BHDG vs. BTRN
BHDG (Nicholas Bitcoin Tail ETF) and BTRN (Global X Bitcoin Trend Strategy ETF) are both Cryptocurrency funds. BHDG is actively managed, while BTRN is passively managed. At a correlation of -0.69, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.95%/yr for BTRN.
Performance
BHDG vs. BTRN - Performance Comparison
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Returns By Period
BHDG
- 1D
- 1.61%
- 1M
- 9.60%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTRN
- 1D
- 0.10%
- 1M
- -13.54%
- YTD
- -9.20%
- 6M
- -9.80%
- 1Y
- -17.28%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BHDG vs. BTRN - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | -2.24% |
BTRN Global X Bitcoin Trend Strategy ETF | -7.90% |
Correlation
The correlation between BHDG and BTRN is -0.69, 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 | -0.69 |
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Return for Risk
BHDG vs. BTRN — Risk / Return Rank
BHDG
BTRN
BHDG vs. BTRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Global X Bitcoin Trend Strategy ETF (BTRN). 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 | BTRN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.00 | -0.54 |
Drawdowns
BHDG vs. BTRN - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum BTRN drawdown of -36.97%. Use the drawdown chart below to compare losses from any high point for BHDG and BTRN.
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Drawdown Indicators
| BHDG | BTRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -36.97% | +21.91% |
Max Drawdown (1Y)Largest decline over 1 year | — | -25.29% | — |
Current DrawdownCurrent decline from peak | -6.21% | -25.22% | +19.01% |
Average DrawdownAverage peak-to-trough decline | -9.23% | -14.43% | +5.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 14.76% | — |
Volatility
BHDG vs. BTRN - Volatility Comparison
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Volatility by Period
| BHDG | BTRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 18.88% | 19.84% | -0.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.88% | 30.94% | -12.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.88% | 30.94% | -12.06% |
BHDG vs. BTRN - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than BTRN's 0.95% expense ratio.
Dividends
BHDG vs. BTRN - Dividend Comparison
BHDG has not paid dividends to shareholders, while BTRN's dividend yield for the trailing twelve months is around 30.57%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.00% | 0.00% | 0.00% |
BTRN Global X Bitcoin Trend Strategy ETF | 30.57% | 27.76% | 2.56% |
Frequently Asked Questions
BHDG and BTRN have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BTRN is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTRN is cheaper with a 0.95% expense ratio, compared with 0.97% for BHDG.
BTRN has the higher dividend yield at 30.57%, compared with 0.00% for BHDG.
They also come from different issuers: Nicholas and Global X. Their fees differ too: 0.97% for BHDG and 0.95% for BTRN.
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