NCIQ vs. CEF.TO

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) is Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while CEF.TO (Sprott Physical Gold and Silver Trust) is a stock. Over the past year, NCIQ returned -40.00% vs 57.75% for CEF.TO. At a 0.15 correlation, their price movements are largely independent.

Performance

NCIQ vs. CEF.TO - Performance Comparison

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

Different Trading Currencies

NCIQ is traded in USD, while CEF.TO is traded in CAD. To make them comparable, the CEF.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, NCIQ achieves a -28.25% return, which is significantly lower than CEF.TO's 3.07% return.

NCIQ

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

CEF.TO

• 1D: 0.00%
• 1M: 0.95%
• YTD: 3.07%
• 6M: 12.24%
• 1Y: 57.75%
• 3Y*: 36.41%
• 5Y*: 18.75%
• 10Y*: 14.00%

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

NCIQ vs. CEF.TO - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
CEF.TO Sprott Physical Gold and Silver Trust	1.26%	72.54%

Correlation

The correlation between NCIQ and CEF.TO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.15

Return for Risk

NCIQ vs. CEF.TO — 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

CEF.TO

CEF.TO Risk / Return Rank: 77
CEF.TO Sharpe Ratio Rank: 82
CEF.TO Sortino Ratio Rank: 72
CEF.TO Omega Ratio Rank: 80
CEF.TO Calmar Ratio Rank: 76
CEF.TO Martin Ratio Rank: 77

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. CEF.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Sprott Physical Gold and Silver Trust (CEF.TO). 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	CEF.TO	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	1.54	-2.39
Sortino ratio: Return per unit of downside risk	-1.15	1.85	-3.00
Omega ratio: Gain probability vs. loss probability	0.87	1.30	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.76	2.14	-2.90
Martin ratio: Return relative to average drawdown	-1.29	5.46	-6.75
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. CEF.TO - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is lower than the CEF.TO Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of NCIQ and CEF.TO, 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	CEF.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	1.54	-2.39
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.77	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.36	-0.96

Drawdowns

NCIQ vs. CEF.TO - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, smaller than the maximum CEF.TO drawdown of -62.33%. Use the drawdown chart below to compare losses from any high point for NCIQ and CEF.TO.

Drawdown Indicators

	NCIQ	CEF.TO	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-62.33%	+9.43%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-27.11%	-25.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-27.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-29.33%	—
Current Drawdown Current decline from peak	-52.01%	-20.69%	-31.32%
Average Drawdown Average peak-to-trough decline	-21.86%	-31.26%	+9.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	10.61%	+20.33%

Volatility

NCIQ vs. CEF.TO - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.56%, while Sprott Physical Gold and Silver Trust (CEF.TO) has a volatility of 10.31%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than CEF.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	CEF.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	10.31%	-0.75%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	35.20%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	37.80%	+9.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	24.44%	+23.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	22.54%	+25.26%

Dividends

NCIQ vs. CEF.TO - Dividend Comparison

Neither NCIQ nor CEF.TO has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF.TO Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.09%	0.09%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and CEF.TO in my portfolio?

NCIQ and CEF.TO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.