Hi,
Thank you for posting the question to Q&A forum.
Both NTFS and ReFS have specific features which allow them to significantly improve performance of the file system.
They are both valid options for Hyper-V storage. NTFS has been out longer and does offer more features, while ReFS is still limited in some functionality. The main purpose of ReFS is to improve resilience and reliability to ensure data corruption is prevented.
In the CSV configuration, NTFS is the preferred file system. In contrast, with Storage Spaces Direct (S2D), ReFS is the preferred file system.
Meanwhile, ReFS supports both 4K and 64K cluster sizes. 4K is the recommended cluster size for most deployments, but 64K clusters are appropriate for large, sequential IO workloads.
Resilient File System (ReFS) overview
Which one you want to choose is really up to you. You can read below article that compare the two, which might give you some more insight.
Windows Hyper-V NTFS vs ReFS: A Comparison
Hope above information could help you.
Thanks,
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