DEFI vs. ETH

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. DEFI is passively managed, while ETH is actively managed. Over the past year, DEFI returned -38.75% vs -30.84% for ETH. Their correlation of 0.81 suggests significant overlap in exposure. DEFI charges 0.90%/yr vs 0.15%/yr for ETH.

Performance

DEFI vs. ETH - Performance Comparison

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

Returns By Period

In the year-to-date period, DEFI achieves a -25.48% return, which is significantly higher than ETH's -38.95% return.

DEFI

• 1D: -3.06%
• 1M: -18.64%
• YTD: -25.48%
• 6M: -29.90%
• 1Y: -38.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-25.48%	-6.87%	41.82%
ETH Grayscale Ethereum Staking Mini ETF	-38.95%	-10.89%	-3.70%

Correlation

The correlation between DEFI and ETH is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.81

The correlation between DEFI and ETH has been stable across timeframes, ranging from 0.81 to 0.87 - a consistent structural relationship.

Return for Risk

DEFI vs. ETH — 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

ETH

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

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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.45	-0.43
Sortino ratio: Return per unit of downside risk	-1.21	-0.29	-0.92
Omega ratio: Gain probability vs. loss probability	0.86	0.97	-0.10
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.50	-0.29
Martin ratio: Return relative to average drawdown	-1.37	-0.82	-0.55
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. ETH - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.89, which is lower than the ETH Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of DEFI and ETH, 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	ETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.45	-0.43
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-0.41	+0.35

Drawdowns

DEFI vs. ETH - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, smaller than the maximum ETH drawdown of -64.01%. Use the drawdown chart below to compare losses from any high point for DEFI and ETH.

Drawdown Indicators

	DEFI	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-64.01%	+14.41%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-62.40%	+12.80%
Current Drawdown Current decline from peak	-48.13%	-62.40%	+14.27%
Average Drawdown Average peak-to-trough decline	-16.47%	-32.58%	+16.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	37.50%	-9.16%

Volatility

DEFI vs. ETH - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Ethereum Staking Mini ETF (ETH) have volatilities of 9.66% and 9.90%, 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	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	9.90%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	46.02%	-11.09%
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	68.34%	-24.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	72.26%	-23.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	72.26%	-23.37%

DEFI vs. ETH - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

DEFI vs. ETH - Dividend Comparison

Neither DEFI nor ETH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEFI and ETH in my portfolio?

DEFI and ETH have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFI or ETH?

ETH has higher volatility (9.90%) compared to DEFI (9.66%). In terms of maximum drawdown, DEFI dropped -49.60% vs ETH's -64.01%.

Which ETF is better, DEFI or ETH?

On 1-year performance, ETH leads with -30.84% vs -38.75% for DEFI. On fees, ETH is cheaper at 0.15% per year. On volatility, DEFI has been the lower-risk option at 9.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or ETH?

Over the 1-year period, ETH has performed better with a -30.84% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.90% for DEFI.

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

DEFI and ETH have nearly identical dividend yields, around 0.00%.

What is the main difference between DEFI and ETH?

They also come from different issuers: Hashdex and Grayscale. Their fees differ too: 0.90% for DEFI and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.45 vs -0.89), 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.