GIAX vs. BTCI

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, GIAX returned 31.82% vs -33.43% for BTCI. A 0.53 correlation means they provide meaningful diversification when combined. GIAX charges 0.97%/yr vs 0.99%/yr for BTCI.

Performance

GIAX vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, GIAX achieves a 22.12% return, which is significantly higher than BTCI's -22.74% return.

GIAX

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

BTCI

• 1D: -2.56%
• 1M: -16.29%
• YTD: -22.74%
• 6M: -26.41%
• 1Y: -33.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.12%	11.73%	-0.17%
BTCI NEOS Bitcoin High Income ETF	-22.74%	-1.09%	28.24%

Correlation

The correlation between GIAX and BTCI is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	0.53

The correlation between GIAX and BTCI has been stable across timeframes, ranging from 0.53 to 0.57 - a consistent structural relationship.

Return for Risk

GIAX vs. BTCI — 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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 2

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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	1.47	-0.86	+2.33
Sortino ratio: Return per unit of downside risk	2.04	-1.14	+3.18
Omega ratio: Gain probability vs. loss probability	1.27	0.87	+0.40
Calmar ratio: Return relative to maximum drawdown	1.81	-0.75	+2.56
Martin ratio: Return relative to average drawdown	7.84	-1.34	+9.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. BTCI - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.47, which is higher than the BTCI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of GIAX and BTCI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GIAX	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	-0.86	+2.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	-0.03	+1.00

Drawdowns

GIAX vs. BTCI - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum BTCI drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for GIAX and BTCI.

Drawdown Indicators

	GIAX	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-44.98%	+24.60%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-44.98%	+27.36%
Current Drawdown Current decline from peak	-2.89%	-42.87%	+39.98%
Average Drawdown Average peak-to-trough decline	-2.99%	-15.18%	+12.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	25.05%	-20.98%

Volatility

GIAX vs. BTCI - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) and NEOS Bitcoin High Income ETF (BTCI) have volatilities of 8.06% and 8.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	8.35%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	30.94%	-11.14%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	38.93%	-17.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	40.11%	-18.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	40.11%	-18.65%

GIAX vs. BTCI - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

GIAX vs. BTCI - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, less than BTCI's 43.16% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	43.16%	36.46%	6.76%
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%

Frequently Asked Questions

Can I hold both GIAX and BTCI in my portfolio?

GIAX and BTCI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or BTCI?

BTCI has higher volatility (8.35%) compared to GIAX (8.06%). In terms of maximum drawdown, GIAX dropped -20.38% vs BTCI's -44.98%.

Which ETF is better, GIAX or BTCI?

On 1-year performance, GIAX leads with 31.82% vs -33.43% for BTCI. On fees, GIAX is cheaper at 0.97% per year. On volatility, GIAX has been the lower-risk option at 8.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or BTCI?

Over the 1-year period, GIAX has performed better with a 31.82% return vs -33.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or BTCI?

GIAX is cheaper with a 0.97% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 43.16%, compared with 22.33% for GIAX.

What is the main difference between GIAX and BTCI?

GIAX is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: Nicholas and Neos. Their fees differ too: 0.97% for GIAX and 0.99% for BTCI.

Which has better risk-adjusted returns?

GIAX currently has the higher Sharpe Ratio (1.47 vs -0.86), 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.