DEFI vs. XBTY

Last updated Jun 4, 2026

DEFI (Hashdex Bitcoin Futures ETF) and XBTY (GraniteShares YieldBOOST Bitcoin ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while XBTY is a Derivative Income fund actively managed by GraniteShares. DEFI is passively managed, while XBTY is actively managed. Over the past year, DEFI returned -38.75% vs -36.52% for XBTY. Their correlation of 0.89 suggests significant overlap in exposure. DEFI charges 0.90%/yr vs 0.99%/yr for XBTY.

Performance

DEFI vs. XBTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) and GraniteShares YieldBOOST Bitcoin ETF (XBTY). 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 XBTY's -19.49% return.

DEFI

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

XBTY

• 1D: -0.41%
• 1M: -8.39%
• YTD: -19.49%
• 6M: -20.52%
• 1Y: -36.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. XBTY - Yearly Performance Comparison

	2026 (YTD)	2025
DEFI Hashdex Bitcoin Futures ETF	-25.48%	-16.67%
XBTY GraniteShares YieldBOOST Bitcoin ETF	-19.49%	-21.15%

Correlation

The correlation between DEFI and XBTY is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.89

The correlation between DEFI and XBTY has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

DEFI vs. XBTY — 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

XBTY

XBTY Risk / Return Rank: 1
XBTY Sharpe Ratio Rank: 0
XBTY Sortino Ratio Rank: 1
XBTY Omega Ratio Rank: 1
XBTY Calmar Ratio Rank: 2
XBTY Martin Ratio Rank: 3

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. XBTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) and GraniteShares YieldBOOST Bitcoin ETF (XBTY). 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	XBTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-1.29	+0.41
Sortino ratio: Return per unit of downside risk	-1.21	-1.87	+0.65
Omega ratio: Gain probability vs. loss probability	0.86	0.78	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.81	+0.02
Martin ratio: Return relative to average drawdown	-1.37	-1.24	-0.13
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. XBTY - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -0.89, which is higher than the XBTY Sharpe Ratio of -1.29. The chart below compares the historical Sharpe Ratios of DEFI and XBTY, 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	XBTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-1.29	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	-0.05	-1.26	+1.20

Drawdowns

DEFI vs. XBTY - Drawdown Comparison

The maximum DEFI drawdown since its inception was -49.60%, which is greater than XBTY's maximum drawdown of -45.46%. Use the drawdown chart below to compare losses from any high point for DEFI and XBTY.

Drawdown Indicators

	DEFI	XBTY	Difference
Max Drawdown Largest peak-to-trough decline	-49.60%	-45.46%	-4.14%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	-45.46%	-4.14%
Current Drawdown Current decline from peak	-48.13%	-45.46%	-2.67%
Average Drawdown Average peak-to-trough decline	-16.47%	-23.04%	+6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.34%	29.49%	-1.15%

Volatility

DEFI vs. XBTY - Volatility Comparison

Hashdex Bitcoin Futures ETF (DEFI) has a higher volatility of 9.66% compared to GraniteShares YieldBOOST Bitcoin ETF (XBTY) at 5.46%. This indicates that DEFI's price experiences larger fluctuations and is considered to be riskier than XBTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DEFI	XBTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.66%	5.46%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	17.11%	+17.82%
Volatility (1Y) Calculated over the trailing 1-year period	43.85%	28.34%	+15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.89%	27.95%	+20.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.89%	27.95%	+20.94%

DEFI vs. XBTY - Expense Ratio Comparison

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

Dividends

DEFI vs. XBTY - Dividend Comparison

DEFI has not paid dividends to shareholders, while XBTY's dividend yield for the trailing twelve months is around 240.87%.

Position	TTM	2025
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%
XBTY GraniteShares YieldBOOST Bitcoin ETF	240.87%	102.53%

Frequently Asked Questions

Can I hold both DEFI and XBTY in my portfolio?

DEFI and XBTY have a correlation of 0.90, 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 XBTY?

DEFI has higher volatility (9.66%) compared to XBTY (5.46%). In terms of maximum drawdown, DEFI dropped -49.60% vs XBTY's -45.46%.

Which ETF is better, DEFI or XBTY?

On 1-year performance, XBTY leads with -36.52% vs -38.75% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, XBTY has been the lower-risk option at 5.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or XBTY?

Over the 1-year period, XBTY has performed better with a -36.52% 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 XBTY?

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

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

XBTY has the higher dividend yield at 240.87%, compared with 0.00% for DEFI.

What is the main difference between DEFI and XBTY?

DEFI is categorized as Cryptocurrency, while XBTY is Derivative Income. They also come from different issuers: Hashdex and GraniteShares. Their fees differ too: 0.90% for DEFI and 0.99% for XBTY.

Which has better risk-adjusted returns?

DEFI currently has the higher Sharpe Ratio (-0.89 vs -1.29), 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.