DFII vs. BFAP

Last updated Aug 2, 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 -43.11% vs -29.23% for BFAP. Their 0.96 correlation means they have historically moved very closely together. 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 -27.40% return, which is significantly lower than BFAP's -22.20% return.

DFII

• 1D: -2.83%
• 1M: 2.62%
• 6M: -23.81%
• YTD: -27.40%
• 1Y: -43.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -17.93%

BFAP

• 1D: -1.67%
• 1M: 0.67%
• 6M: -19.71%
• YTD: -22.20%
• 1Y: -29.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	$15.29K	$12.55K	$25.30K
DFII FT Vest Bitcoin Strategy & Target Income ETF	$88.68K	$90.02K	$142.07K

DFII vs. BFAP - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-27.40%	5.61%
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-22.20%	8.90%

Correlation

The correlation between DFII and BFAP is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Apr 4, 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 historical risk-adjusted metric ranks over the past 12 months.

DFII

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

BFAP

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	DFII	BFAP	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	-1.40	+0.33
Sortino ratio: Return per unit of downside risk	-1.59	-2.00	+0.41
Omega ratio: Gain probability vs. loss probability	0.82	0.77	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.88	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.42	+0.07

DFII vs. BFAP - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -1.06, which is comparable to the BFAP Sharpe Ratio of -1.40. 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.

Drawdowns

DFII vs. BFAP - Drawdown Comparison

The maximum DFII drawdown since its inception was -51.04%, which is greater than BFAP's maximum drawdown of -34.15%. 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	-51.04%	-34.15%	-16.89%
Max Drawdown (1Y) Largest decline over 1 year	-51.04%	-34.15%	-16.89%
Current Drawdown Current decline from peak	-47.83%	-32.39%	-15.44%
Average Drawdown Average peak-to-trough decline	-22.41%	-13.30%	-9.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.07%	21.18%	+11.89%

Volatility

DFII vs. BFAP - Volatility Comparison

FT Vest Bitcoin Strategy & Target Income ETF (DFII) has a higher volatility of 8.18% compared to FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) at 4.04%. 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	8.18%	4.04%	+4.14%
Volatility (6M) Calculated over the trailing 6-month period	32.47%	14.75%	+17.72%
Volatility (1Y) Calculated over the trailing 1-year period	42.19%	21.58%	+20.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.35%	20.02%	+20.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.35%	20.02%	+20.33%

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 27.67%, more than BFAP's 24.39% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.39%	18.97%
DFII FT Vest Bitcoin Strategy & Target Income ETF	24.34%	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 (8.18%) compared to BFAP (4.04%). In terms of maximum drawdown, DFII dropped -51.04% vs BFAP's -34.15%.

Which ETF is better, DFII or BFAP?

On 1-year performance, BFAP leads with -29.23% vs -43.11% for DFII. On fees, DFII is cheaper at 0.85% per year. On volatility, BFAP has been the lower-risk option at 4.04%. 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 -29.23% return vs -43.11%. 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?

BFAP has the higher dividend yield at 24.39%, compared with 24.34% for DFII.

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 (-1.06 vs -1.40), 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.