DFII vs. BFAP

Last updated Jun 3, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) are both Cryptocurrency funds from First Trust. Both are actively managed. Over the past year, DFII returned -34.54% vs -23.15% for BFAP. With a 0.96 correlation, they move nearly in lockstep. DFII charges 0.85%/yr vs 0.90%/yr for BFAP.

Performance

DFII vs. BFAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy & Target Income ETF (DFII) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFII achieves a -22.74% return, which is significantly lower than BFAP's -20.05% return.

DFII

• 1D: -6.02%
• 1M: -13.41%
• YTD: -22.74%
• 6M: -24.59%
• 1Y: -34.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFAP

• 1D: -2.49%
• 1M: -5.43%
• YTD: -20.05%
• 6M: -21.61%
• 1Y: -23.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFII vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-22.74%	3.18%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-20.05%	8.90%

Correlation

The correlation between DFII and BFAP is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Apr 7, 2025	0.96

The correlation between DFII and BFAP has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

Return for Risk

DFII vs. BFAP — Risk / Return Rank

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

DFII

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

BFAP

BFAP Risk / Return Rank: 2
BFAP Sharpe Ratio Rank: 1
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 2

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.

DFII vs. BFAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) and FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP). 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.

	DFII	BFAP	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-1.09	+0.25
Sortino ratio Return per unit of downside risk	-1.10	-1.47	+0.37
Omega ratio Gain probability vs. loss probability	0.87	0.82	+0.05
Calmar ratio Return relative to maximum drawdown	-0.72	-0.74	+0.02
Martin ratio Return relative to average drawdown	-1.29	-1.37	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DFII vs. BFAP - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -0.84, which is comparable to the BFAP Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of DFII and BFAP, 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

	DFII	BFAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-1.09	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	-0.55	+0.16

Drawdowns

DFII vs. BFAP - Drawdown Comparison

The maximum DFII drawdown since its inception was -48.07%, which is greater than BFAP's maximum drawdown of -31.08%. Use the drawdown chart below to compare losses from any high point for DFII and BFAP.

Drawdown Indicators

	DFII	BFAP	Difference
Max Drawdown Largest peak-to-trough decline	-48.07%	-31.08%	-16.99%
Max Drawdown (1Y) Largest decline over 1 year	-48.07%	-31.08%	-16.99%
Current Drawdown Current decline from peak	-44.48%	-30.52%	-13.96%
Average Drawdown Average peak-to-trough decline	-18.91%	-10.70%	-8.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.89%	16.78%	+10.11%

Volatility

DFII vs. BFAP - Volatility Comparison

FT Vest Bitcoin Strategy & Target Income ETF (DFII) has a higher volatility of 9.20% compared to FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) at 3.63%. This indicates that DFII's price experiences larger fluctuations and is considered to be riskier than BFAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFII	BFAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	3.63%	+5.57%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	18.00%	+15.63%
Volatility (1Y) Calculated over the trailing 1-year period	41.26%	21.24%	+20.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.08%	20.59%	+20.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.08%	20.59%	+20.49%

DFII vs. BFAP - Expense Ratio Comparison

DFII has a 0.85% expense ratio, which is lower than BFAP's 0.90% expense ratio.

Dividends

DFII vs. BFAP - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 27.13%, more than BFAP's 23.73% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	23.73%	18.97%
DFII FT Vest Bitcoin Strategy & Target Income ETF	27.13%	15.51%

Frequently Asked Questions

Can I hold both DFII and BFAP in my portfolio?

With a correlation of 0.97, DFII and BFAP move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFII or BFAP?

DFII has higher volatility (9.20%) compared to BFAP (3.63%). In terms of maximum drawdown, DFII dropped -48.07% vs BFAP's -31.08%.

Which ETF is better, DFII or BFAP?

On 1-year performance, BFAP leads with -23.15% vs -34.54% for DFII. On fees, DFII is cheaper at 0.85% per year. On volatility, BFAP has been the lower-risk option at 3.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFII or BFAP?

Over the 1-year period, BFAP has performed better with a -23.15% return vs -34.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFII or BFAP?

DFII is cheaper with a 0.85% expense ratio, compared with 0.90% for BFAP.

Which ETF pays a higher dividend yield, DFII or BFAP?

DFII has the higher dividend yield at 27.13%, compared with 23.73% for BFAP.

What is the main difference between DFII and BFAP?

Their fees differ too: 0.85% for DFII and 0.90% for BFAP.

Which has better risk-adjusted returns?

DFII currently has the higher Sharpe Ratio (-0.84 vs -1.09), 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.