TSOL vs. HBTC

Last updated Jun 4, 2026

TSOL (21Shares Solana ETF) and HBTC (Fortuna Hedged Bitcoin ETF) are both exchange-traded funds - TSOL is a Cryptocurrency fund actively managed by 21Shares, while HBTC is a Blockchain fund actively managed by Fortuna Funds. Both are actively managed. Their correlation of 0.80 suggests significant overlap in exposure. TSOL charges 0.21%/yr vs 1.75%/yr for HBTC.

Performance

TSOL vs. HBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Solana ETF (TSOL) 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, TSOL achieves a -41.49% return, which is significantly lower than HBTC's -21.27% return.

TSOL

• 1D: -4.53%
• 1M: -14.54%
• YTD: -41.49%
• 6M: -48.57%
• 1Y: —
• 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)

TSOL vs. HBTC - Yearly Performance Comparison

	2026 (YTD)	2025
TSOL 21Shares Solana ETF	-41.49%	-6.28%
HBTC Fortuna Hedged Bitcoin ETF	-21.27%	-1.55%

Correlation

The correlation between TSOL and HBTC is 0.80, 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 Nov 20, 2025	0.80

Return for Risk

TSOL vs. HBTC — 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.

TSOL vs. HBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Solana ETF (TSOL) 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.

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

Sharpe Ratios by Period

	TSOL	HBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.95	-0.58	-0.37

Drawdowns

TSOL vs. HBTC - Drawdown Comparison

The maximum TSOL drawdown since its inception was -50.75%, which is greater than HBTC's maximum drawdown of -37.82%. Use the drawdown chart below to compare losses from any high point for TSOL and HBTC.

Drawdown Indicators

	TSOL	HBTC	Difference
Max Drawdown Largest peak-to-trough decline	-50.75%	-37.82%	-12.93%
Max Drawdown (1Y) Largest decline over 1 year	—	-37.82%	—
Current Drawdown Current decline from peak	-50.75%	-37.82%	-12.93%
Average Drawdown Average peak-to-trough decline	-29.35%	-14.38%	-14.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	20.05%	—

Volatility

Volatility by Period

	TSOL	HBTC	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	71.70%	28.95%	+42.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.70%	29.66%	+42.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.70%	29.66%	+42.04%

TSOL vs. HBTC - Expense Ratio Comparison

TSOL has a 0.21% expense ratio, which is lower than HBTC's 1.75% expense ratio.

Dividends

TSOL vs. HBTC - Dividend Comparison

TSOL's dividend yield for the trailing twelve months is around 4.78%, less than HBTC's 13.92% yield.

Position	TTM	2025
HBTC Fortuna Hedged Bitcoin ETF	13.92%	10.96%
TSOL 21Shares Solana ETF	4.78%	0.00%

Frequently Asked Questions

Can I hold both TSOL and HBTC in my portfolio?

TSOL and HBTC have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSOL or HBTC?

On fees, TSOL is cheaper at 0.21% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSOL or HBTC?

TSOL is cheaper with a 0.21% expense ratio, compared with 1.75% for HBTC.

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

HBTC has the higher dividend yield at 13.92%, compared with 4.78% for TSOL.

What is the main difference between TSOL and HBTC?

TSOL is categorized as Cryptocurrency, while HBTC is Blockchain. They also come from different issuers: 21Shares and Fortuna Funds. Their fees differ too: 0.21% for TSOL and 1.75% for HBTC.