DEFI vs. GBTC

Last updated Aug 5, 2026

DEFI (Hashdex Bitcoin Futures ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, DEFI returned -43.87% vs -44.89% for GBTC. Their 0.99 correlation means they have historically moved very closely together. DEFI charges 0.90%/yr vs 1.50%/yr for GBTC.

Performance

DEFI vs. GBTC - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DEFI having a -26.38% return and GBTC slightly lower at -27.25%.

DEFI

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

GBTC

• 1D: 0.61%
• 1M: 4.39%
• 6M: -16.57%
• YTD: -27.25%
• 1Y: -44.89%
• 3Y*: 37.28%
• 5Y*: 8.08%
• 10Y*: 49.90%
• ALL TIME*: 54.71%

*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
GBTC Grayscale Bitcoin Trust ETF	$77.84M	$75.78M	$100.19M

DEFI vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-26.38%	-6.87%	30.39%
GBTC Grayscale Bitcoin Trust ETF	-27.25%	-7.65%	19.52%

Correlation

The correlation between DEFI and GBTC is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.99

The correlation between DEFI and GBTC has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

Return for Risk

DEFI vs. GBTC — 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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Grayscale Bitcoin Trust ETF (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.

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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-1.02	+0.03
Sortino ratio: Return per unit of downside risk	-1.43	-1.51	+0.08
Omega ratio: Gain probability vs. loss probability	0.84	0.83	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.84	+0.01
Martin ratio: Return relative to average drawdown	-1.26	-1.28	+0.02

DEFI vs. GBTC - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.98, which is comparable to the GBTC Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of DEFI and GBTC, 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. GBTC - Drawdown Comparison

The maximum DEFI drawdown since its inception was -53.19%, 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.

Drawdown Indicators

	DEFI	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-53.19%	-89.91%	+36.72%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-53.75%	+0.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-48.76%	-49.48%	+0.72%
Average Drawdown Average peak-to-trough decline	-18.81%	-43.52%	+24.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.82%	35.20%	-0.38%

Volatility

DEFI vs. GBTC - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 8.54% compared to Grayscale Bitcoin Trust ETF (GBTC) at 8.10%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	8.10%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	33.56%	32.98%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	44.71%	44.30%	+0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.22%	60.53%	-12.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.22%	81.15%	-32.93%

DEFI vs. GBTC - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

DEFI vs. GBTC - Dividend Comparison

Neither DEFI nor GBTC has paid dividends to shareholders.

Position	TTM	2025	2024	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%	0.00%	0.00%
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%

Frequently Asked Questions

Can I hold both DEFI and GBTC in my portfolio?

With a correlation of 1.00, DEFI and GBTC 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 GBTC?

DEFI has higher volatility (8.54%) compared to GBTC (8.10%). In terms of maximum drawdown, DEFI dropped -53.19% vs GBTC's -89.91%.

Which ETF is better, DEFI or GBTC?

On 1-year performance, DEFI leads with -43.87% vs -44.89% for GBTC. On fees, DEFI is cheaper at 0.90% per year. On volatility, GBTC has been the lower-risk option at 8.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or GBTC?

Over the 1-year period, DEFI has performed better with a -43.87% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or GBTC?

DEFI is cheaper with a 0.90% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between DEFI and GBTC?

DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. They also come from different issuers: Hashdex and Grayscale. Their fees differ too: 0.90% for DEFI and 1.50% for GBTC.

Which has better risk-adjusted returns?

DEFI currently has the higher Sharpe Ratio (-0.98 vs -1.02), 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.