BLOX vs. NGHT

Last updated Aug 4, 2026

BLOX (Nicholas Crypto Income ETF) and NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. Their 0.43 correlation means their historical movements had little consistent relationship. BLOX charges 1.03%/yr vs 0.97%/yr for NGHT.

Performance

BLOX vs. NGHT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) and Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). 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%

NGHT

• 1D: -1.55%
• 1M: -8.43%
• 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)
BLOX Nicholas Crypto Income ETF	$4.89M	$4.95M	$6.25M
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	$138.55K	$323.86K	$253.13K

BLOX vs. NGHT - Yearly Performance Comparison

	2026 (YTD)
BLOX Nicholas Crypto Income ETF	16.22%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-21.76%

Correlation

The correlation between BLOX and NGHT is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.43

Return for Risk

BLOX vs. NGHT — 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

NGHT

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. NGHT - Risk-Adjusted Trends Comparison

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

	BLOX	NGHT	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. NGHT - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than NGHT's maximum drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for BLOX and NGHT.

Drawdown Indicators

	BLOX	NGHT	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-25.57%	-21.52%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	—	—
Current Drawdown Current decline from peak	-32.04%	-25.57%	-6.47%
Average Drawdown Average peak-to-trough decline	-19.87%	-12.41%	-7.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.62%	—	—

Volatility

Volatility by Period

	BLOX	NGHT	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%	30.04%	+26.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	30.04%	+25.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.14%	30.04%	+25.10%

BLOX vs. NGHT - Expense Ratio Comparison

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

Dividends

BLOX vs. NGHT - Dividend Comparison

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

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	47.94%	22.69%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLOX and NGHT in my portfolio?

BLOX and NGHT have a correlation of 0.43, 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 NGHT?

On fees, NGHT 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 NGHT?

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

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

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

What is the main difference between BLOX and NGHT?

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