BHDG vs. CEPI

Last updated Jun 4, 2026

BHDG (Nicholas Bitcoin Tail ETF) and CEPI (REX Crypto Equity Premium Income 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 0.85%/yr for CEPI.

Performance

BHDG vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BHDG

• 1D: 1.46%
• 1M: 6.79%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CEPI

• 1D: -1.35%
• 1M: 7.21%
• YTD: 20.71%
• 6M: 18.40%
• 1Y: 34.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. CEPI - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-3.79%
CEPI REX Crypto Equity Premium Income ETF	21.84%

Correlation

The correlation between BHDG and CEPI 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

Return for Risk

BHDG vs. CEPI — Risk / Return Rank

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

CEPI

CEPI Risk / Return Rank: 32
CEPI Sharpe Ratio Rank: 35
CEPI Sortino Ratio Rank: 33
CEPI Omega Ratio Rank: 36
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 26

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. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.91	0.45	-1.36

Drawdowns

BHDG vs. CEPI - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum CEPI drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BHDG and CEPI.

Drawdown Indicators

	BHDG	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-29.48%	+14.42%
Max Drawdown (1Y) Largest decline over 1 year	—	-22.47%	—
Current Drawdown Current decline from peak	-7.70%	-2.08%	-5.62%
Average Drawdown Average peak-to-trough decline	-9.28%	-8.65%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	9.43%	—

Volatility

Volatility by Period

	BHDG	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.70%	26.79%	-8.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.70%	31.57%	-12.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.70%	31.57%	-12.87%

BHDG vs. CEPI - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BHDG vs. CEPI - Dividend Comparison

BHDG has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 42.71%.

Position	TTM	2025
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%
CEPI REX Crypto Equity Premium Income ETF	42.71%	50.78%

Frequently Asked Questions

Can I hold both BHDG and CEPI in my portfolio?

BHDG and CEPI 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.

Which ETF is better, BHDG or CEPI?

On fees, CEPI is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BHDG or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.97% for BHDG.

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

CEPI has the higher dividend yield at 42.71%, compared with 0.00% for BHDG.

What is the main difference between BHDG and CEPI?

They also come from different issuers: Nicholas and REX. Their fees differ too: 0.97% for BHDG and 0.85% for CEPI.