BHDG vs. NGHT

Last updated Jul 17, 2026

BHDG (Nicholas Bitcoin Tail ETF) and NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. At a correlation of -0.76, they often move in opposite directions. Both charge a 0.97% expense ratio.

Performance

BHDG vs. NGHT - Performance Comparison

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

Returns By Period

BHDG

• 1D: 0.57%
• 1M: -1.35%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NGHT

• 1D: -1.48%
• 1M: -5.83%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHDG vs. NGHT - Yearly Performance Comparison

	2026 (YTD)
BHDG Nicholas Bitcoin Tail ETF	-7.36%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-17.08%

Correlation

The correlation between BHDG and NGHT is -0.76, 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 Apr 8, 2026	-0.76

Return for Risk

BHDG vs. NGHT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). 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. NGHT - Drawdown Comparison

The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum NGHT drawdown of -23.03%. Use the drawdown chart below to compare losses from any high point for BHDG and NGHT.

Drawdown Indicators

	BHDG	NGHT	Difference
Max Drawdown Largest peak-to-trough decline	-15.06%	-23.03%	+7.97%
Current Drawdown Current decline from peak	-10.30%	-21.11%	+10.81%
Average Drawdown Average peak-to-trough decline	-8.38%	-10.47%	+2.09%

Volatility

Volatility by Period

	BHDG	NGHT	Difference
Volatility (1Y) Calculated over the trailing 1-year period	26.91%	30.89%	-3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.91%	30.89%	-3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.91%	30.89%	-3.98%

BHDG vs. NGHT - Expense Ratio Comparison

Both BHDG and NGHT have an expense ratio of 0.97%.

Dividends

BHDG vs. NGHT - Dividend Comparison

Neither BHDG nor NGHT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BHDG and NGHT in my portfolio?

BHDG and NGHT have a correlation of -0.76, 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 NGHT?

Both ETFs have the same 0.97% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BHDG or NGHT?

BHDG and NGHT have the same expense ratio: 0.97% per year.

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

BHDG and NGHT have nearly identical dividend yields, around 0.00%.