DEFI vs. QQQY

Last updated Apr 2, 2026

Compare and contrast key facts about Hashdex Bitcoin Futures ETF (DEFI) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY).

DEFI and QQQY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DEFI is a passively managed fund by Hashdex that tracks the performance of the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. It was launched on Sep 15, 2022. QQQY is an actively managed fund by Defiance. It was launched on Sep 13, 2023.

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.

DEFI vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-21.46%	-6.87%	36.09%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	-4.82%	14.96%	3.93%

Returns By Period

In the year-to-date period, DEFI achieves a -21.46% return, which is significantly lower than QQQY's -4.82% return.

DEFI

• 1D: 1.00%
• 1M: -1.27%
• YTD: -21.46%
• 6M: -41.55%
• 1Y: -19.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: 1.19%
• 1M: -3.30%
• YTD: -4.82%
• 6M: -3.93%
• 1Y: 14.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. QQQY - Expense Ratio Comparison

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

QQQY

Defiance Nasdaq 100 Enhanced Options Income ETF

DEFI

Hashdex Bitcoin Futures ETF

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: 6
DEFI Sharpe Ratio Rank: 5
DEFI Sortino Ratio Rank: 6
DEFI Omega Ratio Rank: 6
DEFI Calmar Ratio Rank: 7
DEFI Martin Ratio Rank: 6

QQQY

QQQY Risk / Return Rank: 47
QQQY Sharpe Ratio Rank: 48
QQQY Sortino Ratio Rank: 39
QQQY Omega Ratio Rank: 45
QQQY Calmar Ratio Rank: 54
QQQY Martin Ratio Rank: 48

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.

	DEFI	QQQY	Difference
Sharpe ratio Return per unit of total volatility	-0.43	0.91	-1.35
Sortino ratio Return per unit of downside risk	-0.35	1.16	-1.51
Omega ratio Gain probability vs. loss probability	0.96	1.18	-0.22
Calmar ratio Return relative to maximum drawdown	-0.34	1.44	-1.78
Martin ratio Return relative to average drawdown	-0.72	4.79	-5.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DEFI vs. QQQY - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.43, which is lower than the QQQY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of DEFI and QQQY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DEFI	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	0.91	-1.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.66	-0.66

Correlation

The correlation between DEFI and QQQY is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 44.97%.

	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	44.97%	45.34%	83.34%	20.64%

Drawdowns

DEFI vs. QQQY - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, 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	-49.60%	-19.05%	-30.55%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-11.30%	-38.30%
Current Drawdown Current decline from peak	-45.33%	-7.05%	-38.28%
Average Drawdown Average peak-to-trough decline	-14.50%	-3.04%	-11.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.18%	3.40%	+19.78%

Volatility

DEFI vs. QQQY - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 12.90% compared to Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) at 6.38%. 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	12.90%	6.38%	+6.52%
Volatility (6M) Calculated over the trailing 6-month period	37.28%	11.21%	+26.07%
Volatility (1Y) Calculated over the trailing 1-year period	45.25%	16.45%	+28.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.92%	14.68%	+35.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.92%	14.68%	+35.24%