NCIQ vs. CLIP

Last updated Aug 5, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past year, NCIQ returned -47.45% vs 3.86% for CLIP. Their -0.05 correlation means they have often moved in opposite directions in the past. NCIQ charges 0.25%/yr vs 0.07%/yr for CLIP.

Performance

NCIQ vs. CLIP - 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 1-3 Month T-Bill ETF (CLIP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCIQ achieves a -29.52% return, which is significantly lower than CLIP's 2.13% return.

NCIQ

• 1D: 0.48%
• 1M: 4.64%
• 6M: -17.65%
• YTD: -29.52%
• 1Y: -47.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -28.66%

CLIP

• 1D: 0.00%
• 1M: 0.30%
• 6M: 1.82%
• YTD: 2.13%
• 1Y: 3.86%
• 3Y*: 4.61%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLIP Global X 1-3 Month T-Bill ETF	$33.03M	$27.37M	$36.44M
NCIQ Hashdex Nasdaq Crypto Index US ETF	$707.17K	$681.79K	$819.25K

NCIQ vs. CLIP - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-29.52%	-13.57%
CLIP Global X 1-3 Month T-Bill ETF	2.13%	3.74%

Correlation

The correlation between NCIQ and CLIP is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	-0.05

Return for Risk

NCIQ vs. CLIP — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 3

CLIP

CLIP Risk / Return Rank: 100
CLIP Sharpe Ratio Rank: 100
CLIP Sortino Ratio Rank: 100
CLIP Omega Ratio Rank: 100
CLIP Calmar Ratio Rank: 100
CLIP Martin Ratio Rank: 100

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NCIQ vs. CLIP - 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 1-3 Month T-Bill ETF (CLIP). 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	CLIP	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	18.07	-19.06
Sortino ratio: Return per unit of downside risk	-1.48	105.37	-106.85
Omega ratio: Gain probability vs. loss probability	0.84	35.46	-34.63
Calmar ratio: Return relative to maximum drawdown	-0.83	194.13	-194.97
Martin ratio: Return relative to average drawdown	-1.25	1,642.72	-1,643.97

NCIQ vs. CLIP - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.99, which is lower than the CLIP Sharpe Ratio of 18.07. The chart below compares the historical Sharpe Ratios of NCIQ and CLIP, 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. CLIP - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for NCIQ and CLIP.

Drawdown Indicators

	NCIQ	CLIP	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-0.08%	-56.97%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-0.02%	-57.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.08%	—
Current Drawdown Current decline from peak	-52.87%	0.00%	-52.87%
Average Drawdown Average peak-to-trough decline	-25.80%	0.00%	-25.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.92%	0.00%	+37.92%

Volatility

NCIQ vs. CLIP - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 8.72% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.06%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	CLIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.72%	0.06%	+8.66%
Volatility (6M) Calculated over the trailing 6-month period	34.81%	0.15%	+34.66%
Volatility (1Y) Calculated over the trailing 1-year period	48.06%	0.21%	+47.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.12%	0.43%	+46.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.12%	0.43%	+46.69%

NCIQ vs. CLIP - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is higher than CLIP's 0.07% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

NCIQ vs. CLIP - Dividend Comparison

NCIQ has not paid dividends to shareholders, while CLIP's dividend yield for the trailing twelve months is around 3.81%.

Position	TTM	2025	2024	2023
CLIP Global X 1-3 Month T-Bill ETF	3.81%	4.14%	5.11%	2.75%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and CLIP in my portfolio?

NCIQ and CLIP have a correlation of -0.06, 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 CLIP?

NCIQ has higher volatility (8.72%) compared to CLIP (0.06%). In terms of maximum drawdown, NCIQ dropped -57.05% vs CLIP's -0.08%.

Which ETF is better, NCIQ or CLIP?

On 1-year performance, CLIP leads with 3.86% vs -47.45% for NCIQ. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or CLIP?

Over the 1-year period, CLIP has performed better with a 3.86% return vs -47.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or CLIP?

CLIP is cheaper with a 0.07% expense ratio, compared with 0.25% for NCIQ.

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

CLIP has the higher dividend yield at 3.81%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and CLIP?

NCIQ is categorized as Cryptocurrency, while CLIP is Ultrashort Bond. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: Hashdex and Global X. Their fees differ too: 0.25% for NCIQ and 0.07% for CLIP.

Which has better risk-adjusted returns?

CLIP currently has the higher Sharpe Ratio (18.07 vs -0.99), 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.