NCIQ vs. ETH

Last updated Jun 26, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. NCIQ is passively managed, while ETH is actively managed. Over the past year, NCIQ returned -46.49% vs -35.40% for ETH. Their correlation of 0.90 suggests significant overlap in exposure. NCIQ charges 0.25%/yr vs 0.15%/yr for ETH.

Performance

NCIQ vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Grayscale Ethereum Staking Mini ETF (ETH). 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 higher than ETH's -47.26% return.

NCIQ

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

ETH

• 1D: -1.60%
• 1M: -24.76%
• YTD: -47.26%
• 6M: -46.59%
• 1Y: -35.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-35.77%	-13.57%
ETH Grayscale Ethereum Staking Mini ETF	-47.26%	12.15%

Correlation

The correlation between NCIQ and ETH is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.90

The correlation between NCIQ and ETH has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

NCIQ vs. ETH — 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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH Martin Ratio Rank: 6

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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.52	-0.45
Sortino ratio: Return per unit of downside risk	-1.44	-0.42	-1.02
Omega ratio: Gain probability vs. loss probability	0.84	0.95	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.53	-0.29
Martin ratio: Return relative to average drawdown	-1.38	-0.87	-0.51

NCIQ vs. ETH - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.97, which is lower than the ETH Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of NCIQ and ETH, 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. ETH - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, smaller than the maximum ETH drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for NCIQ and ETH.

Drawdown Indicators

	NCIQ	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-67.52%	+10.47%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-67.52%	+10.47%
Current Drawdown Current decline from peak	-57.05%	-67.52%	+10.47%
Average Drawdown Average peak-to-trough decline	-23.60%	-33.64%	+10.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.64%	40.60%	-6.96%

Volatility

NCIQ vs. ETH - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 14.32%, while Grayscale Ethereum Staking Mini ETF (ETH) has a volatility of 19.87%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	19.87%	-5.55%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	46.46%	-9.75%
Volatility (1Y) Calculated over the trailing 1-year period	48.10%	68.90%	-20.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.09%	72.31%	-24.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.09%	72.31%	-24.22%

NCIQ vs. ETH - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is higher than ETH's 0.15% 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. ETH - Dividend Comparison

Neither NCIQ nor ETH has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and ETH in my portfolio?

With a correlation of 0.93, NCIQ and ETH 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.

Which is riskier, NCIQ or ETH?

ETH has higher volatility (19.87%) compared to NCIQ (14.32%). In terms of maximum drawdown, NCIQ dropped -57.05% vs ETH's -67.52%.

Which ETF is better, NCIQ or ETH?

On 1-year performance, ETH leads with -35.40% vs -46.49% for NCIQ. On fees, ETH is cheaper at 0.15% per year. On volatility, NCIQ has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or ETH?

Over the 1-year period, ETH has performed better with a -35.40% 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 ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.25% for NCIQ.

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

NCIQ and ETH have nearly identical dividend yields, around 0.00%.

What is the main difference between NCIQ and ETH?

They also come from different issuers: Hashdex and Grayscale. Their fees differ too: 0.25% for NCIQ and 0.15% for ETH.

Which has better risk-adjusted returns?

ETH currently has the higher Sharpe Ratio (-0.52 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.