0.79% 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, QBF or HBTC?

Over the 1-year period, HBTC has performed better with a -31.57% return vs -35.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QBF or HBTC?

QBF is cheaper with a 0.79% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.92%, compared with 1.81% for QBF.

What is the main difference between QBF and HBTC?

They also come from different issuers: Innovator and Fortuna Funds. Their fees differ too: 0.79% for QBF and 1.75% for HBTC.

Which has better risk-adjusted returns?

HBTC currently has the higher Sharpe Ratio (-1.10 vs -1.37), 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.