BTCC vs. BLOX

Last updated Aug 4, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and BLOX (Nicholas Crypto Income ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCC returned -35.68% vs -6.15% for BLOX. Their 0.73 correlation means they have sometimes moved together and sometimes differently. 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 -20.22% return, which is significantly lower than BLOX's -1.70% return.

BTCC

• 1D: -0.34%
• 1M: 5.11%
• 6M: -11.21%
• YTD: -20.22%
• 1Y: -35.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -19.41%

BLOX

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

*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
BTCC Grayscale Bitcoin Covered Call ETF	$242.21K	$239.26K	$255.92K

BTCC vs. BLOX - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-20.22%	-17.91%
BLOX Nicholas Crypto Income ETF	-1.70%	8.17%

Correlation

The correlation between BTCC and BLOX is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.73
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.73

The correlation between BTCC and BLOX has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

Return for Risk

BTCC vs. BLOX — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 2
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 2

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

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.

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.

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.

	BTCC	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.11	-0.94
Sortino ratio: Return per unit of downside risk	-1.40	0.25	-1.64
Omega ratio: Gain probability vs. loss probability	0.82	1.03	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.13	-0.68
Martin ratio: Return relative to average drawdown	-1.27	-0.24	-1.03

BTCC vs. BLOX - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.04, which is lower than the BLOX Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of BTCC and BLOX, 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

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%	-47.09%	+2.69%
Current Drawdown Current decline from peak	-38.98%	-32.04%	-6.94%
Average Drawdown Average peak-to-trough decline	-18.58%	-19.87%	+1.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.12%	25.62%	+2.50%

Volatility

BTCC vs. BLOX - Volatility Comparison

The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 5.09%, while Nicholas Crypto Income ETF (BLOX) has a volatility of 20.56%. This indicates that BTCC experiences smaller price fluctuations and is considered to be less risky than BLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.09%	20.56%	-15.47%
Volatility (6M) Calculated over the trailing 6-month period	27.56%	43.37%	-15.81%
Volatility (1Y) Calculated over the trailing 1-year period	34.35%	56.97%	-22.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.30%	55.14%	-23.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.30%	55.14%	-23.84%

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 90.87%, more than BLOX's 47.94% yield.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	47.94%	22.69%
BTCC Grayscale Bitcoin Covered Call ETF	90.87%	63.86%

Frequently Asked Questions

Can I hold both BTCC and BLOX in my portfolio?

BTCC and BLOX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCC or BLOX?

BLOX has higher volatility (20.56%) compared to BTCC (5.09%). In terms of maximum drawdown, BTCC dropped -44.40% vs BLOX's -47.09%.

Which ETF is better, BTCC or BLOX?

On 1-year performance, BLOX leads with -6.15% vs -35.68% for BTCC. On fees, BTCC is cheaper at 0.66% per year. On volatility, BTCC has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or BLOX?

Over the 1-year period, BLOX has performed better with a -6.15% return vs -35.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 90.87%, compared with 47.94% 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.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (-0.11 vs -1.04), 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.