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 -45.00% vs 41.43% 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 -32.17% return, which is significantly lower than IBLC's 18.65% return.
DEFI
- 1D
- -0.85%
- 1M
- -22.00%
- YTD
- -32.17%
- 6M
- -32.00%
- 1Y
- -45.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBLC
- 1D
- -2.35%
- 1M
- -8.46%
- YTD
- 18.65%
- 6M
- 11.31%
- 1Y
- 41.43%
- 3Y*
- 43.25%
- 5Y*
- —
- 10Y*
- —
DEFI vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -32.17% | -6.87% | 30.39% |
IBLC iShares Blockchain and Tech ETF | 18.65% | 27.05% | 11.76% |
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 27, 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.
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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.82 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.16 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 0.93 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.46 | 1.81 | -3.27 |
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Drawdowns
DEFI vs. IBLC - Drawdown Comparison
The maximum DEFI drawdown since its inception was -52.79%, 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 | -52.79% | -62.54% | +9.75% |
Max Drawdown (1Y)Largest decline over 1 year | -52.79% | -44.94% | -7.85% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.68% | — |
Current DrawdownCurrent decline from peak | -52.79% | -21.99% | -30.80% |
Average DrawdownAverage peak-to-trough decline | -17.34% | -25.75% | +8.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.83% | 22.96% | +7.87% |
Volatility
DEFI vs. IBLC - Volatility Comparison
The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 13.34%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 17.23%. 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 | 13.34% | 17.23% | -3.89% |
Volatility (6M)Calculated over the trailing 6-month period | 34.95% | 41.56% | -6.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.66% | 55.68% | -11.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.89% | 64.51% | -15.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.89% | 64.51% | -15.62% |
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 5.28%.
| 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 | 5.28% | 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 (17.23%) compared to DEFI (13.34%). In terms of maximum drawdown, DEFI dropped -52.79% vs IBLC's -62.54%.
On 1-year performance, IBLC leads with 41.43% vs -45.00% for DEFI. On fees, IBLC is cheaper at 0.47% per year. On volatility, DEFI has been the lower-risk option at 13.34%. 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 41.43% return vs -45.00%. 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 5.28%, 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 (0.75 vs -1.01), 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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