HBTC vs SPY
Fortuna Hedged Bitcoin ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | HBTC | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.97% | 0.09% | |
| AUM | $701,271.33 | $821.1B | |
| Dividend Yield | 0.37% | 1.01% | |
| Holdings | 7 | 505 | |
| YTD Return | -15.97% | +12.22% | |
| 1Y Return | -27.44% | +20.83% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 24.4% | 15.3% | |
| Max Drawdown | -40.5% | -56.5% | |
| Fund Family | Fortuna Funds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 26, 2024 | Jan 22, 1993 |
HBTC vs SPY Performance
Fortuna Hedged Bitcoin ETF (HBTC) is a ETF from Fortuna Funds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HBTC returned -27.44% while SPY returned +20.83%. Year to date, HBTC is down 15.97% versus a gain of 12.22% for SPY.
Risk: Volatility and Drawdowns
HBTC has been the more volatile fund, with annualized monthly volatility of 24.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -40.5% for HBTC and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.38. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HBTC charges 1.97% per year while SPY charges 0.09%. On a $10,000 position that is $197 vs $9 annually, a gap of $188 per year that compounds over a long holding period. On income, HBTC currently yields 0.37% against 1.01% for SPY.
Holdings Overlap
HBTC and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HBTC or SPY?
HBTC has an expense ratio of 1.97% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $188 per year of difference.
Which performed better, HBTC or SPY?
Over the past year HBTC returned -27.44% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), HBTC annualized -9.53% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, HBTC or SPY?
HBTC has been the more volatile fund at 24.4% annualized versus 15.3% for SPY. Worst drawdown: HBTC -40.5% vs SPY -56.5%.
Should I hold both HBTC and SPY?
HBTC and SPY have a monthly-return correlation of 0.38, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HBTC and SPY?
HBTC and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, HBTC or SPY?
HBTC yields 0.37% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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