DEFI vs. AETH

Last updated Jun 5, 2026

DEFI (Hashdex Bitcoin Futures ETF) and AETH (Bitwise Ethereum Strategy ETF) are both Cryptocurrency funds. DEFI is passively managed, while AETH is actively managed. Over the past year, DEFI returned -39.55% vs -16.19% for AETH. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.90% expense ratio.

Performance

DEFI vs. AETH - Performance Comparison

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

Returns By Period

In the year-to-date period, DEFI achieves a -27.20% return, which is significantly lower than AETH's -9.77% return.

DEFI

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

AETH

• 1D: 0.03%
• 1M: -4.99%
• YTD: -9.77%
• 6M: -15.31%
• 1Y: -16.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-27.20%	-6.87%	36.09%
AETH Bitwise Ethereum Strategy ETF	-9.77%	-0.11%	-9.30%

Correlation

The correlation between DEFI and AETH is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.57

The correlation between DEFI and AETH has been stable across timeframes, ranging from 0.47 to 0.57 - a consistent structural relationship.

Return for Risk

DEFI vs. AETH — Risk / Return Rank

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

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

AETH

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

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.

DEFI vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Bitwise Ethereum Strategy ETF (AETH). 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.

	DEFI	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.36	-0.54
Sortino ratio: Return per unit of downside risk	-1.25	-0.26	-0.99
Omega ratio: Gain probability vs. loss probability	0.86	0.96	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.37	-0.43
Martin ratio: Return relative to average drawdown	-1.39	-0.52	-0.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEFI vs. AETH - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.90, which is lower than the AETH Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of DEFI and AETH, 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

	DEFI	AETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.36	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.37	-0.45

Drawdowns

DEFI vs. AETH - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, roughly equal to the maximum AETH drawdown of -47.78%. Use the drawdown chart below to compare losses from any high point for DEFI and AETH.

Drawdown Indicators

	DEFI	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-47.78%	-1.82%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-43.98%	-5.62%
Current Drawdown Current decline from peak	-49.32%	-43.84%	-5.48%
Average Drawdown Average peak-to-trough decline	-16.53%	-24.68%	+8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.51%	30.99%	-2.48%

Volatility

DEFI vs. AETH - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 9.25% compared to Bitwise Ethereum Strategy ETF (AETH) at 4.02%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.25%	4.02%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	34.33%	27.18%	+7.15%
Volatility (1Y) Calculated over the trailing 1-year period	43.87%	44.88%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.87%	54.64%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.87%	54.64%	-5.77%

DEFI vs. AETH - Expense Ratio Comparison

Both DEFI and AETH have an expense ratio of 0.90%.

Dividends

DEFI vs. AETH - Dividend Comparison

DEFI has not paid dividends to shareholders, while AETH's dividend yield for the trailing twelve months is around 2.67%.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEFI and AETH in my portfolio?

DEFI and AETH have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFI or AETH?

DEFI has higher volatility (9.25%) compared to AETH (4.02%). In terms of maximum drawdown, DEFI dropped -49.60% vs AETH's -47.78%.

Which ETF is better, DEFI or AETH?

On 1-year performance, AETH leads with -16.19% vs -39.55% for DEFI. Both ETFs have the same 0.90% expense ratio. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or AETH?

Over the 1-year period, AETH has performed better with a -16.19% return vs -39.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or AETH?

DEFI and AETH have the same expense ratio: 0.90% per year.

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

AETH has the higher dividend yield at 2.67%, compared with 0.00% for DEFI.

What is the main difference between DEFI and AETH?

They also come from different issuers: Hashdex and Bitwise.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.36 vs -0.90), 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.