DEFI vs. IBIT
DEFI (Hashdex Bitcoin Futures ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, DEFI returned -39.31% vs -39.82% for IBIT. With a 0.99 correlation, they move nearly in lockstep. DEFI charges 0.90%/yr vs 0.25%/yr for IBIT.
Performance
DEFI vs. IBIT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with DEFI having a -28.66% return and IBIT slightly lower at -28.88%.
DEFI
- 1D
- -3.31%
- 1M
- -17.85%
- YTD
- -28.66%
- 6M
- -28.92%
- 1Y
- -39.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT
- 1D
- -3.26%
- 1M
- -17.81%
- YTD
- -28.88%
- 6M
- -28.88%
- 1Y
- -39.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DEFI vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -28.66% | -6.87% | 30.39% |
IBIT iShares Bitcoin Trust ETF | -28.88% | -6.41% | 33.86% |
Correlation
The correlation between DEFI and IBIT is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024 | 0.99 |
The correlation between DEFI and IBIT has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
DEFI vs. IBIT — Risk / Return Rank
DEFI
IBIT
DEFI vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.86 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.77 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.30 | +0.01 |
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Drawdowns
DEFI vs. IBIT - Drawdown Comparison
The maximum DEFI drawdown since its inception was -51.95%, roughly equal to the maximum IBIT drawdown of -52.11%. Use the drawdown chart below to compare losses from any high point for DEFI and IBIT.
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Drawdown Indicators
| DEFI | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.95% | -52.11% | +0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -51.95% | -52.11% | +0.16% |
Current DrawdownCurrent decline from peak | -50.34% | -50.47% | +0.13% |
Average DrawdownAverage peak-to-trough decline | -17.21% | -16.85% | -0.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.47% | 30.58% | -0.11% |
Volatility
DEFI vs. IBIT - Volatility Comparison
Hashdex Bitcoin Futures ETF (DEFI) and iShares Bitcoin Trust ETF (IBIT) have volatilities of 13.09% and 13.18%, 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.
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Volatility by Period
| DEFI | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 13.18% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 34.96% | 34.64% | +0.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.55% | 44.31% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.90% | 50.22% | -1.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.90% | 50.22% | -1.32% |
DEFI vs. IBIT - Expense Ratio Comparison
DEFI has a 0.90% expense ratio, which is higher than IBIT's 0.25% expense ratio.
Dividends
DEFI vs. IBIT - Dividend Comparison
Neither DEFI nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 1.00, DEFI and IBIT 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.
IBIT has higher volatility (13.18%) compared to DEFI (13.09%). In terms of maximum drawdown, DEFI dropped -51.95% vs IBIT's -52.11%.
On 1-year performance, DEFI leads with -39.31% vs -39.82% for IBIT. On fees, IBIT is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, DEFI has performed better with a -39.31% return vs -39.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 0.90% for DEFI.
DEFI and IBIT have nearly identical dividend yields, around 0.00%.
DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.90% for DEFI and 0.25% for IBIT.
DEFI currently has the higher Sharpe Ratio (-0.89 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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