BHDG vs. BTCZ

Last updated Jun 5, 2026

BHDG (Nicholas Bitcoin Tail ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. Their correlation of 0.94 suggests significant overlap in exposure. BHDG charges 0.97%/yr vs 0.95%/yr for BTCZ.

Performance

BHDG vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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*: —

BTCZ

• 1D: 5.56%
• 1M: 60.49%
• YTD: 39.90%
• 6M: 53.41%
• 1Y: 60.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-2.24%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	16.87%

Correlation

The correlation between BHDG and BTCZ is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	0.94

Return for Risk

BHDG vs. BTCZ — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 24
BTCZ Sharpe Ratio Rank: 21
BTCZ Sortino Ratio Rank: 27
BTCZ Omega Ratio Rank: 26
BTCZ Calmar Ratio Rank: 27
BTCZ Martin Ratio Rank: 21

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. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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	BTCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.69	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	-0.55	+0.02

Drawdowns

BHDG vs. BTCZ - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for BHDG and BTCZ.

Drawdown Indicators

	BHDG	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-91.06%	+76.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.02%	—
Current Drawdown Current decline from peak	-6.21%	-77.44%	+71.23%
Average Drawdown Average peak-to-trough decline	-9.23%	-73.73%	+64.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.76%	—

Volatility

Volatility by Period

	BHDG	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.88%	87.54%	-68.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	97.10%	-78.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	97.10%	-78.22%

BHDG vs. BTCZ - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is higher than BTCZ's 0.95% expense ratio.

Dividends

BHDG vs. BTCZ - Dividend Comparison

BHDG has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%

Frequently Asked Questions

Can I hold both BHDG and BTCZ in my portfolio?

With a correlation of 0.94, BHDG and BTCZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, BHDG or BTCZ?

On fees, BTCZ is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BHDG or BTCZ?

BTCZ is cheaper with a 0.95% expense ratio, compared with 0.97% for BHDG.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for BHDG.

What is the main difference between BHDG and BTCZ?

They also come from different issuers: Nicholas and T-Rex. Their fees differ too: 0.97% for BHDG and 0.95% for BTCZ.