BTCC vs. BLOX

Last updated Jun 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and BLOX (Nicholas Crypto Income ETF) are both Cryptocurrency funds. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. BTCC charges 0.66%/yr vs 1.03%/yr for BLOX.

Performance

BTCC vs. BLOX - Performance Comparison

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

Returns By Period

In the year-to-date period, BTCC achieves a -20.81% return, which is significantly lower than BLOX's 16.52% return.

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BLOX

• 1D: -2.56%
• 1M: 10.59%
• YTD: 16.52%
• 6M: 5.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCC vs. BLOX - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-16.71%
BLOX Nicholas Crypto Income ETF	16.52%	9.24%

Correlation

The correlation between BTCC and BLOX is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	0.77

Return for Risk

BTCC vs. BLOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCC vs. BLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Nicholas Crypto Income ETF (BLOX). 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.

	BTCC	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	—	—
Sortino ratio: Return per unit of downside risk	-1.34	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.76	—	—
Martin ratio: Return relative to average drawdown	-1.47	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BTCC	BLOX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.72	0.54	-1.26

Drawdowns

BTCC vs. BLOX - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, smaller than the maximum BLOX drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for BTCC and BLOX.

Drawdown Indicators

	BTCC	BLOX	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-47.09%	+2.69%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	—	—
Current Drawdown Current decline from peak	-39.44%	-19.45%	-19.99%
Average Drawdown Average peak-to-trough decline	-15.57%	-18.53%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.87%	—	—

Volatility

Volatility by Period

	BTCC	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.70%	—	—
Volatility (6M) Calculated over the trailing 6-month period	27.70%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	32.92%	53.44%	-20.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.68%	53.44%	-21.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.68%	53.44%	-21.76%

BTCC vs. BLOX - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is lower than BLOX's 1.03% expense ratio.

Dividends

BTCC vs. BLOX - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 105.03%, more than BLOX's 36.81% yield.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	36.81%	22.69%
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%

Frequently Asked Questions

Can I hold both BTCC and BLOX in my portfolio?

BTCC and BLOX have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTCC or BLOX?

On fees, BTCC is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTCC or BLOX?

BTCC is cheaper with a 0.66% expense ratio, compared with 1.03% for BLOX.

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

BTCC has the higher dividend yield at 105.03%, compared with 36.81% for BLOX.

What is the main difference between BTCC and BLOX?

They also come from different issuers: Grayscale and Nicholas. Their fees differ too: 0.66% for BTCC and 1.03% for BLOX.