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Monthly Report: May 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 May
Crypto HV returned -1.9%, Crypto LV returned -0.9%, Bitcoin returned -3.5%, and the Binance TOP50 returned +0.1%.
2. Performance YTD
YTD returns: Crypto HV +9.1% with a -9.1% max drawdown; Crypto LV +5.9% with a -5.2% max drawdown.
Average YTD correlation: Crypto HV vs BTC -0.0, Crypto HV vs TOP50 +0.1.
3. Volatility
Annualized volatility in May: Crypto HV 12.3%, Crypto LV 6.6%, BTC 25.7%, TOP50 44.2%.
Annualized volatility YTD: Crypto HV 20.9%, Crypto LV 11.2%, BTC 49.6%, TOP50 62.6%.
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 May 2026.
5. Funding
Funding contribution to Crypto HV and Crypto LV during May.
6. The Numbers
Key metrics across all strategies and benchmarks — GAV (Gross Asset Value), USD denomination.
May 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| Crypto HV | -1.9% | -6.6% | 12.3% |
| Crypto LV | -0.9% | -3.5% | 6.6% |
| Bitcoin | -3.5% | -10.7% | 25.7% |
| Binance TOP50 | +0.1% | -17.1% | 44.2% |
YTD — 1 January 2026 to 31 May 2026
| Strategy | YTD Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +9.1% | 23.4% | -9.1% | 20.9% |
| Crypto LV | +5.9% | 14.9% | -5.2% | 11.2% |
| Bitcoin | -15.9% | -34.3% | -35.1% | 49.6% |
| Binance TOP50 | -31.3% | -59.7% | -47.1% | 62.6% |
Since Inception — 1 July 2024 to 31 May 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| Crypto HV | +78.5% | 35.3% | -35.2% | 36.7% |
| Crypto LV | +44.9% | 21.3% | -19.5% | 17.8% |
| Bitcoin | +17.4% | 8.7% | -49.6% | 46.3% |
| Binance TOP50 | -84.6% | -62.3% | -91.0% | 82.6% |
7. Commentary
May was a softer month across crypto markets.
Crypto HV returned -1.9% and Crypto LV returned -0.9%. Both portfolios finished ahead of Bitcoin, which declined -3.5%, while the Binance TOP50 was roughly flat at +0.1%.
Performance Overview
Crypto HV Portfolio: -1.9% return | -6.6% maximum drawdown
Crypto LV Portfolio: -0.9% return | -3.5% maximum drawdown
The month had two distinct phases. During the first half of May, volatility remained elevated enough to create trading opportunities, and the portfolios were able to capture profits. In the second half of the month, volatility compressed sharply and the market shifted into a low-opportunity regime. As a result, the portfolios moved into defensive mode, with lower capital usage and reduced realized volatility.
Bitcoin, the Binance TOP50, Crypto HV, and Crypto LV all ended May with their lowest year-to-date volatility levels.
The largest P&L contributors in May were the Momentum Long Sleeve and Momentum Short Sleeve. Mean Reversion sleeves were broadly flat to slightly negative, reflecting the lower opportunity set in the second half of the month.
Year-to-date, Crypto HV is +9.1% with a -9.1% maximum drawdown. Crypto LV is +5.9% with a -5.1% maximum drawdown. Both portfolios continue to significantly outperform Bitcoin and the Binance TOP50. Over the same period, Bitcoin is down -15.9% and the Binance TOP50 is down -31.3%.
The year-to-date market regime remains challenging. Bitcoin and the broader crypto market have spent most of the year in a sideways, low-volatility environment with reduced directional opportunity. This is why the portfolios have remained defensive for much of the period, with low capital usage and limited exposure to crypto beta.
Average year-to-date correlation was approximately 0.0 versus Bitcoin and 0.1 versus the Binance TOP50. This reflects low directional dependence on crypto beta and confirms that portfolio returns have not been driven by passive market exposure.
So far, 2026 has not been a high-beta crypto environment. It has been a regime where capital preservation, low correlation, and selective exposure have mattered more than directional aggression. That can change quickly. In crypto, volatility regimes shift fast, and the portfolio must be ready to increase exposure when the opportunity set improves.
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.