DEFI vs. RSBY

Last updated Jul 12, 2026

DEFI (Hashdex Bitcoin Futures ETF) and RSBY (Return Stacked Bonds & Futures Yield ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while RSBY is a Multistrategy fund actively managed by Return Stacked. DEFI is passively managed, while RSBY is actively managed. Over the past year, DEFI returned -45.82% vs 17.35% for RSBY. At a correlation of -0.16, they often move in opposite directions. DEFI charges 0.90%/yr vs 0.98%/yr for RSBY.

Performance

DEFI vs. RSBY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and Return Stacked Bonds & Futures Yield ETF (RSBY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -26.79% return, which is significantly lower than RSBY's 18.52% return.

DEFI

• 1D: 1.28%
• 1M: 0.46%
• 6M: -29.01%
• YTD: -26.79%
• 1Y: -45.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RSBY

• 1D: -0.60%
• 1M: -0.71%
• 6M: 17.92%
• YTD: 18.52%
• 1Y: 17.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. RSBY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-26.79%	-6.87%	56.28%
RSBY Return Stacked Bonds & Futures Yield ETF	18.52%	-12.98%	-7.79%

Correlation

The correlation between DEFI and RSBY is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.13
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.16

Return for Risk

DEFI vs. RSBY — 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

RSBY

RSBY Risk / Return Rank: 51
RSBY Sharpe Ratio Rank: 55
RSBY Sortino Ratio Rank: 57
RSBY Omega Ratio Rank: 51
RSBY Calmar Ratio Rank: 54
RSBY Martin Ratio Rank: 40

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. RSBY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and Return Stacked Bonds & Futures Yield ETF (RSBY). 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	RSBY	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.50	-2.48
Sortino ratio: Return per unit of downside risk	-1.42	2.18	-3.61
Omega ratio: Gain probability vs. loss probability	0.84	1.26	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.82	2.15	-2.97
Martin ratio: Return relative to average drawdown	-1.35	5.04	-6.38

DEFI vs. RSBY - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.98, which is lower than the RSBY Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of DEFI and RSBY, 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. RSBY - Drawdown Comparison

The maximum DEFI drawdown since its inception was -53.19%, which is greater than RSBY's maximum drawdown of -23.32%. Use the drawdown chart below to compare losses from any high point for DEFI and RSBY.

Drawdown Indicators

	DEFI	RSBY	Difference
Max Drawdown Largest peak-to-trough decline	-53.19%	-23.32%	-29.87%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-7.95%	-45.24%
Current Drawdown Current decline from peak	-49.04%	-6.45%	-42.59%
Average Drawdown Average peak-to-trough decline	-17.92%	-13.35%	-4.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.45%	3.39%	+29.06%

Volatility

DEFI vs. RSBY - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 11.13% compared to Return Stacked Bonds & Futures Yield ETF (RSBY) at 3.15%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than RSBY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	RSBY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.13%	3.15%	+7.98%
Volatility (6M) Calculated over the trailing 6-month period	35.12%	8.37%	+26.75%
Volatility (1Y) Calculated over the trailing 1-year period	44.73%	11.41%	+33.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.67%	13.37%	+35.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.67%	13.37%	+35.30%

DEFI vs. RSBY - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than RSBY's 0.98% expense ratio.

Dividends

DEFI vs. RSBY - Dividend Comparison

DEFI has not paid dividends to shareholders, while RSBY's dividend yield for the trailing twelve months is around 1.75%.

Position	TTM	2025	2024
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%
RSBY Return Stacked Bonds & Futures Yield ETF	1.75%	2.07%	2.29%

Frequently Asked Questions

Can I hold both DEFI and RSBY in my portfolio?

DEFI and RSBY have a correlation of -0.13, 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 RSBY?

DEFI has higher volatility (11.13%) compared to RSBY (3.15%). In terms of maximum drawdown, DEFI dropped -53.19% vs RSBY's -23.32%.

Which ETF is better, DEFI or RSBY?

On 1-year performance, RSBY leads with 17.35% vs -45.82% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, RSBY has been the lower-risk option at 3.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or RSBY?

Over the 1-year period, RSBY has performed better with a 17.35% return vs -45.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or RSBY?

DEFI is cheaper with a 0.90% expense ratio, compared with 0.98% for RSBY.

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

RSBY has the higher dividend yield at 1.75%, compared with 0.00% for DEFI.

What is the main difference between DEFI and RSBY?

DEFI is categorized as Cryptocurrency, while RSBY is Multistrategy. They also come from different issuers: Hashdex and Return Stacked. Their fees differ too: 0.90% for DEFI and 0.98% for RSBY.

Which has better risk-adjusted returns?

RSBY currently has the higher Sharpe Ratio (1.50 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.