GIAX vs. BHDG

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while BHDG is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. At a correlation of -0.54, they often move in opposite directions. Both charge a 0.97% expense ratio.

Performance

GIAX vs. BHDG - Performance Comparison

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

Returns By Period

GIAX

• 1D: -2.89%
• 1M: 12.88%
• YTD: 22.12%
• 6M: 19.89%
• 1Y: 31.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BHDG

• 1D: 1.46%
• 1M: 6.79%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
GIAX Nicholas Global Equity and Income ETF	26.22%
BHDG Nicholas Bitcoin Tail ETF	-3.79%

Correlation

The correlation between GIAX and BHDG is -0.54, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	-0.54

Return for Risk

GIAX vs. BHDG — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 41
GIAX Sharpe Ratio Rank: 41
GIAX Sortino Ratio Rank: 39
GIAX Omega Ratio Rank: 41
GIAX Calmar Ratio Rank: 36
GIAX Martin Ratio Rank: 47

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.

GIAX vs. BHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	BHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.47	—	—
Sortino ratio: Return per unit of downside risk	2.04	—	—
Omega ratio: Gain probability vs. loss probability	1.27	—	—
Calmar ratio: Return relative to maximum drawdown	1.81	—	—
Martin ratio: Return relative to average drawdown	7.84	—	—
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

	GIAX	BHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	-0.91	+1.88

Drawdowns

GIAX vs. BHDG - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for GIAX and BHDG.

Drawdown Indicators

	GIAX	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-15.06%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	—	—
Current Drawdown Current decline from peak	-2.89%	-7.70%	+4.81%
Average Drawdown Average peak-to-trough decline	-2.99%	-9.28%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	—	—

Volatility

Volatility by Period

	GIAX	BHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	18.70%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	18.70%	+2.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	18.70%	+2.76%

GIAX vs. BHDG - Expense Ratio Comparison

Both GIAX and BHDG have an expense ratio of 0.97%.

Dividends

GIAX vs. BHDG - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, while BHDG has not paid dividends to shareholders.

Position	TTM	2025	2024
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%

Frequently Asked Questions

Can I hold both GIAX and BHDG in my portfolio?

GIAX and BHDG have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GIAX or BHDG?

Both ETFs have the same 0.97% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GIAX or BHDG?

GIAX and BHDG have the same expense ratio: 0.97% per year.

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

GIAX has the higher dividend yield at 22.33%, compared with 0.00% for BHDG.

What is the main difference between GIAX and BHDG?

GIAX is categorized as Derivative Income, while BHDG is Cryptocurrency.