NCIQ vs. BTCZ

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. NCIQ is passively managed, while BTCZ is actively managed. Over the past year, NCIQ returned -40.00% vs 55.67% for BTCZ. At a correlation of -0.99, they often move in opposite directions. NCIQ charges 0.25%/yr vs 0.95%/yr for BTCZ.

Performance

NCIQ vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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 BTCZ's 32.54% return.

NCIQ

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

BTCZ

• 1D: 5.28%
• 1M: 46.26%
• YTD: 32.54%
• 6M: 46.67%
• 1Y: 55.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	32.54%	-18.87%

Correlation

The correlation between NCIQ and BTCZ is -0.99, 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 (1Y) Calculated over the trailing 1-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	-0.99

The correlation between NCIQ and BTCZ has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.

Return for Risk

NCIQ vs. BTCZ — 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

BTCZ

BTCZ Risk / Return Rank: 23
BTCZ Sharpe Ratio Rank: 19
BTCZ Sortino Ratio Rank: 26
BTCZ Omega Ratio Rank: 25
BTCZ Calmar Ratio Rank: 25
BTCZ Martin Ratio Rank: 19

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. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	0.64	-1.49
Sortino ratio: Return per unit of downside risk	-1.15	1.40	-2.55
Omega ratio: Gain probability vs. loss probability	0.87	1.17	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.76	1.14	-1.90
Martin ratio: Return relative to average drawdown	-1.29	2.17	-3.46
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. BTCZ - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is lower than the BTCZ Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of NCIQ and BTCZ, 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	BTCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	0.64	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-0.57	-0.04

Drawdowns

NCIQ vs. BTCZ - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for NCIQ and BTCZ.

Drawdown Indicators

	NCIQ	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-91.06%	+38.16%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-49.02%	-3.88%
Current Drawdown Current decline from peak	-52.01%	-78.63%	+26.62%
Average Drawdown Average peak-to-trough decline	-21.86%	-73.72%	+51.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	25.74%	+5.20%

Volatility

NCIQ vs. BTCZ - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.56%, while T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a volatility of 17.94%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	17.94%	-8.38%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	68.50%	-32.04%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	87.46%	-40.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	97.12%	-49.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	97.12%	-49.32%

NCIQ vs. BTCZ - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than BTCZ's 0.95% expense ratio.

Dividends

NCIQ vs. BTCZ - Dividend Comparison

NCIQ has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and BTCZ in my portfolio?

NCIQ and BTCZ have a correlation of -0.99, 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 BTCZ?

BTCZ has higher volatility (17.94%) compared to NCIQ (9.56%). In terms of maximum drawdown, NCIQ dropped -52.90% vs BTCZ's -91.06%.

Which ETF is better, NCIQ or BTCZ?

On 1-year performance, BTCZ leads with 55.67% 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 BTCZ?

Over the 1-year period, BTCZ has performed better with a 55.67% 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 BTCZ?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.95% for BTCZ.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and BTCZ?

They also come from different issuers: Hashdex and T-Rex. Their fees differ too: 0.25% for NCIQ and 0.95% for BTCZ.

Which has better risk-adjusted returns?

BTCZ currently has the higher Sharpe Ratio (0.64 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.