NCIQ vs. DEFI

Last updated Jun 5, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and DEFI (Hashdex Bitcoin Futures ETF) are both Cryptocurrency funds from Hashdex - NCIQ tracks the Nasdaq Crypto US Settlement Price™ Index while DEFI tracks the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. Both are passively managed. Over the past year, NCIQ returned -41.02% vs -39.55% for DEFI. With a 0.98 correlation, they move nearly in lockstep. NCIQ charges 0.25%/yr vs 0.90%/yr for DEFI.

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.

Returns By Period

In the year-to-date period, NCIQ achieves a -30.25% return, which is significantly lower than DEFI's -27.20% return.

NCIQ

• 1D: -2.79%
• 1M: -21.86%
• YTD: -30.25%
• 6M: -34.70%
• 1Y: -41.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DEFI

• 1D: -2.31%
• 1M: -22.03%
• YTD: -27.20%
• 6M: -31.16%
• 1Y: -39.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. DEFI - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-30.25%	-10.21%
DEFI Hashdex Bitcoin Futures ETF	-27.20%	-10.75%

Correlation

The correlation between NCIQ and DEFI is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.98

The correlation between NCIQ and DEFI has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

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: 2
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 3
NCIQ Omega Ratio Rank: 3
NCIQ Calmar Ratio Rank: 2
NCIQ Martin Ratio Rank: 2

DEFI

DEFI Risk / Return Rank: 2
DEFI Sharpe Ratio Rank: 2
DEFI Sortino Ratio Rank: 2
DEFI Omega Ratio Rank: 2
DEFI Calmar Ratio Rank: 2
DEFI 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.

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	-0.87	-0.90	+0.03
Sortino ratio: Return per unit of downside risk	-1.20	-1.25	+0.05
Omega ratio: Gain probability vs. loss probability	0.87	0.86	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.80	+0.03
Martin ratio: Return relative to average drawdown	-1.32	-1.39	+0.07
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 -0.87, which is comparable to the DEFI Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of NCIQ and DEFI, 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

	NCIQ	DEFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	-0.90	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	-0.07	-0.56

Drawdowns

NCIQ vs. DEFI - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -53.35%, 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	-53.35%	-49.60%	-3.75%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-49.60%	-3.75%
Current Drawdown Current decline from peak	-53.35%	-49.32%	-4.03%
Average Drawdown Average peak-to-trough decline	-21.95%	-16.53%	-5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.13%	28.51%	+2.62%

Volatility

NCIQ vs. DEFI - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Hashdex Bitcoin Futures ETF (DEFI) have volatilities of 9.32% and 9.25%, 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

	NCIQ	DEFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	9.25%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	35.88%	34.33%	+1.55%
Volatility (1Y) Calculated over the trailing 1-year period	47.24%	43.87%	+3.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.79%	48.87%	-1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.79%	48.87%	-1.08%

NCIQ vs. DEFI - Expense Ratio Comparison

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

Dividends

NCIQ vs. DEFI - Dividend Comparison

Neither NCIQ nor DEFI has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and DEFI in my portfolio?

With a correlation of 0.99, NCIQ and DEFI 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, NCIQ or DEFI?

NCIQ has higher volatility (9.32%) compared to DEFI (9.25%). In terms of maximum drawdown, NCIQ dropped -53.35% vs DEFI's -49.60%.

Which ETF is better, NCIQ or DEFI?

On 1-year performance, DEFI leads with -39.55% vs -41.02% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or DEFI?

Over the 1-year period, DEFI has performed better with a -39.55% return vs -41.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or DEFI?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.90% for DEFI.

Which ETF pays a higher dividend yield, NCIQ or DEFI?

NCIQ and DEFI have nearly identical dividend yields, around 0.00%.

What is the main difference between NCIQ and DEFI?

NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while DEFI tracks HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index. Their fees differ too: 0.25% for NCIQ and 0.90% for DEFI.

Which has better risk-adjusted returns?

NCIQ currently has the higher Sharpe Ratio (-0.87 vs -0.90), 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.