DEFI vs. XBTY

Last updated Apr 2, 2026

Compare and contrast key facts about Hashdex Bitcoin Futures ETF (DEFI) and GraniteShares YieldBOOST Bitcoin ETF (XBTY).

DEFI and XBTY 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. XBTY is an actively managed fund by GraniteShares. It was launched on May 12, 2025.

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.

DEFI vs. XBTY - Yearly Performance Comparison

	2026 (YTD)	2025
DEFI Hashdex Bitcoin Futures ETF	-21.46%	-16.67%
XBTY GraniteShares YieldBOOST Bitcoin ETF	-18.12%	-21.15%

Returns By Period

In the year-to-date period, DEFI achieves a -21.46% return, which is significantly lower than XBTY's -18.12% return.

DEFI

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

XBTY

• 1D: 0.08%
• 1M: -2.71%
• YTD: -18.12%
• 6M: -39.40%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. XBTY - Expense Ratio Comparison

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

XBTY

GraniteShares YieldBOOST Bitcoin ETF

DEFI

Hashdex Bitcoin Futures ETF

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: 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

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	-0.43	—	—
Sortino ratio Return per unit of downside risk	-0.35	—	—
Omega ratio Gain probability vs. loss probability	0.96	—	—
Calmar ratio Return relative to maximum drawdown	-0.34	—	—
Martin ratio Return relative to average drawdown	-0.72	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	DEFI	XBTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.43	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-1.34	+1.33

Correlation

The correlation between DEFI and XBTY is 0.89, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 192.51%.

	TTM	2025
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%
XBTY GraniteShares YieldBOOST Bitcoin ETF	192.51%	102.53%

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 -45.04%. 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%	-45.04%	-4.56%
Max Drawdown (1Y) Largest decline over 1 year	-49.60%	—	—
Current Drawdown Current decline from peak	-45.33%	-44.52%	-0.81%
Average Drawdown Average peak-to-trough decline	-14.50%	-19.38%	+4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.18%	—	—

Volatility

Volatility by Period

	DEFI	XBTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	—	—
Volatility (6M) Calculated over the trailing 6-month period	37.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	45.25%	29.34%	+15.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.92%	29.34%	+20.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.92%	29.34%	+20.58%