NCIQ vs. BITW
NCIQ (Hashdex Nasdaq Crypto Index US ETF) is Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while BITW (Bitwise 10 Crypto Index Fund) is a stock. Over the past year, NCIQ returned -40.00% vs -32.03% for BITW. With a 0.96 correlation, they move nearly in lockstep.
Performance
NCIQ vs. BITW - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with NCIQ having a -28.25% return and BITW slightly lower at -28.62%.
NCIQ
- 1D
- -2.92%
- 1M
- -18.28%
- YTD
- -28.25%
- 6M
- -33.10%
- 1Y
- -40.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BITW
- 1D
- -3.34%
- 1M
- -18.81%
- YTD
- -28.62%
- 6M
- -33.87%
- 1Y
- -32.03%
- 3Y*
- 58.56%
- 5Y*
- -7.67%
- 10Y*
- —
NCIQ vs. BITW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCIQ Hashdex Nasdaq Crypto Index US ETF | -28.25% | -10.21% |
BITW Bitwise 10 Crypto Index Fund | -28.62% | -1.06% |
Correlation
The correlation between NCIQ and BITW is 0.97 - 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 | 0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025 | 0.96 |
The correlation between NCIQ and BITW has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
NCIQ vs. BITW — Risk / Return Rank
NCIQ
BITW
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 Fund (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.
| NCIQ | BITW | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.85 | -0.66 | -0.20 |
Sortino ratioReturn per unit of downside risk | -1.15 | -0.75 | -0.40 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.91 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.62 | -0.14 |
Martin ratioReturn relative to average drawdown | -1.29 | -1.06 | -0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NCIQ | BITW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.85 | -0.66 | -0.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.12 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.61 | 0.23 | -0.84 |
Drawdowns
NCIQ vs. BITW - Drawdown Comparison
The maximum NCIQ drawdown since its inception was -52.90%, 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.
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Drawdown Indicators
| NCIQ | BITW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.90% | -96.46% | +43.56% |
Max Drawdown (1Y)Largest decline over 1 year | -52.90% | -52.10% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -52.10% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -92.13% | — |
Current DrawdownCurrent decline from peak | -52.01% | -69.83% | +17.82% |
Average DrawdownAverage peak-to-trough decline | -21.86% | -69.59% | +47.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.94% | 30.25% | +0.69% |
Volatility
NCIQ vs. BITW - Volatility Comparison
Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise 10 Crypto Index Fund (BITW) have volatilities of 9.56% and 9.49%, 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.
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Volatility by Period
| NCIQ | BITW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.56% | 9.49% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 36.46% | 37.71% | -1.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.21% | 49.10% | -1.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.80% | 66.30% | -18.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.80% | 108.75% | -60.95% |
Dividends
NCIQ vs. BITW - Dividend Comparison
Neither NCIQ nor BITW has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.97, 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.
NCIQ has higher volatility (9.56%) compared to BITW (9.49%). In terms of maximum drawdown, NCIQ dropped -52.90% vs BITW's -96.46%.
BITW currently has the higher Sharpe Ratio (-0.66 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.
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