NCIQ vs. DEFI

Last updated Apr 2, 2026

Compare and contrast key facts about Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Hashdex Bitcoin Futures ETF (DEFI).

NCIQ and DEFI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NCIQ is a passively managed fund by Hashdex that tracks the performance of the Nasdaq Crypto US Settlement Price™ Index. It was launched on Feb 13, 2025. 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. Both NCIQ and DEFI are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

NCIQ vs. DEFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Hashdex Bitcoin Futures ETF (DEFI). The values are adjusted to include any dividend payments, if applicable.

NCIQ vs. DEFI - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-23.64%	-10.21%
DEFI Hashdex Bitcoin Futures ETF	-21.46%	-10.75%

Returns By Period

In the year-to-date period, NCIQ achieves a -23.64% return, which is significantly lower than DEFI's -21.46% return.

NCIQ

• 1D: 0.75%
• 1M: -1.26%
• YTD: -23.64%
• 6M: -45.48%
• 1Y: -19.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DEFI

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

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

NCIQ vs. DEFI - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than DEFI's 0.90% expense ratio.

DEFI

Hashdex Bitcoin Futures ETF

NCIQ

Hashdex Nasdaq Crypto Index US ETF

Return for Risk

NCIQ vs. DEFI — Risk / Return Rank

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

NCIQ

NCIQ Risk / Return Rank: 6
NCIQ Sharpe Ratio Rank: 5
NCIQ Sortino Ratio Rank: 6
NCIQ Omega Ratio Rank: 7
NCIQ Calmar Ratio Rank: 7
NCIQ Martin Ratio Rank: 7

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.

NCIQ vs. DEFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Hashdex Bitcoin Futures ETF (DEFI). 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.

	NCIQ	DEFI	Difference
Sharpe ratio Return per unit of total volatility	-0.40	-0.43	+0.04
Sortino ratio Return per unit of downside risk	-0.27	-0.35	+0.08
Omega ratio Gain probability vs. loss probability	0.97	0.96	+0.01
Calmar ratio Return relative to maximum drawdown	-0.32	-0.34	+0.02
Martin ratio Return relative to average drawdown	-0.67	-0.72	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCIQ vs. DEFI - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.40, which is comparable to the DEFI Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of NCIQ and DEFI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCIQ	DEFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	-0.43	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.58	-0.00	-0.57

Correlation

The correlation between NCIQ and DEFI is 0.98, 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

NCIQ vs. DEFI - Dividend Comparison

Neither NCIQ nor DEFI has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NCIQ vs. DEFI - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, which is greater than DEFI's maximum drawdown of -49.60%. Use the drawdown chart below to compare losses from any high point for NCIQ and DEFI.

Drawdown Indicators

	NCIQ	DEFI	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-49.60%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-49.60%	-3.30%
Current Drawdown Current decline from peak	-48.93%	-45.33%	-3.60%
Average Drawdown Average peak-to-trough decline	-18.46%	-14.50%	-3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.05%	23.18%	+1.87%

Volatility

NCIQ vs. DEFI - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 13.66% compared to Hashdex Bitcoin Futures ETF (DEFI) at 12.90%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than DEFI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	DEFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.66%	12.90%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	40.15%	37.28%	+2.87%
Volatility (1Y) Calculated over the trailing 1-year period	49.10%	45.25%	+3.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.63%	49.92%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.63%	49.92%	-0.29%