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Monthly Report: July 2026
GAV (Gross Asset Value) - USD denomination
All statistics are calculated using Binance Futures USDⓈ-M, Fee Tier 0, USDT collateral.
Results may vary depending on the exchange, fee tier, or collateral type used.
1. Performance in July
Crypto HV returned -3.8%, Crypto LV returned -2.0%, Bitcoin returned +7.3%, and the Binance TOP50 returned -11.3%.
2. Performance YTD
YTD returns: Crypto HV +5.6% with a -12.9% max drawdown; Crypto LV +4.3% with a -6.5% max drawdown.
Average YTD correlation: Crypto HV vs BTC -0.1, Crypto HV vs TOP50 +0.0.
3. Volatility
Annualized volatility in July: Crypto HV 13.6%, Crypto LV 7.1%, BTC 30.9%, TOP50 40.3%.
Annualized volatility YTD: Crypto HV 19.7%, Crypto LV 10.6%, BTC 46.7%, TOP50 61.5%.
How We Calculate Rolling Volatility
For each day t, we take the previous 30 daily returns:
ri = (Balancei - Balancei-1) / Balancei-1
Daily Vol = StdDev(r1, r2, ..., r30)
Annualized Vol = Daily Vol × √365
Standard deviation is calculated using the population formula (dividing by N, not N-1). Annualization uses √365 to account for 365 calendar days of crypto trading.
4. Net Exposure
Daily net exposure for Crypto HV and Crypto LV during July 2026.
5. Funding
Net funding contribution to Crypto HV and Crypto LV during July.
6. The Numbers
Key metrics across all strategies and benchmarks - GAV (Gross Asset Value), USD denomination.
July 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| Crypto HV | -3.8% | -6.3% | 13.6% |
| Crypto LV | -2.0% | -3.4% | 7.1% |
| Bitcoin | +7.3% | -5.5% | 30.9% |
| Binance TOP50 | -11.3% | -15.4% | 40.3% |
YTD - 1 January 2026 to 31 July 2026
| Strategy | YTD Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +5.6% | 9.8% | -12.9% | 19.7% |
| Crypto LV | +4.3% | 7.4% | -6.5% | 10.6% |
| Bitcoin | -28.3% | -43.6% | -39.5% | 46.7% |
| Binance TOP50 | -45.8% | -65.2% | -51.6% | 61.5% |
Since Inception - 1 July 2024 to 31 July 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +72.8% | 30.0% | -35.2% | 35.5% |
| Crypto LV | +42.6% | 18.6% | -19.5% | 17.2% |
| Bitcoin | +0.1% | 0.1% | -53.0% | 45.7% |
| Binance TOP50 | -87.8% | -63.6% | -91.8% | 81.0% |
7. Commentary
July ended slightly negative for both portfolios.
Crypto HV returned -3.8% and Crypto LV returned -2.0%. Bitcoin gained +7.3%, while the Binance TOP50 declined another -11.3%.
Most of the loss occurred at the start of the month. The portfolios entered July with short positioning carried over primarily from the sharp market decline in June. When Bitcoin and broader crypto market rallied during the first two sessions, this positioning generated an initial loss.
The portfolios adjusted quickly and recovered part of the drawdown during the rest of the month.
Risk remained contained. Crypto HV realized 13.6% annualized volatility and Crypto LV 7.1%, compared with 30.9% for Bitcoin and 40.3% for the Binance TOP50.
Year-to-date, Crypto HV is +5.6% with a -12.9% maximum drawdown. Crypto LV is +4.3% with a -6.5% maximum drawdown. Bitcoin is down -28.3%, while the Binance TOP50 is down -45.8%.
The portfolios are currently trading with their lowest year-to-date volatility because the market has provided very few robust directional opportunities. This is a highly defensive mode designed to protect the accounts.
During periods of higher volatility and stronger trends, the portfolios can trade with up to twice the current volatility, with potential returns measured in dozens of percentage points.
During August, a new sleeve focused on real-world assets will be added to the portfolio. The objective is to introduce another uncorrelated return layer.
Additional models will continue to be added to this sleeve as liquidity improves and trading costs decline.
Pavel Kycek
CEO & Co-Founder, Robuxio
Data & factsheet
Latest CSV export and factsheet PDF.
All performance data shown as GAV (Gross Asset Value). Past performance does not guarantee future results.