Quantitative trading of digital assets

Hilbert Group is an investment company which specialises in quantitative, algorithmic trading strategies in digital asset markets.

Hilbert was established in 2018 by Dr. Niclas Sandström and Dr. Magnus Holm to manage the algorithmic trading strategy, focused on digital assets, which they had programmed and initiated with partners’ capital in April 2017.

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Hilbert Group is listed on the Nasdaq First North in Sweden. The Hilbert Group listing imposes regulatory oversight and transparency discipline. It also provides access to capital to enable ongoing investment in the Hilbert team and operating platform.

Information for shareholders

Hilbert’s trading algorithms take advantage of observable statistical characteristics of crypto-currency markets, such as volatility and decorrelation. Hilbert’s Cayman fund investment mandates are defined by crypto delta, volatility and drawdown profiles, from market neutral to directional.

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Featured appearances

Hilbert Group’s Russell Thompson interviewed by Coherra

Russell Thompson, Partner and Board Member of Hilbert Group, was recently interviewed by Coherra alongside Steen Jakobsen of Geno Group and Lars Seier, founder of Saxo Bank. The conversation revolved around the topics of global macro, foreign exchange, AI, energy, equities, bonds, and geopolitics. Watch the full interview here.

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Press releases

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Recent Publications

Hilbert regularly publishes market analyses and peer-reviewed academic articles that study the quantitative-financial workings of markets.

The Geometry of Risk Adjustments

ABSTRACT – In this paper we present a geometric approach to portfolio theory, with the aim to explain the geometrical principles behind risk adjusted returns; in particular Jensen’s alpha. We find that while the alpha/beta approach has severe limitations (especially in higher dimensions), only minor conceptual modifications are needed to complete the picture. However, these…

Leverage and risk relativity: how to beat an index

ABSTRACT In this paper we show that risk associated with leverage is fundamentally relative to an arbitrary choice of reference asset or portfolio. We characterize leverage risk as a drawdown risk measure relative to the chosen reference asset. We further prove that the growth optimal Kelly portfolio is the only portfolio for which the relative…

Kelly trading and option pricing

ABSTRACT In this paper we show that a Kelly trader is indifferent to trade the derivative if and only if the no-arbitrage price is uniquely given by the minimal martingale measure no-arbitrage price, thus providing a natural selection mechanism for option pricing in incomplete markets. We also show that the unique Kelly indifference price results…

Kelly Trading and Market Equilibrium

ABSTRACT We show that the Kelly framework is the natural multi-period extension of the one-period mean-variance model of Markowitz. Any allocation on the instantaneous Kelly efficient frontier can be reached by trading in the bank account and a particular mutual fund consisting of risky assets only. However, different to the mean-variance model there is an…

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