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Monthly Report: March 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 March
March closed negative. The HSHV portfolio delivered -6.0%, while the HSLV portfolio returned -3.5%. Both portfolios outperformed the broad market Top 50 Index, which fell -13.7%, but underperformed Bitcoin, which gained +1.9%.
2. Performance YTD
YTD returns of HSHV portfolio are +3.65% with a −7.12% max drawdown. HSLV portfolio returned +2.49% with a −4% max drawdown.
Average YTD correlation: HSHV vs BTC -0.08, HSHV vs TOP50 -0.08.
3. Volatility
Annualized volatility in March: HSHV 12.8%, HSLV 7.0%, BTC 49.0%, TOP50 44.8%.
Annualized volatility YTD: HSHV 19.5%, HSLV 10.8%, BTC 58.9%, TOP50 69.2%.
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 portfolios throughout March 2026.
5. The Numbers
Key metrics across all strategies and benchmarks — GAV (Gross Asset Value), USD denomination.
March 2026
| Strategy | Return | Max Drawdown | Volatility (ann.) |
|---|---|---|---|
| HSHV | -6.0% | -7.1% | 12.8% |
| HSLV | -3.5% | -4.0% | 7.0% |
| Bitcoin | +1.9% | -11.8% | 49.0% |
| Binance TOP50 | -13.7% | -16.7% | 44.8% |
YTD — 1 January 2026 to 31 March 2026
| Strategy | YTD Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| HSHV | 4% | 15.7% | -8.9% | 19.5% |
| HSLV | 2% | 10.5% | -5.1% | 10.8% |
| Bitcoin | -22% | -63.7% | -35.1% | 58.9% |
| Binance TOP50 | -39% | -86.3% | -45.4% | 69.2% |
Since Inception — 1 July 2024 to 31 March 2026
| Strategy | Total Return | CAGR | Max Drawdown | Volatility (ann.) |
|---|---|---|---|---|
| HSHV | +70% | 35.3% | -35.2% | 37.8% |
| HSLV | +40% | 21.3% | -19.5% | 18.2% |
| Bitcoin | +9% | 4.9% | -49.5% | 47.4% |
| Binance TOP50 | -85% | -66.1% | -90.2% | 85.2% |
6. Commentary
March was characterized by challenging market conditions, with Bitcoin trading largely sideways while the broader crypto market weakened. The elevated volatility observed in February faded quickly during the second week of March.
As a result, the momentum sleeve strategies experienced a modest drawdown, which the mean reversion sleeve was unable to offset as declining volatility reduced the opportunity set for mean reversion trades.
Performance Overview
HSHV Portfolio: −6.01% return
HSLV Portfolio: −3.50% return
Despite this, both portfolios continue to maintain strong relative year-to-date performance and remain in a low-exposure mode, reflecting the currently subdued volatility environment. This positioning has also contributed to realized volatility in both portfolios remaining meaningfully below their long-term average.
An additional benefit at the portfolio level is the low relationship to Bitcoin, with year-to-date correlation to BTC at -0.08. This highlights that portfolio returns are being driven by diversified, idiosyncratic strategy behavior rather than broad market direction alone.
Pavel Kycek
CEO & Co-Founder, Robuxio
All performance data shown as GAV (Gross Asset Value). Past performance does not guarantee future results.