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Monthly Report: June 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 June
Crypto HV returned +0.6%, Crypto LV returned +0.5%, Bitcoin returned -20.4%, and the Binance TOP50 returned -11.1%.
2. Performance YTD
YTD returns: Crypto HV +9.7% with a -9.1% max drawdown; Crypto LV +6.4% with a -5.2% max drawdown.
Average YTD correlation: Crypto HV vs BTC -0.1, Crypto HV vs TOP50 +0.1.
3. Volatility
Annualized volatility in June: Crypto HV 18.4%, Crypto LV 10.0%, BTC 42.9%, TOP50 72.8%.
Annualized volatility YTD: Crypto HV 20.5%, Crypto LV 11.0%, BTC 48.8%, TOP50 64.4%.
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 June 2026.
5. Funding
Net funding contribution to Crypto HV and Crypto LV during June.
6. The Numbers
Key metrics across all strategies and benchmarks - GAV (Gross Asset Value), USD denomination.
June 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| Crypto HV | +0.6% | -5.9% | 18.4% |
| Crypto LV | +0.5% | -3.3% | 10.0% |
| Bitcoin | -20.4% | -20.4% | 42.9% |
| Binance TOP50 | -11.1% | -16.5% | 72.8% |
YTD - 1 January 2026 to 30 June 2026
| Strategy | YTD Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +9.7% | 20.6% | -9.1% | 20.5% |
| Crypto LV | +6.4% | 13.4% | -5.2% | 11.0% |
| Bitcoin | -33.1% | -55.6% | -39.5% | 48.8% |
| Binance TOP50 | -38.9% | -63.0% | -47.9% | 64.4% |
Since Inception - 1 July 2024 to 30 June 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +79.6% | 34.0% | -35.2% | 36.1% |
| Crypto LV | +45.6% | 20.7% | -19.5% | 17.5% |
| Bitcoin | -6.6% | -3.4% | -53.0% | 46.2% |
| Binance TOP50 | -86.3% | -63.0% | -91.2% | 82.3% |
7. Commentary
June was a sharply risk-off month for crypto, and on a relative basis one of the strongest months of the year for the portfolios.
Crypto HV returned +0.6% and Crypto LV returned +0.5%. Both portfolios finished far ahead of the market: Bitcoin fell -20.4% and the Binance TOP50 fell -11.1%. In a month that took roughly a fifth off Bitcoin, both portfolios protected capital and closed slightly positive.
The sell-off was macro- and flow-driven. The Federal Reserve's June meeting, the first chaired by Kevin Warsh, was read as decisively hawkish, with the projected 2026 path repricing toward hikes rather than cuts. US spot-Bitcoin ETFs recorded their worst month on record, with heavy net outflows, and Bitcoin capitulated to a multi-year low on June 25 as sentiment collapsed to an extreme-fear reading.
The portfolios spent June defensively positioned, net short to lightly exposed throughout. Average net exposure was approximately -11% for Crypto HV and -6% for Crypto LV, and both increased short exposure into the late-June capitulation, with Crypto HV reaching roughly -41% net on June 25. That positioning is why the portfolios were able to hold flat-to-positive while the market fell.
Risk stayed contained. Crypto HV drew down -5.9% intramonth and realized 18.4% annualized volatility; Crypto LV drew down just -3.3% at 10.0% volatility. Both are a fraction of Bitcoin's 42.9% and the TOP50's 72.8%, and the portfolios captured almost none of the market's downside.
Funding carry was a small positive contributor over the month: approximately +0.4% for Crypto HV and +0.2% for Crypto LV.
Year-to-date, Crypto HV is +9.7% with a -9.1% maximum drawdown, and Crypto LV is +6.4% with a -5.2% maximum drawdown. Over the same period Bitcoin is down -33.1% and the Binance TOP50 is down -38.9%. The gap between the portfolios and passive crypto exposure has widened dramatically through the 2026 correction: the portfolios are up on the year while the market is down by a third or more.
2026 continues to reward capital preservation, low correlation, and selective exposure over directional aggression. The portfolios have stayed defensive and largely uncorrelated to crypto beta, protecting capital as the market has fallen. Volatility regimes shift fast in crypto; when the opportunity set turns and moves become directional again, the portfolios are positioned to increase exposure.
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.