Skip to content
etf.net

HBR vs XRP

Canary HBAR ETF

HBRDNasdaq

Bitwise XRP ETF

XRPANYSE Arca

Overlap

0.0%by weight

Expense ratio

XRP −0.61pt a year

HBR0.95%XRP0.34%

Avg volume · 30D

XRP 14.4×the volume

HBR90.4KXRP1.31M

HBR vs XRP Performance

Dec 31, 2025 – Nov 3, 2026

−35.5%HBR−30.4%XRP

Dec 31, 2025 to Nov 3, 2026. HBR −35.5%. XRP −30.4%. Use the arrow keys to read each point.−20%−10%0%10%20%Dec 2025Jun 2026Nov 2026
Expense ratio
HBR 0.95%
XRP 0.34%, better
Fund size
HBR $55M
XRP $519M
1Y total return
HBR −60.8%
XRP No data
Holdings
HBR 2
XRP 1
Avg volume (30D)
HBR 90.4K sh
XRP 1.31M sh, better
NAV per share
HBR $9.42
XRP $13.94
52W range

ETF.net Grade

HBR: Cost 10, Risk 13, Mission 67, Tradability 58, Holdings not scored, Durability 56. XRP: Cost 68, Risk 51, Mission 99, Tradability 76, Holdings not scored, Durability 75.
Pillar letters and Scores for HBR, XRP, with each pillar’s weight
PillarHBRXRP
Cost30% weightF10B68Higher
Mission25% weightB67A99Higher
Risk15% weightF13C51Higher
Tradability15% weightB58A76Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB56A75Higher

Rank among Crypto Spot funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HBR and XRP are both graded against the same 25 Crypto Spot funds, so their Grades compare head to head.

Crypto Spot⁠

Category · 25 funds
See all 25 ›

XRP ranks 3rd and HBR 21st of 25 funds in the Crypto Spot Category.

  1. Rank 1AXRPZFranklin XRP ETFScore 86
  2. Rank 2AHYPGGrayscale Hyperliquid Staking ETFScore 80
  3. Rank 3ATHYP21Shares Hyperliquid ETFScore 75
  4. Rank 3AXRPBitwise XRP ETFScore 75
  5. Rank 5ATOXR21shares XRP ETFScore 73
  6. Rank 21DDOJEREX-Osprey DOGE ETFScore 36
  7. Rank 21DHBRCanary HBAR ETFScore 36
  8. Rank 23DSUISCanary Staked SUI ETFScore 32

Our read on each fund

ETF.net Research

HBRDCanary HBAR ETF

XRPABitwise XRP ETF

In short

HBR A single-token wrapper for Hedera's HBAR: the trust holds the coin and passes through its value, minus expenses. Brokerage-account access to one crypto asset, priced at 0.95% a year.

XRP Bitwise won the naming fight: its spot fund trades under the coin's own ticker. Underneath it is plain plumbing, XRP in cold storage at Coinbase, priced off a CME CF reference rate, one all-in 0.34% fee.

Stated mandate

HBR The Trust seeks exposure to the value of HBAR held by it, after deducting operating expenses and other liabilities.

XRP The Fund holds spot XRP to give investors indirect exposure to XRP through exchange-traded shares.

Why people hold it

  • HBR Pure play by design: the trust seeks exposure to the value of the HBAR it holds, after expenses. No basket, no proxy stocks, no wallet or private keys to manage.
  • One of the newer names in the single-token aisle, launched October 2025, alongside spot wrappers for Sui, XRP, Chainlink and Polkadot.
  • Trades on-exchange through the day with the usual ETF plumbing (custody, market makers, brokerage reporting) rather than an exchange account and self-custody.
  • XRP One unitary 0.34% sponsor fee, with the sponsor covering most routine operating expenses. That undercuts Canary's XRPC (0.50%) for the same spot XRP exposure.sec.gov
  • Boring by design: spot XRP only, no derivatives or leverage, held in segregated cold storage at Coinbase Custody with BNY Mellon handling administration and transfer agency.sec.gov
  • NAV is struck against the CME CF XRP-Dollar Reference Rate (New York Variant), which aggregates executed trade flow from major XRP platforms instead of leaning on one venue's print.sec.gov
  • Actively traded since day one, and it sits in the upper tier of US spot crypto funds on trading quality.

