DEFI vs. MSBT

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. With a 0.99 correlation, they move nearly in lockstep. DEFI charges 0.90%/yr vs 0.14%/yr for MSBT.

Performance

DEFI vs. MSBT - Performance Comparison

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

Returns By Period

DEFI

• 1D: -3.06%
• 1M: -18.64%
• YTD: -25.48%
• 6M: -29.90%
• 1Y: -38.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSBT

• 1D: -2.70%
• 1M: -18.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DEFI vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
DEFI Hashdex Bitcoin Futures ETF	-8.87%
MSBT Morgan Stanley Bitcoin Trust	-8.40%

Correlation

The correlation between DEFI and MSBT is 0.99 - 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 (All Time) Calculated using the full available price history since Apr 9, 2026	0.99

Return for Risk

DEFI vs. MSBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DEFI vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Morgan Stanley Bitcoin Trust (MSBT). 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	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	—	—
Sortino ratio: Return per unit of downside risk	-1.21	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DEFI	MSBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-1.33	+1.28

Drawdowns

DEFI vs. MSBT - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, which is greater than MSBT's maximum drawdown of -20.25%. Use the drawdown chart below to compare losses from any high point for DEFI and MSBT.

Drawdown Indicators

	DEFI	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-20.25%	-29.35%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	—	—
Current Drawdown Current decline from peak	-48.13%	-20.25%	-27.88%
Average Drawdown Average peak-to-trough decline	-16.47%	-3.91%	-12.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	—	—

Volatility

Volatility by Period

	DEFI	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	32.92%	+10.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	32.92%	+15.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	32.92%	+15.97%

DEFI vs. MSBT - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

DEFI vs. MSBT - Dividend Comparison

Neither DEFI nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both DEFI and MSBT in my portfolio?

With a correlation of 0.99, DEFI and MSBT 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 ETF is better, DEFI or MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DEFI or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.90% for DEFI.

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

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

What is the main difference between DEFI and MSBT?

DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Hashdex and Morgan Stanley. Their fees differ too: 0.90% for DEFI and 0.14% for MSBT.