BLOX vs. BHDG

Last updated Aug 4, 2026

BLOX (Nicholas Crypto Income ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. Their -0.58 correlation means they have often moved in opposite directions in the past. BLOX charges 1.03%/yr vs 0.97%/yr for BHDG.

Performance

BLOX vs. BHDG - Performance Comparison

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

Returns By Period

BLOX

• 1D: 3.66%
• 1M: -0.32%
• 6M: -1.27%
• YTD: -1.70%
• 1Y: -6.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.59%

BHDG

• 1D: -1.34%
• 1M: -4.67%
• 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
BLOX Nicholas Crypto Income ETF	$4.89M	$4.95M	$6.25M

BLOX vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
BLOX Nicholas Crypto Income ETF	3.99%
BHDG Nicholas Bitcoin Tail ETF	-5.83%

Correlation

The correlation between BLOX and BHDG is -0.58, 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	-0.58

Return for Risk

BLOX vs. BHDG — Risk / Return Rank

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

BLOX

BLOX Risk / Return Rank: 11
BLOX Sharpe Ratio Rank: 9
BLOX Sortino Ratio Rank: 13
BLOX Omega Ratio Rank: 12
BLOX Calmar Ratio Rank: 9
BLOX Martin Ratio Rank: 9

BHDG

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

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.

BLOX vs. BHDG - Risk-Adjusted Trends Comparison

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

	BLOX	BHDG	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	—	—
Sortino ratio: Return per unit of downside risk	0.25	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	-0.13	—	—
Martin ratio: Return relative to average drawdown	-0.24	—	—

Drawdowns

BLOX vs. BHDG - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for BLOX and BHDG.

Drawdown Indicators

	BLOX	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-15.06%	-32.03%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	—	—
Current Drawdown Current decline from peak	-32.04%	-10.34%	-21.70%
Average Drawdown Average peak-to-trough decline	-19.87%	-8.64%	-11.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.62%	—	—

Volatility

Volatility by Period

	BLOX	BHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	56.97%	25.88%	+31.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	25.88%	+29.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.14%	25.88%	+29.26%

BLOX vs. BHDG - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than BHDG's 0.97% expense ratio.

Dividends

BLOX vs. BHDG - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 47.94%, while BHDG has not paid dividends to shareholders.

Position	TTM	2025
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%
BLOX Nicholas Crypto Income ETF	47.94%	22.69%

Frequently Asked Questions

Can I hold both BLOX and BHDG in my portfolio?

BLOX and BHDG have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BLOX or BHDG?

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, BLOX or BHDG?

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

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

BLOX has the higher dividend yield at 47.94%, compared with 0.00% for BHDG.

What is the main difference between BLOX and BHDG?

Their fees differ too: 1.03% for BLOX and 0.97% for BHDG.