DEFI vs. BFOC

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and BFOC (FT Vest Bitcoin Strategy Floor15 ETF - October) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while BFOC is a Defined Outcome fund actively managed by First Trust. DEFI is passively managed, while BFOC is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. Both charge a 0.90% expense ratio.

Performance

DEFI vs. BFOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -25.48% return, which is significantly lower than BFOC's -7.39% return.

DEFI

• 1D: -3.06%
• 1M: -18.64%
• YTD: -25.48%
• 6M: -29.90%
• 1Y: -38.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFOC

• 1D: -0.24%
• 1M: -2.82%
• YTD: -7.39%
• 6M: -9.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. BFOC - Yearly Performance Comparison

	2026 (YTD)	2025
DEFI Hashdex Bitcoin Futures ETF	-25.48%	-25.58%
BFOC FT Vest Bitcoin Strategy Floor15 ETF - October	-7.39%	-9.76%

Correlation

The correlation between DEFI and BFOC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.90

Return for Risk

DEFI vs. BFOC — 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

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. BFOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC). 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	BFOC	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.21	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DEFI	BFOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-1.88	+1.83

Drawdowns

DEFI vs. BFOC - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, which is greater than BFOC's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for DEFI and BFOC.

Drawdown Indicators

	DEFI	BFOC	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-18.20%	-31.40%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	—	—
Current Drawdown Current decline from peak	-48.13%	-18.20%	-29.93%
Average Drawdown Average peak-to-trough decline	-16.47%	-12.52%	-3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	—	—

Volatility

Volatility by Period

	DEFI	BFOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	12.61%	+31.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	12.61%	+36.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	12.61%	+36.28%

DEFI vs. BFOC - Expense Ratio Comparison

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

Dividends

DEFI vs. BFOC - Dividend Comparison

Neither DEFI nor BFOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEFI and BFOC in my portfolio?

DEFI and BFOC have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DEFI or BFOC?

Both ETFs have the same 0.90% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEFI or BFOC?

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

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

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

What is the main difference between DEFI and BFOC?

DEFI is categorized as Cryptocurrency, while BFOC is Defined Outcome. They also come from different issuers: Hashdex and First Trust.