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Monthly Report: April 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 April
HSHV returned +7.3%, HSLV returned +4.3%, Bitcoin returned +11.8%, and the Binance TOP50 returned +11.5%.
2. Performance YTD
YTD returns: HSHV +11.2% with a -9.1% max drawdown; HSLV +6.9% with a -5.2% max drawdown.
Average YTD correlation: HSHV vs BTC -0.1, HSHV vs TOP50 -0.0.
3. Volatility
Annualized volatility in April: HSHV 29.6%, HSLV 15.2%, BTC 36.1%, TOP50 66.5%.
Annualized volatility YTD: HSHV 22.5%, HSLV 12.1%, BTC 54.1%, TOP50 66.5%.
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 HSHV and HSLV during April 2026.
5. Funding
April funding contribution: HSHV +2.1%, HSLV +1.1%.
6. The Numbers
Key metrics across all strategies and benchmarks — GAV (Gross Asset Value), USD denomination.
April 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| HSHV | +7.3% | -7.6% | 29.6% |
| HSLV | +4.3% | -3.7% | 15.2% |
| Bitcoin | +11.8% | -4.3% | 36.1% |
| Binance TOP50 | +11.5% | -15.1% | 66.5% |
YTD — 1 January 2026 to 30 April 2026
| Strategy | YTD Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| HSHV | +11.2% | 38.1% | -9.1% | 22.5% |
| HSLV | +6.9% | 22.4% | -5.2% | 12.1% |
| Bitcoin | -12.9% | -34.3% | -35.1% | 54.1% |
| Binance TOP50 | -31.4% | -68.2% | -47.1% | 66.5% |
Since Inception — 1 July 2024 to 30 April 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| HSHV | +82.0% | 38.7% | -35.2% | 37.4% |
| HSLV | +46.2% | 23.1% | -19.5% | 18.1% |
| Bitcoin | +21.6% | 11.3% | -49.6% | 47.0% |
| Binance TOP50 | -84.6% | -64.0% | -91.0% | 84.0% |
7. Commentary
The portfolios delivered strong positive returns in April: HSHV returned +7.3% and HSLV returned +4.3%. Crypto markets rallied sharply, with Bitcoin up +11.8% and Binance TOP50 up +11.5%.
Both portfolios participated in the upside while keeping risk materially lower, especially versus TOP50: April volatility was 29.6% for HSHV, 15.2% for HSLV, 36.1% for Bitcoin, and 66.5% for TOP50. Max drawdown was -7.6% for HSHV and -3.7% for HSLV, versus -15.1% for TOP50.
Performance Overview
HSHV Portfolio: +7.3% return | -7.6% maximum drawdown
HSLV Portfolio: +4.3% return | -3.7% maximum drawdown
The biggest performance contributors were the momentum long and mean reversion long sleeves. Funding also added meaningfully, contributing +2.1% to HSHV and +1.1% to HSLV. This matters: returns came from multiple sources, not only from market direction.
Year-to-date, the divergence is clear. HSHV is up +11.2% with a -9.1% max drawdown, while HSLV is up +6.9% with a -5.2% max drawdown. Bitcoin is down -12.9%, and Binance TOP50 is down -31.4%.
Average YTD correlation for the HS portfolios was -0.1 versus Bitcoin and ~0.0 versus TOP50. This non-correlation is driven by the active momentum and mean reversion short sleeves, which generated profits during the January and February market downturn.
Pavel Kycek
CEO & Co-Founder, Robuxio
All performance data shown as GAV (Gross Asset Value). Past performance does not guarantee future results.