BHDG vs. BITC
BHDG (Nicholas Bitcoin Tail ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.67, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.88%/yr for BITC.
Performance
BHDG vs. BITC - Performance Comparison
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Returns By Period
BHDG
- 1D
- 1.46%
- 1M
- 6.79%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITC
- 1D
- -0.00%
- 1M
- -4.31%
- YTD
- 6.98%
- 6M
- -1.22%
- 1Y
- -15.09%
- 3Y*
- 36.02%
- 5Y*
- —
- 10Y*
- —
BHDG vs. BITC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | -3.79% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.53% |
Correlation
The correlation between BHDG and BITC is -0.67, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026 | -0.67 |
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Return for Risk
BHDG vs. BITC — Risk / Return Rank
BHDG
BITC
BHDG vs. BITC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| BHDG | BITC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.59 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.91 | 0.68 | -1.58 |
Drawdowns
BHDG vs. BITC - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BITC drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for BHDG and BITC.
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Drawdown Indicators
| BHDG | BITC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -38.51% | +23.45% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.51% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -38.51% | — |
Current DrawdownCurrent decline from peak | -7.70% | -26.48% | +18.78% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -16.37% | +7.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 18.37% | — |
Volatility
BHDG vs. BITC - Volatility Comparison
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Volatility by Period
| BHDG | BITC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.39% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 19.98% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.70% | 25.54% | -6.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.70% | 46.65% | -27.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.70% | 46.65% | -27.95% |
BHDG vs. BITC - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than BITC's 0.88% expense ratio.
Dividends
BHDG vs. BITC - Dividend Comparison
BHDG has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.14%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.00% | 0.00% | 0.00% | 0.00% |
BITC Bitwise Bitcoin Strategy Optimum Roll ETF | 3.14% | 3.36% | 42.68% | 5.82% |
Frequently Asked Questions
BHDG and BITC have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BITC is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BITC is cheaper with a 0.88% expense ratio, compared with 0.97% for BHDG.
BITC has the higher dividend yield at 3.14%, compared with 0.00% for BHDG.
They also come from different issuers: Nicholas and Bitwise. Their fees differ too: 0.97% for BHDG and 0.88% for BITC.
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