DFII vs. BTC

Last updated Jun 3, 2026

DFII (FT Vest Bitcoin Strategy & Target Income ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, DFII returned -34.54% vs -35.77% for BTC. With a 1.00 correlation, they move nearly in lockstep. DFII charges 0.85%/yr vs 0.15%/yr for BTC.

Performance

DFII vs. BTC - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with DFII having a -22.74% return and BTC slightly lower at -23.26%.

DFII

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

BTC

• 1D: -5.98%
• 1M: -14.35%
• YTD: -23.26%
• 6M: -26.27%
• 1Y: -35.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFII vs. BTC - Yearly Performance Comparison

	2026 (YTD)	2025
DFII FT Vest Bitcoin Strategy & Target Income ETF	-22.74%	5.61%
BTC Grayscale Bitcoin Mini Trust ETF	-23.26%	6.66%

Correlation

The correlation between DFII and BTC is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	1.00

The correlation between DFII and BTC has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

DFII vs. BTC — 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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 3
BTC Calmar Ratio Rank: 3
BTC 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. BTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy & Target Income ETF (DFII) and Grayscale Bitcoin Mini Trust ETF (BTC). 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	BTC	Difference
Sharpe ratio Return per unit of total volatility	-0.84	-0.82	-0.02
Sortino ratio Return per unit of downside risk	-1.10	-1.09	-0.02
Omega ratio Gain probability vs. loss probability	0.87	0.88	-0.01
Calmar ratio Return relative to maximum drawdown	-0.72	-0.73	+0.01
Martin ratio Return relative to average drawdown	-1.29	-1.27	-0.02
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. BTC - Sharpe Ratio Comparison

The current DFII Sharpe Ratio is -0.84, which is comparable to the BTC Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of DFII and BTC, 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	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.82	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	0.03	-0.42

Drawdowns

DFII vs. BTC - Drawdown Comparison

The maximum DFII drawdown since its inception was -48.07%, roughly equal to the maximum BTC drawdown of -49.34%. Use the drawdown chart below to compare losses from any high point for DFII and BTC.

Drawdown Indicators

	DFII	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-48.07%	-49.34%	+1.27%
Max Drawdown (1Y) Largest decline over 1 year	-48.07%	-49.34%	+1.27%
Current Drawdown Current decline from peak	-44.48%	-46.52%	+2.04%
Average Drawdown Average peak-to-trough decline	-18.91%	-16.54%	-2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.89%	28.22%	-1.33%

Volatility

DFII vs. BTC - Volatility Comparison

FT Vest Bitcoin Strategy & Target Income ETF (DFII) and Grayscale Bitcoin Mini Trust ETF (BTC) have volatilities of 9.20% and 9.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFII	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.20%	9.68%	-0.48%
Volatility (6M) Calculated over the trailing 6-month period	33.63%	34.83%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	41.26%	43.61%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.08%	48.31%	-7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.08%	48.31%	-7.23%

DFII vs. BTC - Expense Ratio Comparison

DFII has a 0.85% expense ratio, which is higher than BTC's 0.15% expense ratio.

Dividends

DFII vs. BTC - Dividend Comparison

DFII's dividend yield for the trailing twelve months is around 27.13%, while BTC has not paid dividends to shareholders.

Position	TTM	2025
BTC Grayscale Bitcoin Mini Trust ETF	0.00%	0.00%
DFII FT Vest Bitcoin Strategy & Target Income ETF	27.13%	15.51%

Frequently Asked Questions

Can I hold both DFII and BTC in my portfolio?

With a correlation of 1.00, DFII and BTC 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 BTC?

BTC has higher volatility (9.68%) compared to DFII (9.20%). In terms of maximum drawdown, DFII dropped -48.07% vs BTC's -49.34%.

Which ETF is better, DFII or BTC?

On 1-year performance, DFII leads with -34.54% vs -35.77% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, DFII has been the lower-risk option at 9.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFII or BTC?

Over the 1-year period, DFII has performed better with a -34.54% return vs -35.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFII or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.85% for DFII.

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

DFII has the higher dividend yield at 27.13%, compared with 0.00% for BTC.

What is the main difference between DFII and BTC?

They also come from different issuers: First Trust and Grayscale. Their fees differ too: 0.85% for DFII and 0.15% for BTC.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.82 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.