BHDG vs. ETHD
BHDG (Nicholas Bitcoin Tail ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Their correlation of 0.88 suggests significant overlap in exposure. BHDG charges 0.97%/yr vs 1.01%/yr for ETHD.
Performance
BHDG vs. ETHD - Performance Comparison
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Returns By Period
BHDG
- 1D
- 2.19%
- 1M
- 9.98%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHD
- 1D
- 9.58%
- 1M
- 51.29%
- YTD
- 92.11%
- 6M
- 87.75%
- 1Y
- -37.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BHDG vs. ETHD - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.95% |
ETHD ProShares UltraShort Ether ETF | 76.70% |
Correlation
The correlation between BHDG and ETHD is 0.88, 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 18, 2026 | 0.88 |
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Return for Risk
BHDG vs. ETHD — Risk / Return Rank
BHDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
ETHD
BHDG vs. ETHD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and ProShares UltraShort Ether ETF (ETHD). 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 | ETHD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.06 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.46 | — |
| Martin ratioReturn relative to average drawdown | — | -0.59 | — |
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Drawdowns
BHDG vs. ETHD - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for BHDG and ETHD.
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Drawdown Indicators
| BHDG | ETHD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -95.59% | +80.53% |
Max Drawdown (1Y)Largest decline over 1 year | — | -82.01% | — |
Current DrawdownCurrent decline from peak | -3.89% | -84.99% | +81.10% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -66.44% | +57.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 63.98% | — |
Volatility
BHDG vs. ETHD - Volatility Comparison
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Volatility by Period
| BHDG | ETHD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 39.71% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 92.53% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 137.63% | -109.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.77% | 142.55% | -114.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.77% | 142.55% | -114.78% |
BHDG vs. ETHD - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is lower than ETHD's 1.01% expense ratio.
Dividends
BHDG vs. ETHD - Dividend Comparison
BHDG has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 9.11%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.00% | 0.00% | 0.00% |
ETHD ProShares UltraShort Ether ETF | 9.11% | 156.62% | 19.15% |
Frequently Asked Questions
BHDG and ETHD 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, BHDG is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BHDG is cheaper with a 0.97% expense ratio, compared with 1.01% for ETHD.
ETHD has the higher dividend yield at 9.11%, compared with 0.00% for BHDG.
They also come from different issuers: Nicholas and ProShares. Their fees differ too: 0.97% for BHDG and 1.01% for ETHD.
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