NCIQ vs. BITW

Last updated Jun 26, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds - NCIQ tracks the Nasdaq Crypto US Settlement Price™ Index while BITW tracks the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past year, NCIQ returned -46.49% vs -42.92% for BITW. With a 0.95 correlation, they move nearly in lockstep. NCIQ charges 0.25%/yr vs 0.75%/yr for BITW.

Performance

NCIQ vs. BITW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise 10 Crypto Index ETF (BITW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with NCIQ having a -35.77% return and BITW slightly lower at -35.89%.

NCIQ

• 1D: -1.15%
• 1M: -22.38%
• YTD: -35.77%
• 6M: -35.67%
• 1Y: -46.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITW

• 1D: -1.13%
• 1M: -22.28%
• YTD: -35.89%
• 6M: -35.92%
• 1Y: -42.92%
• 3Y*: 50.82%
• 5Y*: 1.48%
• 10Y*: —

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

NCIQ vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-35.77%	-13.57%
BITW Bitwise 10 Crypto Index ETF	-35.89%	0.46%

Correlation

The correlation between NCIQ and BITW is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.95

The correlation between NCIQ and BITW has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

NCIQ vs. BITW — Risk / Return Rank

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

NCIQ

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

BITW

BITW Risk / Return Rank: 3
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 3
BITW Omega Ratio Rank: 3
BITW Calmar Ratio Rank: 3
BITW 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. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise 10 Crypto Index ETF (BITW). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	NCIQ	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.87	-0.10
Sortino ratio: Return per unit of downside risk	-1.44	-1.21	-0.23
Omega ratio: Gain probability vs. loss probability	0.84	0.86	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.76	-0.05
Martin ratio: Return relative to average drawdown	-1.38	-1.30	-0.08

NCIQ vs. BITW - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.97, which is comparable to the BITW Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of NCIQ and BITW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NCIQ vs. BITW - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for NCIQ and BITW.

Drawdown Indicators

	NCIQ	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-96.46%	+39.41%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-56.34%	-0.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.93%	—
Current Drawdown Current decline from peak	-57.05%	-72.90%	+15.85%
Average Drawdown Average peak-to-trough decline	-23.60%	-69.56%	+45.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.64%	32.94%	+0.70%

Volatility

NCIQ vs. BITW - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise 10 Crypto Index ETF (BITW) have volatilities of 14.32% and 14.31%, 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

	NCIQ	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	14.31%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	37.21%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	48.10%	49.84%	-1.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.09%	65.56%	-17.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.09%	108.29%	-60.20%

NCIQ vs. BITW - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than BITW's 0.75% expense ratio.

Dividends

NCIQ vs. BITW - Dividend Comparison

Neither NCIQ nor BITW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and BITW in my portfolio?

With a correlation of 0.98, NCIQ and BITW 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 is riskier, NCIQ or BITW?

NCIQ has higher volatility (14.32%) compared to BITW (14.31%). In terms of maximum drawdown, NCIQ dropped -57.05% vs BITW's -96.46%.

Which ETF is better, NCIQ or BITW?

On 1-year performance, BITW leads with -42.92% vs -46.49% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or BITW?

Over the 1-year period, BITW has performed better with a -42.92% return vs -46.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or BITW?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.75% for BITW.

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

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

What is the main difference between NCIQ and BITW?

NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. They also come from different issuers: Hashdex and Bitwise. Their fees differ too: 0.25% for NCIQ and 0.75% for BITW.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.87 vs -0.97), 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.