DEFI vs. IBLC
DEFI (Hashdex Bitcoin Futures ETF) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past year, DEFI returned -38.75% vs 73.27% for IBLC. A 0.71 correlation means they provide meaningful diversification when combined. DEFI charges 0.90%/yr vs 0.47%/yr for IBLC.
Performance
DEFI vs. IBLC - Performance Comparison
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Returns By Period
In the year-to-date period, DEFI achieves a -25.48% return, which is significantly lower than IBLC's 32.34% return.
DEFI
- 1D
- -3.06%
- 1M
- -18.64%
- YTD
- -25.48%
- 6M
- -29.90%
- 1Y
- -38.75%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBLC
- 1D
- -3.00%
- 1M
- 13.52%
- YTD
- 32.34%
- 6M
- 15.25%
- 1Y
- 73.27%
- 3Y*
- 48.31%
- 5Y*
- —
- 10Y*
- —
DEFI vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -25.48% | -6.87% | 36.09% |
IBLC iShares Blockchain and Tech ETF | 32.34% | 27.05% | 11.32% |
Correlation
The correlation between DEFI and IBLC is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024 | 0.71 |
The correlation between DEFI and IBLC has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.
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Return for Risk
DEFI vs. IBLC — Risk / Return Rank
DEFI
IBLC
DEFI vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and iShares Blockchain and Tech ETF (IBLC). 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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.23 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 1.64 | -2.42 |
| Martin ratioReturn relative to average drawdown | -1.37 | 3.26 | -4.63 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DEFI | IBLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.89 | 1.34 | -2.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.05 | 0.40 | -0.45 |
Drawdowns
DEFI vs. IBLC - Drawdown Comparison
The maximum DEFI drawdown since its inception was -49.60%, smaller than the maximum IBLC drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for DEFI and IBLC.
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Drawdown Indicators
| DEFI | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.60% | -62.54% | +12.94% |
Max Drawdown (1Y)Largest decline over 1 year | -49.60% | -44.94% | -4.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.68% | — |
Current DrawdownCurrent decline from peak | -48.13% | -12.99% | -35.14% |
Average DrawdownAverage peak-to-trough decline | -16.47% | -25.89% | +9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.34% | 22.56% | +5.78% |
Volatility
DEFI vs. IBLC - Volatility Comparison
The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 9.66%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 14.67%. This indicates that DEFI experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DEFI | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.66% | 14.67% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 34.93% | 40.76% | -5.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.85% | 54.94% | -11.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.89% | 64.49% | -15.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.89% | 64.49% | -15.60% |
DEFI vs. IBLC - Expense Ratio Comparison
DEFI has a 0.90% expense ratio, which is higher than IBLC's 0.47% expense ratio.
Dividends
DEFI vs. IBLC - Dividend Comparison
DEFI has not paid dividends to shareholders, while IBLC's dividend yield for the trailing twelve months is around 4.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBLC iShares Blockchain and Tech ETF | 4.77% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
DEFI and IBLC have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBLC has higher volatility (14.67%) compared to DEFI (9.66%). In terms of maximum drawdown, DEFI dropped -49.60% vs IBLC's -62.54%.
On 1-year performance, IBLC leads with 73.27% vs -38.75% for DEFI. On fees, IBLC is cheaper at 0.47% 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.
Over the 1-year period, IBLC has performed better with a 73.27% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBLC is cheaper with a 0.47% expense ratio, compared with 0.90% for DEFI.
IBLC has the higher dividend yield at 4.77%, compared with 0.00% for DEFI.
DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.90% for DEFI and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (1.34 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.
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