BITB vs. DEFI

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Bitcoin ETF (BITB) and Hashdex Bitcoin Futures ETF (DEFI).

BITB and DEFI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITB is a passively managed fund by Bitwise Asset Management that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 10, 2024. DEFI is a passively managed fund by Hashdex that tracks the performance of the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. It was launched on Sep 15, 2022. Both BITB and DEFI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BITB vs. DEFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) and Hashdex Bitcoin Futures ETF (DEFI). The values are adjusted to include any dividend payments, if applicable.

BITB vs. DEFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-22.18%	-6.47%	35.74%
DEFI Hashdex Bitcoin Futures ETF	-21.46%	-6.87%	36.09%

Returns By Period

The year-to-date returns for both investments are quite close, with BITB having a -22.18% return and DEFI slightly higher at -21.46%.

BITB

• 1D: 0.54%
• 1M: -1.46%
• YTD: -22.18%
• 6M: -42.10%
• 1Y: -20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DEFI

• 1D: 1.00%
• 1M: -1.27%
• YTD: -21.46%
• 6M: -41.55%
• 1Y: -19.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITB vs. DEFI - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than DEFI's 0.90% expense ratio.

DEFI

Hashdex Bitcoin Futures ETF

BITB

Bitwise Bitcoin ETF

Return for Risk

BITB vs. DEFI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITB

BITB Risk / Return Rank: 6
BITB Sharpe Ratio Rank: 5
BITB Sortino Ratio Rank: 5
BITB Omega Ratio Rank: 6
BITB Calmar Ratio Rank: 6
BITB Martin Ratio Rank: 6

DEFI

DEFI Risk / Return Rank: 6
DEFI Sharpe Ratio Rank: 5
DEFI Sortino Ratio Rank: 6
DEFI Omega Ratio Rank: 6
DEFI Calmar Ratio Rank: 7
DEFI Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITB vs. DEFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) and Hashdex Bitcoin Futures ETF (DEFI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BITB	DEFI	Difference
Sharpe ratio Return per unit of total volatility	-0.44	-0.43	-0.01
Sortino ratio Return per unit of downside risk	-0.37	-0.35	-0.02
Omega ratio Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio Return relative to maximum drawdown	-0.36	-0.34	-0.02
Martin ratio Return relative to average drawdown	-0.75	-0.72	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITB vs. DEFI - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -0.44, which is comparable to the DEFI Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of BITB and DEFI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BITB	DEFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	-0.43	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	-0.00	+0.36

Correlation

The correlation between BITB and DEFI is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BITB vs. DEFI - Dividend Comparison

Neither BITB nor DEFI has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BITB vs. DEFI - Drawdown Comparison

The maximum BITB drawdown since its inception was -49.38%, roughly equal to the maximum DEFI drawdown of -49.60%. Use the drawdown chart below to compare losses from any high point for BITB and DEFI.

Drawdown Indicators

	BITB	DEFI	Difference
Max Drawdown Largest peak-to-trough decline	-49.38%	-49.60%	+0.22%
Max Drawdown (1Y) Largest decline over 1 year	-49.38%	-49.60%	+0.22%
Current Drawdown Current decline from peak	-45.79%	-45.33%	-0.46%
Average Drawdown Average peak-to-trough decline	-14.19%	-14.50%	+0.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.25%	23.18%	+0.07%

Volatility

BITB vs. DEFI - Volatility Comparison

Bitwise Bitcoin ETF (BITB) and Hashdex Bitcoin Futures ETF (DEFI) have volatilities of 12.97% and 12.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	DEFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.97%	12.90%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	37.28%	-0.46%
Volatility (1Y) Calculated over the trailing 1-year period	45.26%	45.25%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.01%	49.92%	+1.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.01%	49.92%	+1.09%