- Issuer
- Nicholas
- Inception Date
- Mar 18, 2026
- Region
- Global (Global)
- Category
- Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Asset Class
- Cryptocurrency
- Assets Under Management
- $13M
Share Price Chart
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Performance
BHDG Performance Chart
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Returns By Period
Nicholas Bitcoin Tail ETF
- 1D
- 1.10%
- 1M
- 7.10%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.00%
- 1M
- -0.71%
- YTD
- 8.39%
- 6M
- 8.57%
- 1Y
- 24.33%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.54%
BHDG Monthly Returns History
Based on dividend-adjusted daily data since Mar 18, 2026, BHDG's average daily return is -0.01%, while the average monthly return is -0.24%.
Historically, 50% of months were positive and 50% were negative. The best month was Jun 2026 with a return of +6.5%, while the worst month was Apr 2026 at -9.8%. The longest winning streak lasted 1 consecutive months, and the longest losing streak was 2 months.
On a daily basis, BHDG closed higher 46% of trading days. The best single day was Jun 9, 2026 with a return of +6.2%, while the worst single day was Jun 8, 2026 at -7.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.48% | -9.76% | -0.15% | 6.46% | -1.69% |
Benchmark Metrics
Nicholas Bitcoin Tail ETF has an annualized alpha of 39.92%, beta of -0.91, and R2 of 0.26 versus S&P 500 Index. Calculated based on daily prices since March 18, 2026.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -266.52%), but participation in market rallies was also limited (-32.06%) - a profile typical of counter-cyclical assets.
- Beta of -0.91 may look defensive, but with R2 of 0.26 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.26 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 39.92%
- Beta
- -0.91
- R²
- 0.26
- Upside Capture
- -32.06%
- Downside Capture
- -266.52%
Expense Ratio
BHDG has a high expense ratio of 0.97%, indicating above-average management fees.
Return for Risk
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and compare them to S&P 500 Index.
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.
| BHDG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.35 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.66 | — |
| Martin ratioReturn relative to average drawdown | — | 11.86 | — |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nicholas Bitcoin Tail ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nicholas Bitcoin Tail ETF was 15.06%, occurring on May 11, 2026. The portfolio has not yet recovered.
The current Nicholas Bitcoin Tail ETF drawdown is 6.40%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 correction2026 | -15.06%May 2026 | 1mo 12d | — | 2mo 24dMar 2026 - now |
2026 pullback2026 | -1.07%Mar 2026 | 0s | 1d | 1dMar 2026 - Mar 2026 |
2026 pullback2026 | -0.59%Mar 2026 | 0s | 1d | 1dMar 2026 - Mar 2026 |
Drawdown Indicators
| BHDG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -56.78% | +41.72% |
Max Drawdown (1Y)Largest decline over 1 year | — | -9.10% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -6.40% | -2.49% | -3.91% |
Average DrawdownAverage peak-to-trough decline | -8.75% | -10.72% | +1.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.03% | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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