DEFI vs. QQQY

Last updated Jun 26, 2026

DEFI (Hashdex Bitcoin Futures ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while QQQY is a Nasdaq-100 fund actively managed by Defiance. DEFI is passively managed, while QQQY is actively managed. Over the past year, DEFI returned -45.00% vs 28.38% for QQQY. At a 0.41 correlation, their price movements are largely independent. DEFI charges 0.90%/yr vs 0.99%/yr for QQQY.

Performance

DEFI vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -32.17% return, which is significantly lower than QQQY's 15.16% return.

DEFI

• 1D: -0.85%
• 1M: -22.00%
• YTD: -32.17%
• 6M: -32.00%
• 1Y: -45.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: 0.76%
• 1M: -1.73%
• YTD: 15.16%
• 6M: 13.85%
• 1Y: 28.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-32.17%	-6.87%	30.39%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	15.16%	14.96%	4.24%

Correlation

The correlation between DEFI and QQQY is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	0.41

Return for Risk

DEFI vs. QQQY — 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

QQQY

QQQY Risk / Return Rank: 62
QQQY Sharpe Ratio Rank: 64
QQQY Sortino Ratio Rank: 56
QQQY Omega Ratio Rank: 66
QQQY Calmar Ratio Rank: 60
QQQY Martin Ratio Rank: 65

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. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	1.81	-2.82
Sortino ratio: Return per unit of downside risk	-1.50	2.32	-3.82
Omega ratio: Gain probability vs. loss probability	0.83	1.34	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.86	2.56	-3.41
Martin ratio: Return relative to average drawdown	-1.46	10.30	-11.76

DEFI vs. QQQY - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -1.01, which is lower than the QQQY Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of DEFI and QQQY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DEFI vs. QQQY - Drawdown Comparison

The maximum DEFI drawdown since its inception was -52.79%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for DEFI and QQQY.

Drawdown Indicators

	DEFI	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-52.79%	-19.05%	-33.74%
Max Drawdown (1Y) Largest decline over 1 year	-52.79%	-11.14%	-41.65%
Current Drawdown Current decline from peak	-52.79%	-3.63%	-49.16%
Average Drawdown Average peak-to-trough decline	-17.34%	-2.91%	-14.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.83%	2.76%	+28.07%

Volatility

DEFI vs. QQQY - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 13.34% compared to Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) at 8.38%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	8.38%	+4.96%
Volatility (6M) Calculated over the trailing 6-month period	34.95%	13.62%	+21.33%
Volatility (1Y) Calculated over the trailing 1-year period	44.66%	15.78%	+28.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	15.38%	+33.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	15.38%	+33.51%

DEFI vs. QQQY - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

DEFI vs. QQQY - Dividend Comparison

DEFI has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 36.24%.

Position	TTM	2025	2024	2023
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	36.24%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both DEFI and QQQY in my portfolio?

DEFI and QQQY have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFI or QQQY?

DEFI has higher volatility (13.34%) compared to QQQY (8.38%). In terms of maximum drawdown, DEFI dropped -52.79% vs QQQY's -19.05%.

Which ETF is better, DEFI or QQQY?

On 1-year performance, QQQY leads with 28.38% vs -45.00% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, QQQY has been the lower-risk option at 8.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or QQQY?

Over the 1-year period, QQQY has performed better with a 28.38% return vs -45.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or QQQY?

DEFI is cheaper with a 0.90% expense ratio, compared with 0.99% for QQQY.

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

QQQY has the higher dividend yield at 36.24%, compared with 0.00% for DEFI.

What is the main difference between DEFI and QQQY?

DEFI is categorized as Cryptocurrency, while QQQY is Nasdaq-100. They also come from different issuers: Hashdex and Defiance. Their fees differ too: 0.90% for DEFI and 0.99% for QQQY.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.81 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.