GLDN vs. BHDG

Last updated Jun 6, 2026

GLDN (Nicholas Gold Income ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while BHDG is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. At a correlation of -0.41, they often move in opposite directions. GLDN charges 1.07%/yr vs 0.97%/yr for BHDG.

Performance

GLDN vs. BHDG - Performance Comparison

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

Returns By Period

GLDN

• 1D: -6.72%
• 1M: -12.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BHDG

• 1D: 2.90%
• 1M: 12.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDN vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-12.36%
BHDG Nicholas Bitcoin Tail ETF	0.59%

Correlation

The correlation between GLDN and BHDG is -0.41, 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	-0.41

Return for Risk

GLDN vs. BHDG - Risk-Adjusted Trends Comparison

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	GLDN	BHDG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.14	-1.46

Drawdowns

GLDN vs. BHDG - Drawdown Comparison

The maximum GLDN drawdown since its inception was -28.04%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for GLDN and BHDG.

Drawdown Indicators

	GLDN	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-28.04%	-15.06%	-12.98%
Current Drawdown Current decline from peak	-28.04%	-3.49%	-24.55%
Average Drawdown Average peak-to-trough decline	-15.70%	-9.12%	-6.58%

Volatility

Volatility by Period

	GLDN	BHDG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	41.85%	19.73%	+22.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.85%	19.73%	+22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.85%	19.73%	+22.12%

GLDN vs. BHDG - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than BHDG's 0.97% expense ratio.

Dividends

GLDN vs. BHDG - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 4.42%, while BHDG has not paid dividends to shareholders.

Position	TTM
BHDG Nicholas Bitcoin Tail ETF	0.00%
GLDN Nicholas Gold Income ETF	4.42%

Frequently Asked Questions

Can I hold both GLDN and BHDG in my portfolio?

GLDN and BHDG have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN or BHDG?

On fees, BHDG 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, GLDN or BHDG?

BHDG is cheaper with a 0.97% expense ratio, compared with 1.07% for GLDN.

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

GLDN has the higher dividend yield at 4.42%, compared with 0.00% for BHDG.

What is the main difference between GLDN and BHDG?

GLDN is categorized as Gold, while BHDG is Cryptocurrency. Their fees differ too: 1.07% for GLDN and 0.97% for BHDG.