NCIQ vs. BFOC

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and BFOC (FT Vest Bitcoin Strategy Floor15 ETF - October) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while BFOC is a Defined Outcome fund actively managed by First Trust. NCIQ is passively managed, while BFOC is actively managed. Their correlation of 0.90 suggests significant overlap in exposure. NCIQ charges 0.25%/yr vs 0.90%/yr for BFOC.

Performance

NCIQ vs. BFOC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCIQ achieves a -28.25% return, which is significantly lower than BFOC's -7.39% return.

NCIQ

• 1D: -2.92%
• 1M: -18.28%
• YTD: -28.25%
• 6M: -33.10%
• 1Y: -40.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BFOC

• 1D: -0.24%
• 1M: -2.82%
• YTD: -7.39%
• 6M: -9.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. BFOC - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-28.61%
BFOC FT Vest Bitcoin Strategy Floor15 ETF - October	-7.39%	-9.76%

Correlation

The correlation between NCIQ and BFOC is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.90

Return for Risk

NCIQ vs. BFOC — Risk / Return Rank

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

NCIQ

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

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.

NCIQ vs. BFOC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and FT Vest Bitcoin Strategy Floor15 ETF - October (BFOC). 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.

	NCIQ	BFOC	Difference
Sharpe ratio Return per unit of total volatility	-0.85	—	—
Sortino ratio Return per unit of downside risk	-1.15	—	—
Omega ratio Gain probability vs. loss probability	0.87	—	—
Calmar ratio Return relative to maximum drawdown	-0.76	—	—
Martin ratio Return relative to average drawdown	-1.29	—	—
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

	NCIQ	BFOC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-1.88	+1.27

Drawdowns

NCIQ vs. BFOC - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, which is greater than BFOC's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for NCIQ and BFOC.

Drawdown Indicators

	NCIQ	BFOC	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-18.20%	-34.70%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	—	—
Current Drawdown Current decline from peak	-52.01%	-18.20%	-33.81%
Average Drawdown Average peak-to-trough decline	-21.86%	-12.52%	-9.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	—	—

Volatility

Volatility by Period

	NCIQ	BFOC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	12.61%	+34.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	12.61%	+35.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	12.61%	+35.19%

NCIQ vs. BFOC - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than BFOC's 0.90% expense ratio.

Dividends

NCIQ vs. BFOC - Dividend Comparison

Neither NCIQ nor BFOC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and BFOC in my portfolio?

With a correlation of 0.90, NCIQ and BFOC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, NCIQ or BFOC?

On fees, NCIQ is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NCIQ or BFOC?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.90% for BFOC.

Which ETF pays a higher dividend yield, NCIQ or BFOC?

NCIQ and BFOC have nearly identical dividend yields, around 0.00%.

What is the main difference between NCIQ and BFOC?

NCIQ is categorized as Cryptocurrency, while BFOC is Defined Outcome. They also come from different issuers: Hashdex and First Trust. Their fees differ too: 0.25% for NCIQ and 0.90% for BFOC.