Performance
Stepped NAV
NAV stays flat most of the time and steps up only when an edge appears. One dataset, three views.
2026-10-13
2023-01-012026-10-13
2x leverage, from January 2023. 39 of 46 months positive, worst month −8.8%; monthly correlation with Bitcoin only 0.19.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year | Bitcoin, full year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | +44.4% | +7.1% | +132.8% | +22.6% | +7.9% | +9.4% | −0.1% | +11.2% | +2.5% | +20.0% | −0.5% | +41.4% | +901% | +156% |
| 2024 | +35.9% | +7.8% | +84.5% | +12.9% | +12.3% | +4.3% | −8.8% | +38.3% | +14.7% | −1.0% | +14.0% | +6.7% | +523% | +121% |
| 2025 | +29.9% | +10.5% | +63.9% | +13.6% | +0.3% | +7.4% | −0.0% | +2.8% | −5.1% | +11.9% | +27.7% | +34.7% | +441% | −6% |
| 2026 | +1.7% | +53.4% | +28.8% | +1.4% | +0.8% | −7.6% | +13.4% | +8.4% | +0.8% | +6.2% | +149% | −5% |
| Month | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Jan | +44.4% | +35.9% | +29.9% | +1.7% |
| Feb | +7.1% | +7.8% | +10.5% | +53.4% |
| Mar | +132.8% | +84.5% | +63.9% | +28.8% |
| Apr | +22.6% | +12.9% | +13.6% | +1.4% |
| May | +7.9% | +12.3% | +0.3% | +0.8% |
| Jun | +9.4% | +4.3% | +7.4% | −7.6% |
| Jul | −0.1% | −8.8% | −0.0% | +13.4% |
| Aug | +11.2% | +38.3% | +2.8% | +8.4% |
| Sep | +2.5% | +14.7% | −5.1% | +0.8% |
| Oct | +20.0% | −1.0% | +11.9% | +6.2% |
| Nov | −0.5% | +14.0% | +27.7% | |
| Dec | +41.4% | +6.7% | +34.7% | |
| Full year | +901% | +523% | +441% | +149% |
| Bitcoin, full year | +156% | +121% | −6% | −5% |
October 2026 is month-to-date through 13 October. Monthly returns compound month-end NAV.
Key metrics
- +493%
- Annualized return
- 57%
- Annualized volatility
- 3.43
- Sharpe ratio
- 4.73
- Sortino ratio
- 21.1
- Calmar ratio
- −23%
- Max drawdown
- 85%
- Monthly win rate
- +133%
- Best month
- −8.8%
- Worst month
- 0.19
- Bitcoin correlation
Volatility, Sharpe and Sortino use daily returns (365 days a year, zero risk-free rate); Calmar = annualized return ÷ max drawdown.
2x leverage, $10,000 invested January 2023, as of 2026-10-13 UTC. The gray line is $10,000 held in Bitcoin.