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Monthly Report: January 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 January
January closed positive. The HSHV portfolio delivered +2.11% with a -2.91% max drawdown. The HSLV portfolio returned +1.41% with a -1.44% max drawdown.
2. Performance Since Inception
Cumulative returns from 1 July 2024 to 31 January 2026. For a detailed breakdown of 2025, see our 2025 Annual Report.
3. Volatility
Volatility across both portfolios was approximately half of the long-term average. This was primarily driven by market conditions lacking a clearly defined regime. In such environments, capital exposure naturally contracts, resulting in lower portfolio volatility.
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
Net exposure followed a similar dynamic. In the absence of a clear market regime, directional exposure was naturally reduced, keeping net exposure muted. This behavior reflects the portfolio's adaptive positioning, prioritizing capital preservation during low-signal environments.
5. The Numbers
Key metrics across all strategies and benchmarks — GAV (Gross Asset Value), USD denomination.
January 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| HSHV | +2.11% | -2.91% | 20.4% |
| HSLV | +1.41% | -1.44% | 11.3% |
| Bitcoin | -9.93% | -18.57% | 41.5% |
| Binance TOP50 | -24.11% | -31.29% | 66.5% |
Since Inception — 1 July 2024 to 31 January 2026
| Strategy | Since Inception | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| HSHV | 68% | 38.5% | -35.2% | 39.2% |
| HSLV | 39% | 23.3% | -19.5% | 18.9% |
| Bitcoin | 25% | 15.4% | -36.7% | 45.1% |
| Binance TOP50 | -80% | -64.1% | -87.3% | 86.5% |
6. Commentary
January opened with a brief period of positive momentum, followed by largely unclear, regime-less market conditions. The end of the month was marked by a sharp market sell-off.
In this environment, the Robuxio portfolios closed the month positive, while maintaining significantly reduced volatility relative to historical averages.
The HSHV portfolio delivered +2.11% with a -2.91% max drawdown, while the HSLV portfolio returned +1.41% with a -1.44% max drawdown. Volatility across both portfolios was approximately half of the long-term average, reflecting naturally reduced exposure in the absence of a clear market regime.
This low-volatility profile proved particularly valuable given broader market conditions, with Bitcoin down -9.93% and the broader crypto market down -24.11% over the same period.
Pavel Kycek
CEO & Co-Founder, Robuxio
All performance data shown as GAV (Gross Asset Value). Past performance does not guarantee future results.