DEFI vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Hashdex Bitcoin Futures ETF (DEFI) and Bitcoin (BTC-USD).

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.

Performance

DEFI vs. BTC-USD - Performance Comparison

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

DEFI vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-23.07%	-6.87%	36.09%
BTC-USD Bitcoin	-23.70%	-6.27%	34.45%

Returns By Period

The year-to-date returns for both stocks are quite close, with DEFI having a -23.07% return and BTC-USD slightly lower at -23.70%.

DEFI

• 1D: -2.05%
• 1M: -1.94%
• YTD: -23.07%
• 6M: -44.41%
• 1Y: -22.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

Return for Risk

DEFI vs. BTC-USD — Risk / Return Rank

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

DEFI

DEFI Risk / Return Rank: 5
DEFI Sharpe Ratio Rank: 4
DEFI Sortino Ratio Rank: 5
DEFI Omega Ratio Rank: 5
DEFI Calmar Ratio Rank: 5
DEFI Martin Ratio Rank: 5

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.50	-0.43	-0.06
Sortino ratio Return per unit of downside risk	-0.46	-0.36	-0.10
Omega ratio Gain probability vs. loss probability	0.95	0.96	-0.02
Calmar ratio Return relative to maximum drawdown	-0.42	-1.14	+0.71
Martin ratio Return relative to average drawdown	-0.90	-2.03	+1.13
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. BTC-USD - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.50, which is comparable to the BTC-USD Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of DEFI and BTC-USD, 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

	DEFI	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	-0.43	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.03	1.18	-1.20

Correlation

The correlation between DEFI and BTC-USD is 0.72, 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.

Drawdowns

DEFI vs. BTC-USD - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for DEFI and BTC-USD.

Drawdown Indicators

	DEFI	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-85.30%	+35.70%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-49.65%	+0.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-46.45%	-46.47%	+0.02%
Average Drawdown Average peak-to-trough decline	-14.56%	-42.00%	+27.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.37%	27.75%	-4.38%

Volatility

DEFI vs. BTC-USD - Volatility Comparison

The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 10.80%, while Bitcoin (BTC-USD) has a volatility of 13.70%. This indicates that DEFI experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.80%	13.70%	-2.90%
Volatility (6M) Calculated over the trailing 6-month period	37.19%	35.96%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	45.17%	36.69%	+8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	46.91%	+2.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	56.71%	-6.82%