DEFI vs. GBTC
Compare and contrast key facts about Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Bitcoin Trust (BTC) (GBTC).
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.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: DEFI or GBTC.
Performance
DEFI vs. GBTC - Performance Comparison
Returns By Period
The year-to-date returns for both investments are quite close, with DEFI having a 105.10% return and GBTC slightly higher at 110.31%.
DEFI
105.10%
34.64%
35.72%
134.73%
N/A
N/A
GBTC
110.31%
35.13%
21.90%
151.20%
48.07%
N/A
Key characteristics
| DEFI | GBTC | |
|---|---|---|
| Sharpe Ratio | 2.19 | 2.47 |
| Sortino Ratio | 2.74 | 2.90 |
| Omega Ratio | 1.32 | 1.35 |
| Calmar Ratio | 4.38 | 2.96 |
| Martin Ratio | 9.87 | 9.36 |
| Ulcer Index | 12.62% | 15.45% |
| Daily Std Dev | 56.94% | 58.61% |
| Max Drawdown | -28.43% | -89.91% |
| Current Drawdown | 0.00% | 0.00% |
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Correlation
The correlation between DEFI and GBTC is 0.90, 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.
Risk-Adjusted Performance
DEFI vs. GBTC - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Bitcoin Trust (BTC) (GBTC). 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.
Dividends
DEFI vs. GBTC - Dividend Comparison
Neither DEFI nor GBTC has paid dividends to shareholders.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
GBTC Grayscale Bitcoin Trust (BTC) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.23% |
Drawdowns
DEFI vs. GBTC - Drawdown Comparison
The maximum DEFI drawdown since its inception was -28.43%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for DEFI and GBTC. For additional features, visit the drawdowns tool.
Volatility
DEFI vs. GBTC - Volatility Comparison
Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Bitcoin Trust (BTC) (GBTC) have volatilities of 18.39% and 18.35%, 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.