Fortuna Hedged Bitcoin Fund (HBTC) Performance
HBTC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.5% since Dec 31, 2025
- 1 year
- −25.0% total return
- Since first price
- −9.9% since 2025
HBTC trailing returns vs SPY, QQQ, AGG
| Period | HBTC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.4% | −4.4% | −1.0% | −5.0% | +0.9% |
| 3 months | +16.0% | +16.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.0% | +1.0% | +7.8% | +8.4% | −1.5% |
| YTD | −7.5% | −7.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −25.0% | −29.6% | +14.4% | +15.9% | −1.1% |
| Since inceptionMar 19, 2025 | −9.9% | −15.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HBTC vs SPY
From Mar 19, 2025: HBTC grew to $9,007, SPY to $13,664.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HBTC returns by calendar year
2026 is year to date.
HBTC annual returns table
| Year | HBTC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.5% | −30.3% | +12.3% | +15.1% | −1.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HBTC largest drawdowns
Now 29.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 13, 2025 | −42.7% | Jun 25, 2026 | not yet | 10 months | 1.2 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HBTC risk statistics
| Statistic | Since 2025 |
|---|---|
| Annualized return | −2.6% |
| Volatility (annualized) | 28.4% |
| Sharpe ratio | -0.10 |
| Sortino ratio | -0.15 |
| Best month | +20.2% |
| Worst month | −10.6% |
| Best 12 months | −15.8% |
| Worst 12 months | −38.8% |
| Positive months | 56% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HBTC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 8 | −38.8% | −22.8% | −15.8% | 0% |
Every holding period starting at a month-end since 2025. Returns for 3 years and longer are annualized.
HBTC performance overview
Fortuna Hedged Bitcoin Fund (HBTC) returned −25.0% over the past year, with distributions reinvested. Since its first recorded price on Mar 19, 2025 it has returned −9.9%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −42.7%, from Aug 13, 2025 to Jun 25, 2026; the fund has not yet regained that high. Volatility has been 28.4% a year.
Related: HBTC chart, HBTC dividends. See the HBTC overview for the latest quote and fund facts.
HBTC performance FAQ
What is the HBTC return over the past year?
HBTC returned −25.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 29.6%.
How much would $10,000 invested in HBTC be worth?
$10,000 invested in HBTC at its first recorded close on March 19, 2025 would be worth about $9,007 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of HBTC?
The largest peak-to-trough decline was −42.7% between August 13, 2025 and June 25, 2026. It has not yet recovered to that high; it is 29.7% below its peak.
How volatile is HBTC?
Over the past history HBTC had an annualized volatility of 28.4% and a Sharpe ratio of -0.10 (excess return over 1–3 month T-bills per unit of risk).