BHDG vs. ETH
BHDG (Nicholas Bitcoin Tail ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.88, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.15%/yr for ETH.
Performance
BHDG vs. ETH - Performance Comparison
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Returns By Period
BHDG
- 1D
- 2.19%
- 1M
- 9.98%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETH
- 1D
- -4.75%
- 1M
- -23.27%
- YTD
- -46.40%
- 6M
- -45.72%
- 1Y
- -34.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BHDG vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.95% |
ETH Grayscale Ethereum Staking Mini ETF | -31.61% |
Correlation
The correlation between BHDG and ETH is -0.88, 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 | -0.88 |
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Return for Risk
BHDG vs. ETH — Risk / Return Rank
BHDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETH
BHDG vs. ETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Grayscale Ethereum Staking Mini ETF (ETH). 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 | ETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.96 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.51 | — |
| Martin ratioReturn relative to average drawdown | — | -0.85 | — |
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Drawdowns
BHDG vs. ETH - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum ETH drawdown of -67.19%. Use the drawdown chart below to compare losses from any high point for BHDG and ETH.
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Drawdown Indicators
| BHDG | ETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -67.19% | +52.13% |
Max Drawdown (1Y)Largest decline over 1 year | — | -67.19% | — |
Current DrawdownCurrent decline from peak | -3.89% | -66.99% | +63.10% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -33.57% | +24.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 40.37% | — |
Volatility
BHDG vs. ETH - Volatility Comparison
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Volatility by Period
| BHDG | ETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.94% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 46.45% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 69.09% | -41.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.77% | 72.38% | -44.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.77% | 72.38% | -44.61% |
BHDG vs. ETH - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than ETH's 0.15% expense ratio.
Dividends
BHDG vs. ETH - Dividend Comparison
Neither BHDG nor ETH has paid dividends to shareholders.
Frequently Asked Questions
BHDG and ETH have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETH is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETH is cheaper with a 0.15% expense ratio, compared with 0.97% for BHDG.
BHDG and ETH 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 ETH.
Find the right allocation for BHDG and ETH
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