BTCO vs. DEFI

Last updated Jun 5, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and DEFI (Hashdex Bitcoin Futures ETF) are both Cryptocurrency funds - BTCO tracks the Lukka Prime Reference Bitcoin Rate while DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. Both are passively managed. Over the past year, BTCO returned -39.77% vs -39.55% for DEFI. With a 0.99 correlation, they move nearly in lockstep. BTCO charges 0.39%/yr vs 0.90%/yr for DEFI.

Performance

BTCO vs. DEFI - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BTCO having a -27.49% return and DEFI slightly higher at -27.20%.

BTCO

• 1D: -2.80%
• 1M: -22.21%
• YTD: -27.49%
• 6M: -31.46%
• 1Y: -39.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DEFI

• 1D: -2.31%
• 1M: -22.03%
• YTD: -27.20%
• 6M: -31.16%
• 1Y: -39.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCO vs. DEFI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-27.49%	-6.58%	35.80%
DEFI Hashdex Bitcoin Futures ETF	-27.20%	-6.87%	36.09%

Correlation

The correlation between BTCO and DEFI is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.99

The correlation between BTCO and DEFI has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

BTCO vs. DEFI — Risk / Return Rank

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

BTCO

BTCO Risk / Return Rank: 2
BTCO Sharpe Ratio Rank: 2
BTCO Sortino Ratio Rank: 2
BTCO Omega Ratio Rank: 2
BTCO Calmar Ratio Rank: 2
BTCO Martin Ratio Rank: 2

DEFI

DEFI Risk / Return Rank: 2
DEFI Sharpe Ratio Rank: 2
DEFI Sortino Ratio Rank: 2
DEFI Omega Ratio Rank: 2
DEFI Calmar Ratio Rank: 2
DEFI Martin Ratio Rank: 2

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.

BTCO vs. DEFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.

	BTCO	DEFI	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.90	-0.01
Sortino ratio: Return per unit of downside risk	-1.28	-1.25	-0.03
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.80	-0.01
Martin ratio: Return relative to average drawdown	-1.39	-1.39	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCO vs. DEFI - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -0.92, which is comparable to the DEFI Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BTCO and DEFI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTCO	DEFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	-0.90	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	-0.07	+0.35

Drawdowns

BTCO vs. DEFI - Drawdown Comparison

The maximum BTCO drawdown since its inception was -49.49%, roughly equal to the maximum DEFI drawdown of -49.60%. Use the drawdown chart below to compare losses from any high point for BTCO and DEFI.

Drawdown Indicators

	BTCO	DEFI	Difference
Max Drawdown Largest peak-to-trough decline	-49.49%	-49.60%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-49.49%	-49.60%	+0.11%
Current Drawdown Current decline from peak	-49.49%	-49.32%	-0.17%
Average Drawdown Average peak-to-trough decline	-16.01%	-16.53%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.58%	28.51%	+0.07%

Volatility

BTCO vs. DEFI - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) and Hashdex Bitcoin Futures ETF (DEFI) have volatilities of 9.13% and 9.25%, 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

	BTCO	DEFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	9.25%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	33.84%	34.33%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	43.60%	43.87%	-0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.76%	48.87%	+0.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.76%	48.87%	+0.89%

BTCO vs. DEFI - Expense Ratio Comparison

BTCO has a 0.39% expense ratio, which is lower than DEFI's 0.90% expense ratio.

Dividends

BTCO vs. DEFI - Dividend Comparison

Neither BTCO nor DEFI has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTCO and DEFI in my portfolio?

With a correlation of 1.00, BTCO and DEFI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCO or DEFI?

DEFI has higher volatility (9.25%) compared to BTCO (9.13%). In terms of maximum drawdown, BTCO dropped -49.49% vs DEFI's -49.60%.

Which ETF is better, BTCO or DEFI?

On 1-year performance, DEFI leads with -39.55% vs -39.77% for BTCO. On fees, BTCO is cheaper at 0.39% per year. On volatility, BTCO has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or DEFI?

Over the 1-year period, DEFI has performed better with a -39.55% return vs -39.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or DEFI?

BTCO is cheaper with a 0.39% expense ratio, compared with 0.90% for DEFI.

Which ETF pays a higher dividend yield, BTCO or DEFI?

BTCO and DEFI have nearly identical dividend yields, around 0.00%.

What is the main difference between BTCO and DEFI?

BTCO tracks Lukka Prime Reference Bitcoin Rate, while DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. They also come from different issuers: Invesco and Hashdex. Their fees differ too: 0.39% for BTCO and 0.90% for DEFI.

Which has better risk-adjusted returns?

DEFI currently has the higher Sharpe Ratio (-0.90 vs -0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.