DEFI vs. SPY

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, DEFI returned -38.75% vs 27.98% for SPY. At a 0.42 correlation, their price movements are largely independent. DEFI charges 0.90%/yr vs 0.09%/yr for SPY.

Performance

DEFI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -25.48% return, which is significantly lower than SPY's 10.91% return.

DEFI

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

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

DEFI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-25.48%	-6.87%	36.09%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	13.11%

Correlation

The correlation between DEFI and SPY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Mar 28, 2024	0.42

Return for Risk

DEFI vs. SPY — 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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.38	-3.27
Sortino ratio: Return per unit of downside risk	-1.21	3.24	-4.45
Omega ratio: Gain probability vs. loss probability	0.86	1.43	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.78	3.16	-3.95
Martin ratio: Return relative to average drawdown	-1.37	14.72	-16.09
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. SPY - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.89, which is lower than the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DEFI and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DEFI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	2.38	-3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	0.59	-0.64

Drawdowns

DEFI vs. SPY - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DEFI and SPY.

Drawdown Indicators

	DEFI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-55.19%	+5.59%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-8.88%	-40.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-48.13%	-0.70%	-47.43%
Average Drawdown Average peak-to-trough decline	-16.47%	-9.05%	-7.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	1.91%	+26.43%

Volatility

DEFI vs. SPY - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 9.66% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	2.84%	+6.82%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	8.90%	+26.03%
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	11.83%	+32.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	17.05%	+31.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	17.94%	+30.95%

DEFI vs. SPY - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DEFI vs. SPY - Dividend Comparison

DEFI has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 0.98%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both DEFI and SPY in my portfolio?

DEFI and SPY have a correlation of 0.48, 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 SPY?

DEFI has higher volatility (9.66%) compared to SPY (2.84%). In terms of maximum drawdown, DEFI dropped -49.60% vs SPY's -55.19%.

Which ETF is better, DEFI or SPY?

On 1-year performance, SPY leads with 27.98% vs -38.75% for DEFI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs -38.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.90% for DEFI.

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

SPY has the higher dividend yield at 0.98%, compared with 0.00% for DEFI.

What is the main difference between DEFI and SPY?

DEFI is categorized as Cryptocurrency, while SPY is S&P 500. DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while SPY tracks S&P 500 Index. They also come from different issuers: Hashdex and State Street. Their fees differ too: 0.90% for DEFI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs -0.89), 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.