BHDG vs. GIAX

Last updated Aug 4, 2026

BHDG (Nicholas Bitcoin Tail ETF) and GIAX (Nicholas Global Equity and Income ETF) are both exchange-traded funds - BHDG is a Cryptocurrency fund actively managed by Nicholas, while GIAX is a Derivative Income fund actively managed by Nicholas. Both are actively managed. Their -0.50 correlation means they have often moved in opposite directions in the past. BHDG charges 0.97%/yr vs 1.03%/yr for GIAX.

Performance

BHDG vs. GIAX - Performance Comparison

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

Returns By Period

BHDG

• 1D: -1.34%
• 1M: -4.67%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

GIAX

• 1D: 3.13%
• 1M: -3.55%
• 6M: 7.83%
• YTD: 8.67%
• 1Y: 13.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.74%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BHDG Nicholas Bitcoin Tail ETF	$110.35K	$139.84K	$313.05K
GIAX Nicholas Global Equity and Income ETF	$1.18M	$1.87M	$1.96M

BHDG vs. GIAX - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-5.83%
GIAX Nicholas Global Equity and Income ETF	11.59%

Correlation

The correlation between BHDG and GIAX is -0.50, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026	-0.50

Return for Risk

BHDG vs. GIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BHDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GIAX

GIAX Risk / Return Rank: 24
GIAX Sharpe Ratio Rank: 24
GIAX Sortino Ratio Rank: 24
GIAX Omega Ratio Rank: 24
GIAX Calmar Ratio Rank: 23
GIAX Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BHDG vs. GIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Nicholas Global Equity and Income ETF (GIAX). 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	GIAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.52	—
Sortino ratio: Return per unit of downside risk	—	0.87	—
Omega ratio: Gain probability vs. loss probability	—	1.11	—
Calmar ratio: Return relative to maximum drawdown	—	0.67	—
Martin ratio: Return relative to average drawdown	—	2.22	—

Drawdowns

BHDG vs. GIAX - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum GIAX drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for BHDG and GIAX.

Drawdown Indicators

	BHDG	GIAX	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-20.38%	+5.32%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.64%	—
Current Drawdown Current decline from peak	-10.34%	-13.58%	+3.24%
Average Drawdown Average peak-to-trough decline	-8.64%	-3.55%	-5.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.95%	—

Volatility

Volatility by Period

	BHDG	GIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.88%	25.36%	+0.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.88%	22.62%	+3.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	22.62%	+3.26%

BHDG vs. GIAX - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is lower than GIAX's 1.03% expense ratio.

Dividends

BHDG vs. GIAX - Dividend Comparison

BHDG has not paid dividends to shareholders, while GIAX's dividend yield for the trailing twelve months is around 26.00%.

Position	TTM	2025	2024
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%
GIAX Nicholas Global Equity and Income ETF	26.00%	25.62%	10.58%

Frequently Asked Questions

Can I hold both BHDG and GIAX in my portfolio?

BHDG and GIAX have a correlation of -0.50, 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 GIAX?

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.

Which ETF is cheaper, BHDG or GIAX?

BHDG is cheaper with a 0.97% expense ratio, compared with 1.03% for GIAX.

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

GIAX has the higher dividend yield at 26.00%, compared with 0.00% for BHDG.

What is the main difference between BHDG and GIAX?

BHDG is categorized as Cryptocurrency, while GIAX is Derivative Income. Their fees differ too: 0.97% for BHDG and 1.03% for GIAX.