BHDG vs. GLDN

Last updated Aug 4, 2026

BHDG (Nicholas Bitcoin Tail ETF) and GLDN (Nicholas Gold Income ETF) are both exchange-traded funds - BHDG is a Cryptocurrency fund actively managed by Nicholas, while GLDN is a Gold 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 1.07%/yr for GLDN.

Performance

BHDG vs. GLDN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin Tail ETF (BHDG) and Nicholas Gold Income ETF (GLDN). 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*: —

GLDN

• 1D: 1.73%
• 1M: -3.62%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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
GLDN Nicholas Gold Income ETF	$89.94K	$104.95K	$97.90K

BHDG vs. GLDN - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-5.83%
GLDN Nicholas Gold Income ETF	-21.85%

Correlation

The correlation between BHDG and GLDN 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. GLDN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Nicholas Gold Income ETF (GLDN). 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.

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

Drawdowns

BHDG vs. GLDN - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum GLDN drawdown of -36.20%. Use the drawdown chart below to compare losses from any high point for BHDG and GLDN.

Drawdown Indicators

	BHDG	GLDN	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-36.20%	+21.14%
Current Drawdown Current decline from peak	-10.34%	-32.30%	+21.96%
Average Drawdown Average peak-to-trough decline	-8.64%	-20.90%	+12.26%

Volatility

Volatility by Period

	BHDG	GLDN	Difference
Volatility (1Y) Calculated over the trailing 1-year period	25.88%	41.24%	-15.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.88%	41.24%	-15.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.88%	41.24%	-15.36%

BHDG vs. GLDN - Expense Ratio Comparison

BHDG has a 0.97% expense ratio, which is lower than GLDN's 1.07% expense ratio.

Dividends

BHDG vs. GLDN - Dividend Comparison

BHDG has not paid dividends to shareholders, while GLDN's dividend yield for the trailing twelve months is around 7.51%.

Position	TTM
BHDG Nicholas Bitcoin Tail ETF	0.00%
GLDN Nicholas Gold Income ETF	7.51%

Frequently Asked Questions

Can I hold both BHDG and GLDN in my portfolio?

BHDG and GLDN 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 GLDN?

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 GLDN?

BHDG is cheaper with a 0.97% expense ratio, compared with 1.07% for GLDN.

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

GLDN has the higher dividend yield at 7.51%, compared with 0.00% for BHDG.

What is the main difference between BHDG and GLDN?

BHDG is categorized as Cryptocurrency, while GLDN is Gold. Their fees differ too: 0.97% for BHDG and 1.07% for GLDN.