DEFI vs. EZET

Last updated Aug 5, 2026

DEFI (Hashdex Bitcoin Futures ETF) and EZET (Franklin Ethereum ETF) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while EZET tracks the CME CF Ether-Dollar Reference Rate - New York Variant. Both are passively managed. Over the past year, DEFI returned -43.87% vs -49.07% for EZET. Their correlation of 0.81 means they have usually moved in the same direction. DEFI charges 0.90%/yr vs 0.19%/yr for EZET.

Performance

DEFI vs. EZET - Performance Comparison

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

Returns By Period

In the year-to-date period, DEFI achieves a -26.38% return, which is significantly higher than EZET's -36.99% return.

DEFI

• 1D: 0.60%
• 1M: 4.35%
• 6M: -15.86%
• YTD: -26.38%
• 1Y: -43.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.65%

EZET

• 1D: 0.28%
• 1M: 10.09%
• 6M: -18.59%
• YTD: -36.99%
• 1Y: -49.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.66%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DEFI Hashdex Bitcoin Futures ETF	$23.12K	$21.67K	$162.07K
EZET Franklin Ethereum ETF	$400.33K	$484.91K	$668.91K

DEFI vs. EZET - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-26.38%	-6.87%	36.33%
EZET Franklin Ethereum ETF	-36.99%	-11.23%	-4.77%

Correlation

The correlation between DEFI and EZET is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.81

The correlation between DEFI and EZET has been stable across timeframes, ranging from 0.81 to 0.91 - a consistent structural relationship.

Return for Risk

DEFI vs. EZET — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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

EZET

EZET Risk / Return Rank: 3
EZET Sharpe Ratio Rank: 3
EZET Sortino Ratio Rank: 3
EZET Omega Ratio Rank: 3
EZET Calmar Ratio Rank: 3
EZET Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DEFI vs. EZET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Franklin Ethereum ETF (EZET). 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	EZET	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-0.74	-0.25
Sortino ratio: Return per unit of downside risk	-1.43	-0.95	-0.48
Omega ratio: Gain probability vs. loss probability	0.84	0.89	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.72	-0.10
Martin ratio: Return relative to average drawdown	-1.26	-1.07	-0.19

DEFI vs. EZET - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.98, which is lower than the EZET Sharpe Ratio of -0.74. The chart below compares the historical Sharpe Ratios of DEFI and EZET, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEFI vs. EZET - Drawdown Comparison

The maximum DEFI drawdown since its inception was -53.19%, smaller than the maximum EZET drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for DEFI and EZET.

Drawdown Indicators

	DEFI	EZET	Difference
Max Drawdown Largest peak-to-trough decline	-53.19%	-67.89%	+14.70%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-67.89%	+14.70%
Current Drawdown Current decline from peak	-48.76%	-61.38%	+12.62%
Average Drawdown Average peak-to-trough decline	-18.81%	-35.30%	+16.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.82%	45.69%	-10.87%

Volatility

DEFI vs. EZET - Volatility Comparison

The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 8.54%, while Franklin Ethereum ETF (EZET) has a volatility of 11.10%. This indicates that DEFI experiences smaller price fluctuations and is considered to be less risky than EZET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	EZET	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	11.10%	-2.56%
Volatility (6M) Calculated over the trailing 6-month period	33.56%	43.45%	-9.89%
Volatility (1Y) Calculated over the trailing 1-year period	44.71%	66.94%	-22.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.22%	71.19%	-22.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.22%	71.19%	-22.97%

DEFI vs. EZET - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than EZET's 0.19% expense ratio.

Dividends

DEFI vs. EZET - Dividend Comparison

Neither DEFI nor EZET has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEFI and EZET in my portfolio?

With a correlation of 0.91, DEFI and EZET move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DEFI or EZET?

EZET has higher volatility (11.10%) compared to DEFI (8.54%). In terms of maximum drawdown, DEFI dropped -53.19% vs EZET's -67.89%.

Which ETF is better, DEFI or EZET?

On 1-year performance, DEFI leads with -43.87% vs -49.07% for EZET. On fees, EZET is cheaper at 0.19% per year. On volatility, DEFI has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or EZET?

Over the 1-year period, DEFI has performed better with a -43.87% return vs -49.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or EZET?

EZET is cheaper with a 0.19% expense ratio, compared with 0.90% for DEFI.

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

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

What is the main difference between DEFI and EZET?

DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while EZET tracks CME CF Ether-Dollar Reference Rate - New York Variant. They also come from different issuers: Hashdex and Franklin Templeton. Their fees differ too: 0.90% for DEFI and 0.19% for EZET.

Which has better risk-adjusted returns?

EZET currently has the higher Sharpe Ratio (-0.74 vs -0.98), 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.