DEFI vs. BITO

Last updated Jun 5, 2026

DEFI (Hashdex Bitcoin Futures ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. DEFI is passively managed, while BITO is actively managed. Over the past year, DEFI returned -39.55% vs -41.98% for BITO. With a 0.99 correlation, they move nearly in lockstep. DEFI charges 0.90%/yr vs 0.95%/yr for BITO.

Performance

DEFI vs. BITO - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DEFI having a -27.20% return and BITO slightly lower at -28.44%.

DEFI

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

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

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

DEFI vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-27.20%	-6.87%	36.09%
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	28.41%

Correlation

The correlation between DEFI and BITO is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.99

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

Return for Risk

DEFI vs. BITO — 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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO 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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.97	+0.06
Sortino ratio: Return per unit of downside risk	-1.25	-1.39	+0.14
Omega ratio: Gain probability vs. loss probability	0.86	0.84	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.80	-0.83	+0.03
Martin ratio: Return relative to average drawdown	-1.39	-1.44	+0.05
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. BITO - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.90, which is comparable to the BITO Sharpe Ratio of -0.97. The chart below compares the historical Sharpe Ratios of DEFI and BITO, 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	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.90	-0.97	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.10	+0.03

Drawdowns

DEFI vs. BITO - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for DEFI and BITO.

Drawdown Indicators

	DEFI	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-77.86%	+28.26%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-50.64%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.64%	—
Current Drawdown Current decline from peak	-49.32%	-50.64%	+1.32%
Average Drawdown Average peak-to-trough decline	-16.53%	-36.75%	+20.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.51%	29.27%	-0.76%

Volatility

DEFI vs. BITO - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.25% and 9.03%, 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

	DEFI	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.25%	9.03%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	34.33%	33.71%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	43.87%	43.61%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.87%	55.10%	-6.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.87%	55.10%	-6.23%

DEFI vs. BITO - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

DEFI vs. BITO - Dividend Comparison

DEFI has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 69.59%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DEFI and BITO in my portfolio?

With a correlation of 0.99, DEFI and BITO 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, DEFI or BITO?

DEFI has higher volatility (9.25%) compared to BITO (9.03%). In terms of maximum drawdown, DEFI dropped -49.60% vs BITO's -77.86%.

Which ETF is better, DEFI or BITO?

On 1-year performance, DEFI leads with -39.55% vs -41.98% for BITO. On fees, DEFI is cheaper at 0.90% per year. On volatility, BITO has been the lower-risk option at 9.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or BITO?

Over the 1-year period, DEFI has performed better with a -39.55% return vs -41.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or BITO?

DEFI is cheaper with a 0.90% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.59%, compared with 0.00% for DEFI.

What is the main difference between DEFI and BITO?

They also come from different issuers: Hashdex and ProShares. Their fees differ too: 0.90% for DEFI and 0.95% for BITO.

Which has better risk-adjusted returns?

DEFI currently has the higher Sharpe Ratio (-0.90 vs -0.97), 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.