DEFI vs. BTC-USD
DEFI (Hashdex Bitcoin Futures ETF) is Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past year, DEFI returned -44.16% vs -45.20% for BTC-USD. A 0.71 correlation means they provide meaningful diversification when combined.
Performance
DEFI vs. BTC-USD - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DEFI having a -25.59% return and BTC-USD slightly lower at -26.24%.
DEFI
- 1D
- 0.59%
- 1M
- -2.28%
- 6M
- -33.34%
- YTD
- -25.59%
- 1Y
- -44.16%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC-USD
- 1D
- -0.69%
- 1M
- -2.62%
- 6M
- -33.43%
- YTD
- -26.24%
- 1Y
- -45.20%
- 3Y*
- 28.74%
- 5Y*
- 15.51%
- 10Y*
- 57.66%
DEFI vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -25.59% | -6.87% | 30.39% |
BTC-USD Bitcoin | -26.24% | -6.27% | 33.38% |
Correlation
The correlation between DEFI and BTC-USD is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024 | 0.71 |
The correlation between DEFI and BTC-USD has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.
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Return for Risk
DEFI vs. BTC-USD — Risk / Return Rank
DEFI
BTC-USD
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DEFI | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.84 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.85 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.38 | +0.03 |
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Drawdowns
DEFI vs. BTC-USD - Drawdown Comparison
The maximum DEFI drawdown since its inception was -53.19%, 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.
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Drawdown Indicators
| DEFI | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.19% | -85.30% | +32.11% |
Max Drawdown (1Y)Largest decline over 1 year | -53.19% | -53.08% | -0.11% |
Max Drawdown (3Y)Largest decline over 3 years | — | -53.08% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -76.67% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -48.21% | -48.25% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -18.08% | -42.57% | +24.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.88% | 29.20% | +3.68% |
Volatility
DEFI vs. BTC-USD - Volatility Comparison
Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 11.88% compared to Bitcoin (BTC-USD) at 9.75%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DEFI | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.88% | 9.75% | +2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 35.43% | 34.90% | +0.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.73% | 35.75% | +8.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.65% | 43.96% | +4.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.65% | 56.34% | -7.69% |
Frequently Asked Questions
DEFI and BTC-USD have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DEFI has higher volatility (11.88%) compared to BTC-USD (9.75%). In terms of maximum drawdown, DEFI dropped -53.19% vs BTC-USD's -85.30%.
DEFI currently has the higher Sharpe Ratio (-0.99 vs -1.05), 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.
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