DEFI vs. USFR

Last updated Jun 23, 2026

DEFI (Hashdex Bitcoin Futures ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past year, DEFI returned -37.17% vs 3.97% for USFR. At a correlation of -0.01, they often move in opposite directions. DEFI charges 0.90%/yr vs 0.15%/yr for USFR.

Performance

DEFI vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DEFI achieves a -26.22% return, which is significantly lower than USFR's 1.78% return.

DEFI

• 1D: 2.51%
• 1M: -15.04%
• YTD: -26.22%
• 6M: -26.98%
• 1Y: -37.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.29%
• YTD: 1.78%
• 6M: 1.89%
• 1Y: 3.97%
• 3Y*: 4.72%
• 5Y*: 3.70%
• 10Y*: 2.43%

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

DEFI vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DEFI Hashdex Bitcoin Futures ETF	-26.22%	-6.87%	30.39%
USFR WisdomTree Floating Rate Treasury Fund	1.78%	4.23%	4.03%

Correlation

The correlation between DEFI and USFR is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 27, 2024	-0.01

Return for Risk

DEFI vs. USFR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DEFI

DEFI Risk / Return Rank: 3
DEFI Sharpe Ratio Rank: 2
DEFI Sortino Ratio Rank: 3
DEFI Omega Ratio Rank: 3
DEFI Calmar Ratio Rank: 3
DEFI Martin Ratio Rank: 3

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	14.65	-15.49
Sortino ratio: Return per unit of downside risk	-1.12	49.88	-51.00
Omega ratio: Gain probability vs. loss probability	0.87	13.24	-12.37
Calmar ratio: Return relative to maximum drawdown	-0.72	200.29	-201.01
Martin ratio: Return relative to average drawdown	-1.23	775.73	-776.96

DEFI vs. USFR - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.84, which is lower than the USFR Sharpe Ratio of 14.65. The chart below compares the historical Sharpe Ratios of DEFI and USFR, 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. USFR - Drawdown Comparison

The maximum DEFI drawdown since its inception was -51.95%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for DEFI and USFR.

Drawdown Indicators

	DEFI	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-51.95%	-1.36%	-50.59%
Max Drawdown (1Y) Largest decline over 1 year	-51.95%	-0.02%	-51.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-48.64%	0.00%	-48.64%
Average Drawdown Average peak-to-trough decline	-17.15%	-0.15%	-17.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.31%	0.01%	+30.30%

Volatility

DEFI vs. USFR - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 12.89% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.89%	0.08%	+12.81%
Volatility (6M) Calculated over the trailing 6-month period	34.83%	0.19%	+34.64%
Volatility (1Y) Calculated over the trailing 1-year period	44.52%	0.27%	+44.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	0.40%	+48.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	0.78%	+48.11%

DEFI vs. USFR - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

DEFI vs. USFR - Dividend Comparison

DEFI has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.91%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both DEFI and USFR in my portfolio?

DEFI and USFR have a correlation of -0.11, 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 USFR?

DEFI has higher volatility (12.89%) compared to USFR (0.08%). In terms of maximum drawdown, DEFI dropped -51.95% vs USFR's -1.36%.

Which ETF is better, DEFI or USFR?

On 1-year performance, USFR leads with 3.97% vs -37.17% for DEFI. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or USFR?

Over the 1-year period, USFR has performed better with a 3.97% return vs -37.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.90% for DEFI.

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

USFR has the higher dividend yield at 3.91%, compared with 0.00% for DEFI.

What is the main difference between DEFI and USFR?

DEFI is categorized as Cryptocurrency, while USFR is Government Bonds. DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: Hashdex and WisdomTree. Their fees differ too: 0.90% for DEFI and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.65 vs -0.84), 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.