NCIQ vs. DFAX

Last updated Jun 26, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and DFAX (Dimensional World ex US Core Equity 2 ETF) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while DFAX is a Foreign Large Cap Equities fund actively managed by Dimensional. NCIQ is passively managed, while DFAX is actively managed. Over the past year, NCIQ returned -46.49% vs 30.41% for DFAX. At a 0.43 correlation, their price movements are largely independent. NCIQ charges 0.25%/yr vs 0.28%/yr for DFAX.

Performance

NCIQ vs. DFAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Dimensional World ex US Core Equity 2 ETF (DFAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCIQ achieves a -35.77% return, which is significantly lower than DFAX's 13.35% return.

NCIQ

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

DFAX

• 1D: 0.47%
• 1M: -2.18%
• YTD: 13.35%
• 6M: 13.07%
• 1Y: 30.41%
• 3Y*: 20.28%
• 5Y*: —
• 10Y*: —

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

NCIQ vs. DFAX - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-35.77%	-13.57%
DFAX Dimensional World ex US Core Equity 2 ETF	13.35%	28.10%

Correlation

The correlation between NCIQ and DFAX is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.43

Return for Risk

NCIQ vs. DFAX — 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

DFAX

DFAX Risk / Return Rank: 67
DFAX Sharpe Ratio Rank: 69
DFAX Sortino Ratio Rank: 64
DFAX Omega Ratio Rank: 69
DFAX Calmar Ratio Rank: 64
DFAX Martin Ratio Rank: 67

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. DFAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Dimensional World ex US Core Equity 2 ETF (DFAX). 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	DFAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	1.91	-2.88
Sortino ratio: Return per unit of downside risk	-1.44	2.56	-4.00
Omega ratio: Gain probability vs. loss probability	0.84	1.35	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.82	2.75	-3.57
Martin ratio: Return relative to average drawdown	-1.38	10.63	-12.01

NCIQ vs. DFAX - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.97, which is lower than the DFAX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of NCIQ and DFAX, 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. DFAX - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, which is greater than DFAX's maximum drawdown of -28.15%. Use the drawdown chart below to compare losses from any high point for NCIQ and DFAX.

Drawdown Indicators

	NCIQ	DFAX	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-28.15%	-28.90%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-11.11%	-45.94%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.89%	—
Current Drawdown Current decline from peak	-57.05%	-2.62%	-54.43%
Average Drawdown Average peak-to-trough decline	-23.60%	-6.61%	-16.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.64%	2.87%	+30.77%

Volatility

NCIQ vs. DFAX - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 14.32% compared to Dimensional World ex US Core Equity 2 ETF (DFAX) at 6.72%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than DFAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	DFAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	6.72%	+7.60%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	14.12%	+22.59%
Volatility (1Y) Calculated over the trailing 1-year period	48.10%	15.95%	+32.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.09%	16.15%	+31.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.09%	16.15%	+31.94%

NCIQ vs. DFAX - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than DFAX's 0.28% expense ratio.

Dividends

NCIQ vs. DFAX - Dividend Comparison

NCIQ has not paid dividends to shareholders, while DFAX's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021
DFAX Dimensional World ex US Core Equity 2 ETF	2.34%	2.58%	2.98%	3.01%	3.30%	1.40%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and DFAX in my portfolio?

NCIQ and DFAX have a correlation of 0.45, 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 DFAX?

NCIQ has higher volatility (14.32%) compared to DFAX (6.72%). In terms of maximum drawdown, NCIQ dropped -57.05% vs DFAX's -28.15%.

Which ETF is better, NCIQ or DFAX?

On 1-year performance, DFAX leads with 30.41% vs -46.49% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, DFAX has been the lower-risk option at 6.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or DFAX?

Over the 1-year period, DFAX has performed better with a 30.41% 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 DFAX?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.28% for DFAX.

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

DFAX has the higher dividend yield at 2.34%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and DFAX?

NCIQ is categorized as Cryptocurrency, while DFAX is Foreign Large Cap Equities. They also come from different issuers: Hashdex and Dimensional. Their fees differ too: 0.25% for NCIQ and 0.28% for DFAX.

Which has better risk-adjusted returns?

DFAX currently has the higher Sharpe Ratio (1.91 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.