BLOX vs. CEPI

Last updated Aug 4, 2026

BLOX (Nicholas Crypto Income ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BLOX is a Cryptocurrency fund actively managed by Nicholas, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, BLOX returned -6.15% vs 23.11% for CEPI. Their correlation of 0.90 means they have usually moved in the same direction. BLOX charges 1.03%/yr vs 0.85%/yr for CEPI.

Performance

BLOX vs. CEPI - Performance Comparison

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

Returns By Period

In the year-to-date period, BLOX achieves a -1.70% return, which is significantly lower than CEPI's 17.46% return.

BLOX

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

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

*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)
BLOX Nicholas Crypto Income ETF	$4.89M	$4.95M	$6.25M
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M

BLOX vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	-1.70%	8.17%
CEPI REX Crypto Equity Premium Income ETF	17.46%	7.47%

Correlation

The correlation between BLOX and CEPI is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.90

The correlation between BLOX and CEPI has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

BLOX vs. CEPI — 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

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

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. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	0.79	-0.90
Sortino ratio: Return per unit of downside risk	0.25	1.24	-1.00
Omega ratio: Gain probability vs. loss probability	1.03	1.16	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.13	1.03	-1.16
Martin ratio: Return relative to average drawdown	-0.24	2.40	-2.64

BLOX vs. CEPI - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is -0.11, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of BLOX and CEPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BLOX vs. CEPI - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BLOX and CEPI.

Drawdown Indicators

	BLOX	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-29.48%	-17.61%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-22.47%	-24.62%
Current Drawdown Current decline from peak	-32.04%	-5.73%	-26.31%
Average Drawdown Average peak-to-trough decline	-19.87%	-8.23%	-11.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.62%	9.65%	+15.97%

Volatility

BLOX vs. CEPI - Volatility Comparison

Nicholas Crypto Income ETF (BLOX) has a higher volatility of 20.56% compared to REX Crypto Equity Premium Income ETF (CEPI) at 11.47%. This indicates that BLOX's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLOX	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.56%	11.47%	+9.09%
Volatility (6M) Calculated over the trailing 6-month period	43.37%	23.71%	+19.66%
Volatility (1Y) Calculated over the trailing 1-year period	56.97%	29.38%	+27.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	31.91%	+23.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.14%	31.91%	+23.23%

BLOX vs. CEPI - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

BLOX vs. CEPI - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 47.94%, more than CEPI's 44.70% yield.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	47.94%	22.69%
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%

Frequently Asked Questions

Can I hold both BLOX and CEPI in my portfolio?

With a correlation of 0.91, BLOX and CEPI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BLOX or CEPI?

BLOX has higher volatility (20.56%) compared to CEPI (11.47%). In terms of maximum drawdown, BLOX dropped -47.09% vs CEPI's -29.48%.

Which ETF is better, BLOX or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -6.15% for BLOX. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 11.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLOX or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 47.94%, compared with 44.70% for CEPI.

What is the main difference between BLOX and CEPI?

BLOX is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Nicholas and REX. Their fees differ too: 1.03% for BLOX and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 vs -0.11), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.