DEFI vs. BTCO

Last updated Apr 2, 2026

Compare and contrast key facts about Hashdex Bitcoin Futures ETF (DEFI) and Invesco Galaxy Bitcoin ETF (BTCO).

DEFI and BTCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. BTCO is a passively managed fund by Invesco that tracks the performance of the Lukka Prime Reference Bitcoin Rate. It was launched on Jan 11, 2024. Both DEFI and BTCO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DEFI vs. BTCO - Performance Comparison

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

DEFI vs. BTCO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-21.46%	-6.87%	36.09%
BTCO Invesco Galaxy Bitcoin ETF	-22.16%	-6.58%	35.80%

Returns By Period

The year-to-date returns for both stocks are quite close, with DEFI having a -21.46% return and BTCO slightly lower at -22.16%.

DEFI

• 1D: 1.00%
• 1M: -1.27%
• YTD: -21.46%
• 6M: -41.55%
• 1Y: -19.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCO

• 1D: 0.56%
• 1M: -1.48%
• YTD: -22.16%
• 6M: -42.11%
• 1Y: -20.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. BTCO - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than BTCO's 0.39% expense ratio.

DEFI

Hashdex Bitcoin Futures ETF

BTCO

Invesco Galaxy Bitcoin ETF

Return for Risk

DEFI vs. BTCO — Risk / Return Rank

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

DEFI

DEFI Risk / Return Rank: 6
DEFI Sharpe Ratio Rank: 5
DEFI Sortino Ratio Rank: 6
DEFI Omega Ratio Rank: 6
DEFI Calmar Ratio Rank: 7
DEFI Martin Ratio Rank: 6

BTCO

BTCO Risk / Return Rank: 6
BTCO Sharpe Ratio Rank: 4
BTCO Sortino Ratio Rank: 5
BTCO Omega Ratio Rank: 6
BTCO Calmar Ratio Rank: 6
BTCO Martin Ratio Rank: 6

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. BTCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Invesco Galaxy Bitcoin ETF (BTCO). 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	BTCO	Difference
Sharpe ratio Return per unit of total volatility	-0.43	-0.45	+0.01
Sortino ratio Return per unit of downside risk	-0.35	-0.38	+0.03
Omega ratio Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio Return relative to maximum drawdown	-0.34	-0.35	+0.02
Martin ratio Return relative to average drawdown	-0.72	-0.75	+0.03
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. BTCO - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.43, which is comparable to the BTCO Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of DEFI and BTCO, 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	BTCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	-0.45	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.37	-0.37

Correlation

The correlation between DEFI and BTCO is 0.99, 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.

Dividends

DEFI vs. BTCO - Dividend Comparison

Neither DEFI nor BTCO has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

DEFI vs. BTCO - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, roughly equal to the maximum BTCO drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for DEFI and BTCO.

Drawdown Indicators

	DEFI	BTCO	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-49.33%	-0.27%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-49.33%	-0.27%
Current Drawdown Current decline from peak	-45.33%	-45.78%	+0.45%
Average Drawdown Average peak-to-trough decline	-14.50%	-14.11%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.18%	23.23%	-0.05%

Volatility

DEFI vs. BTCO - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) and Invesco Galaxy Bitcoin ETF (BTCO) have volatilities of 12.90% and 13.03%, 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	BTCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	13.03%	-0.13%
Volatility (6M) Calculated over the trailing 6-month period	37.28%	36.73%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	45.25%	45.12%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.92%	50.78%	-0.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.92%	50.78%	-0.86%