BHDG vs. BTC

Last updated Jun 5, 2026

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

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and Grayscale Bitcoin Mini Trust ETF (BTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHDG

• 1D: 1.61%
• 1M: 9.60%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTC

• 1D: -2.80%
• 1M: -22.20%
• YTD: -27.45%
• 6M: -31.41%
• 1Y: -39.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. BTC - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-2.24%
BTC Grayscale Bitcoin Mini Trust ETF	-10.62%

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 19, 2026	-0.94

Return for Risk

BHDG vs. BTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTC

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

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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BHDG	BTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.03	-0.50

Drawdowns

BHDG vs. BTC - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BTC drawdown of -49.43%. Use the drawdown chart below to compare losses from any high point for BHDG and BTC.

Drawdown Indicators

	BHDG	BTC	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-49.43%	+34.37%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.43%	—
Current Drawdown Current decline from peak	-6.21%	-49.43%	+43.22%
Average Drawdown Average peak-to-trough decline	-9.23%	-16.68%	+7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.55%	—

Volatility

Volatility by Period

	BHDG	BTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	43.72%	-24.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	48.29%	-29.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	48.29%	-29.41%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BHDG and BTC in my portfolio?

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.

Which ETF is better, BHDG or BTC?

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.

Which ETF is cheaper, BHDG or BTC?

BTC is cheaper with a 0.15% expense ratio, compared with 0.97% for BHDG.

Which ETF pays a higher dividend yield, BHDG or BTC?

BHDG and BTC have nearly identical dividend yields, around 0.00%.

What is the main difference between BHDG and BTC?

They also come from different issuers: Nicholas and Grayscale. Their fees differ too: 0.97% for BHDG and 0.15% for BTC.