Worth knowing

  • HBR Fee is the headline trade-off: 0.95% a year, above the spot-crypto median, while single-token rivals such as TSUI and TDOT list 0.30%.
  • No distributions: everything rides on HBAR's price minus expenses, and single-token crypto swings hard in both directions.
  • Small and young: a modest asset base and a track record measured in months, so trading costs can vary with conditions.
  • XRP One coin, one risk. Shares follow XRP and nothing else, and single-asset crypto moves are large in both directions.
  • Not the cheapest ticket on the shelf: 21Shares' TOXR carries the same spot XRP exposure at 0.30%.
  • Launched in November 2025, so the trading and tracking record is short, and the fund makes no distributions.

Full HBR profile⁠

Full XRP profile⁠

HBR vs XRP Holdings

How HBR and XRP differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HBR and 0.0% of XRP.

Level by level

  • Holdings0 in both0.0%
  • Asset classAlternatives100%

Sector

No Sector split for HBR and XRP.

Country, concentration and asset class

Country by domicile

No country split for HBR and XRP.

Concentration

Weight in the 10 largest Holdings

  • HBR100.0%
  • XRP100.0%

Securities held

  • HBR1
  • XRP1

Asset class

HBR
Alternatives
XRP
Alternatives

Holdings

  • Only in HBR1
  • In both0
  • Only in XRP1

Only in HBR

1 security, 100% of HBR by weight

  • Hedera100.00%

Only in XRP

1 security, 100% of XRP by weight

  • Xrp100.00%

Weight gaps

HBR and XRP share no securities.

All HBR holdings⁠All 1 XRP holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HBR vs XRP Cost

Overpaying HBR vs XRP

$10,937

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HBR 0.95%

    $17,869

  • XRP 0.34%

    $6,932

$10,000
30 years

Cost over time

  • HBR 0.95%
  • XRP 0.34%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HBR $17,869XRP $6,932

Year by year

YearHBRXRPOverpaying
10$1,678$616$1,062
20$6,322$2,386$3,936
30$17,869$6,932$10,937

Expense ratio

  • 0.95%HBR
  • 0.34%XRP, cheaper
  • Middle half of Crypto Spot funds
  • Median 0.35%

XRP 7th cheapest of 25 funds

HBR 22nd cheapest of 25 funds

HBR vs XRP Dividends

Last 12 months to Nov 3, 2026
Payout (12M)
HBR None
XRP None

Distribution history

HBRAll HBR payments⁠

No distribution history available.

XRPAll XRP payments⁠

No distribution history available.

HBR vs XRP Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HBR 76.5%since Nov 2025XRP No data
Return per unit of riskSharpe ratio, 3 years
HBR −1.00since Nov 2025XRP No data
Worst fallMax drawdown, 5 years
HBR −67.7%since Oct 2025XRP No data
Market sensitivityBeta, 5 years
HBR 1.29XRP 0.79

HBR and XRP in the news

All news⁠

Popular comparisons

  • HBRDvsXRPZA

    Canary HBAR ETF · Franklin XRP ETF

    Expense ratio
    0.95% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • XRPAvsXRPZA

    Bitwise XRP ETF · Franklin XRP ETF

    Expense ratio
    0.34% · 0.19%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HBRDvsHYPGA

    Canary HBAR ETF · Grayscale Hyperliquid Staking ETF

    Expense ratio
    0.95% · 0.29%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • XRPAvsHYPGA

    Bitwise XRP ETF · Grayscale Hyperliquid Staking ETF

    Expense ratio
    0.34% · 0.29%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HBRDvsTHYPA

    Canary HBAR ETF · 21Shares Hyperliquid ETF

    Expense ratio
    0.95% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • XRPAvsTHYPA

    Bitwise XRP ETF · 21Shares Hyperliquid ETF

    Expense ratio
    0.34% · 0.30%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.