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 -43.87% vs 17.19% for IBLC. Their 0.70 correlation means they have sometimes moved together and sometimes differently. 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 -26.38% return, which is significantly lower than IBLC's 9.90% return.
DEFI
- 1D
- 0.60%
- 1M
- 4.35%
- 6M
- -15.86%
- YTD
- -26.38%
- 1Y
- -43.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -4.65%
IBLC
- 1D
- 0.49%
- 1M
- -0.81%
- 6M
- 7.87%
- YTD
- 9.90%
- 1Y
- 17.19%
- 3Y*
- 31.95%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.30%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.12K | $21.67K | $162.07K | |
| $402.94K | $477.69K | $769.77K |
DEFI vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DEFI Hashdex Bitcoin Futures ETF | -26.38% | -6.87% | 30.39% |
IBLC iShares Blockchain and Tech ETF | 9.90% | 27.05% | 11.76% |
Correlation
The correlation between DEFI and IBLC is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024 | 0.70 |
The correlation between DEFI and IBLC has been stable across timeframes, ranging from 0.70 to 0.70 - 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 | -1.29 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.09 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 0.38 | -1.21 |
| Martin ratioReturn relative to average drawdown | -1.26 | 0.70 | -1.96 |
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Drawdowns
DEFI vs. IBLC - Drawdown Comparison
The maximum DEFI drawdown since its inception was -53.19%, 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 | -53.19% | -62.54% | +9.35% |
Max Drawdown (1Y)Largest decline over 1 year | -53.19% | -44.94% | -8.25% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.68% | — |
Current DrawdownCurrent decline from peak | -48.76% | -27.75% | -21.01% |
Average DrawdownAverage peak-to-trough decline | -18.81% | -25.79% | +6.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.82% | 24.56% | +10.26% |
Volatility
DEFI vs. IBLC - Volatility Comparison
The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 8.54%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 19.14%. 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 | 8.54% | 19.14% | -10.60% |
Volatility (6M)Calculated over the trailing 6-month period | 33.56% | 43.15% | -9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.71% | 57.43% | -12.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.22% | 64.44% | -16.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.22% | 64.44% | -16.22% |
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 5.70%.
| 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 | 5.70% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
DEFI and IBLC have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBLC has higher volatility (19.14%) compared to DEFI (8.54%). In terms of maximum drawdown, DEFI dropped -53.19% vs IBLC's -62.54%.
On 1-year performance, IBLC leads with 17.19% vs -43.87% for DEFI. On fees, IBLC is cheaper at 0.47% per year. On volatility, DEFI has been the lower-risk option at 8.54%. 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 17.19% return vs -43.87%. 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 5.70%, 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 (0.30 vs -0.98), 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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