BHDG vs. BTC
BHDG (Nicholas Bitcoin Tail ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.94, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.15%/yr for BTC.
Performance
BHDG vs. BTC - Performance Comparison
Loading charts...
Returns By Period
BHDG
- 1D
- 2.19%
- 1M
- 9.98%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- -3.96%
- 1M
- -21.06%
- YTD
- -31.66%
- 6M
- -31.44%
- 1Y
- -43.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BHDG vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.95% |
BTC Grayscale Bitcoin Mini Trust ETF | -19.76% |
Correlation
The correlation between BHDG and BTC is -0.94, 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 18, 2026 | -0.94 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BHDG vs. BTC — Risk / Return Rank
BHDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC
BHDG vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
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 | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.84 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.83 | — |
| Martin ratioReturn relative to average drawdown | — | -1.42 | — |
Loading charts...
Drawdowns
BHDG vs. BTC - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BTC drawdown of -52.37%. Use the drawdown chart below to compare losses from any high point for BHDG and BTC.
Loading charts...
Drawdown Indicators
| BHDG | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -52.37% | +37.31% |
Max Drawdown (1Y)Largest decline over 1 year | — | -52.37% | — |
Current DrawdownCurrent decline from peak | -3.89% | -52.37% | +48.48% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -17.73% | +9.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 30.70% | — |
Volatility
BHDG vs. BTC - Volatility Comparison
Loading charts...
Volatility by Period
| BHDG | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.21% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.53% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 44.39% | -16.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.77% | 48.29% | -20.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.77% | 48.29% | -20.52% |
BHDG vs. BTC - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
BHDG vs. BTC - Dividend Comparison
Neither BHDG nor BTC has paid dividends to shareholders.
Frequently Asked Questions
BHDG and BTC have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.97% for BHDG.
BHDG and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Nicholas and Grayscale. Their fees differ too: 0.97% for BHDG and 0.15% for BTC.
Find the right allocation for BHDG and BTC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer