DEFI vs. CSHP
DEFI (Hashdex Bitcoin Futures ETF) and CSHP (iShares Enhanced Short-Term Bond Active ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while CSHP is a Ultrashort Bond fund actively managed by iShares. DEFI is passively managed, while CSHP is actively managed. Over the past year, DEFI returned -39.55% vs 3.94% for CSHP. At a 0.08 correlation, their price movements are largely independent. DEFI charges 0.90%/yr vs 0.20%/yr for CSHP.
Performance
DEFI vs. CSHP - Performance Comparison
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Returns By Period
In the year-to-date period, DEFI achieves a -27.20% return, which is significantly lower than CSHP's 1.62% return.
DEFI
- 1D
- -2.31%
- 1M
- -22.03%
- YTD
- -27.20%
- 6M
- -31.16%
- 1Y
- -39.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSHP
- 1D
- -0.02%
- 1M
- 0.24%
- YTD
- 1.62%
- 6M
- 1.86%
- 1Y
- 3.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DEFI vs. CSHP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -27.20% | -6.87% | 46.07% |
CSHP iShares Enhanced Short-Term Bond Active ETF | 1.62% | 4.10% | 2.24% |
Correlation
The correlation between DEFI and CSHP is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.08 |
Correlation (All Time) Calculated using the full available price history since Jul 19, 2024 | 0.08 |
The correlation between DEFI and CSHP shifts across timeframes, from -0.08 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DEFI vs. CSHP — Risk / Return Rank
DEFI
CSHP
DEFI vs. CSHP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and iShares Enhanced Short-Term Bond Active ETF (CSHP). 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 | CSHP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.73 | ||
| Sortino ratioReturn per unit of downside risk | -32.16 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 7.26 | -6.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | 65.45 | -66.25 |
| Martin ratioReturn relative to average drawdown | -1.39 | 428.15 | -429.54 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DEFI | CSHP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 11.82 | -12.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.07 | 10.70 | -10.78 |
Drawdowns
DEFI vs. CSHP - Drawdown Comparison
The maximum DEFI drawdown since its inception was -49.60%, which is greater than CSHP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for DEFI and CSHP.
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Drawdown Indicators
| DEFI | CSHP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.60% | -0.08% | -49.52% |
Max Drawdown (1Y)Largest decline over 1 year | -49.60% | -0.06% | -49.54% |
Current DrawdownCurrent decline from peak | -49.32% | -0.02% | -49.30% |
Average DrawdownAverage peak-to-trough decline | -16.53% | -0.00% | -16.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.51% | 0.01% | +28.50% |
Volatility
DEFI vs. CSHP - Volatility Comparison
Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 9.25% compared to iShares Enhanced Short-Term Bond Active ETF (CSHP) at 0.08%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than CSHP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DEFI | CSHP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.25% | 0.08% | +9.17% |
Volatility (6M)Calculated over the trailing 6-month period | 34.33% | 0.24% | +34.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.87% | 0.33% | +43.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.87% | 0.40% | +48.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.87% | 0.40% | +48.47% |
DEFI vs. CSHP - Expense Ratio Comparison
DEFI has a 0.90% expense ratio, which is higher than CSHP's 0.20% expense ratio.
Dividends
DEFI vs. CSHP - Dividend Comparison
DEFI has not paid dividends to shareholders, while CSHP's dividend yield for the trailing twelve months is around 3.92%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
CSHP iShares Enhanced Short-Term Bond Active ETF | 3.92% | 5.39% | 1.96% |
DEFI Hashdex Bitcoin Futures ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DEFI and CSHP have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DEFI has higher volatility (9.25%) compared to CSHP (0.08%). In terms of maximum drawdown, DEFI dropped -49.60% vs CSHP's -0.08%.
On 1-year performance, CSHP leads with 3.94% vs -39.55% for DEFI. On fees, CSHP is cheaper at 0.20% per year. On volatility, CSHP has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CSHP has performed better with a 3.94% return vs -39.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSHP is cheaper with a 0.20% expense ratio, compared with 0.90% for DEFI.
CSHP has the higher dividend yield at 3.92%, compared with 0.00% for DEFI.
DEFI is categorized as Cryptocurrency, while CSHP is Ultrashort Bond. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.90% for DEFI and 0.20% for CSHP.
CSHP currently has the higher Sharpe Ratio (11.82 vs -0.90), 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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