NCIQ vs. BITS

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds - NCIQ tracks the Nasdaq Crypto US Settlement Price™ Index while BITS tracks the NONE. Both are passively managed. Over the past year, NCIQ returned -40.00% vs 19.33% for BITS. Their correlation of 0.86 suggests significant overlap in exposure. NCIQ charges 0.25%/yr vs 0.65%/yr for BITS.

Performance

NCIQ vs. BITS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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 BITS's 4.17% return.

NCIQ

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

BITS

• 1D: -2.94%
• 1M: -1.76%
• YTD: 4.17%
• 6M: -6.53%
• 1Y: 19.33%
• 3Y*: 49.59%
• 5Y*: —
• 10Y*: —

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

NCIQ vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
BITS Global X Blockchain & Bitcoin Strategy ETF	4.17%	8.57%

Correlation

The correlation between NCIQ and BITS is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.86

The correlation between NCIQ and BITS has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

NCIQ vs. BITS — 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

BITS

BITS Risk / Return Rank: 15
BITS Sharpe Ratio Rank: 14
BITS Sortino Ratio Rank: 17
BITS Omega Ratio Rank: 16
BITS Calmar Ratio Rank: 14
BITS Martin Ratio Rank: 12

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. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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	BITS	Difference
Sharpe ratio Return per unit of total volatility	-0.85	0.37	-1.22
Sortino ratio Return per unit of downside risk	-1.15	0.86	-2.01
Omega ratio Gain probability vs. loss probability	0.87	1.10	-0.23
Calmar ratio Return relative to maximum drawdown	-0.76	0.40	-1.16
Martin ratio Return relative to average drawdown	-1.29	0.75	-2.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCIQ vs. BITS - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is lower than the BITS Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of NCIQ and BITS, 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

	NCIQ	BITS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	0.37	-1.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.02	-0.62

Drawdowns

NCIQ vs. BITS - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for NCIQ and BITS.

Drawdown Indicators

	NCIQ	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-83.11%	+30.21%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-48.38%	-4.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-52.01%	-31.42%	-20.59%
Average Drawdown Average peak-to-trough decline	-21.86%	-42.76%	+20.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	25.68%	+5.26%

Volatility

NCIQ vs. BITS - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.56%, while Global X Blockchain & Bitcoin Strategy ETF (BITS) has a volatility of 12.83%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than BITS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	12.83%	-3.27%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	40.38%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	52.55%	-5.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	60.91%	-13.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	60.91%	-13.11%

NCIQ vs. BITS - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than BITS's 0.65% expense ratio.

Dividends

NCIQ vs. BITS - Dividend Comparison

NCIQ has not paid dividends to shareholders, while BITS's dividend yield for the trailing twelve months is around 21.88%.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	21.88%	22.80%	29.49%	13.69%	0.48%	1.90%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and BITS in my portfolio?

NCIQ and BITS have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIQ or BITS?

BITS has higher volatility (12.83%) compared to NCIQ (9.56%). In terms of maximum drawdown, NCIQ dropped -52.90% vs BITS's -83.11%.

Which ETF is better, NCIQ or BITS?

On 1-year performance, BITS leads with 19.33% vs -40.00% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, NCIQ has been the lower-risk option at 9.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or BITS?

Over the 1-year period, BITS has performed better with a 19.33% return vs -40.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or BITS?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.65% for BITS.

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

BITS has the higher dividend yield at 21.88%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and BITS?

NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while BITS tracks NONE. They also come from different issuers: Hashdex and Global X. Their fees differ too: 0.25% for NCIQ and 0.65% for BITS.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (0.37 vs -0.85), 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.