NCIQ vs. ETHW

Last updated Jun 4, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and ETHW (Bitwise Ethereum ETF) are both Cryptocurrency funds. NCIQ is passively managed, while ETHW is actively managed. Over the past year, NCIQ returned -40.00% vs -31.71% for ETHW. Their correlation of 0.90 suggests significant overlap in exposure. NCIQ charges 0.25%/yr vs 0.20%/yr for ETHW.

Performance

NCIQ vs. ETHW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise Ethereum ETF (ETHW). 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 higher than ETHW's -39.45% return.

NCIQ

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

ETHW

• 1D: -5.78%
• 1M: -23.65%
• YTD: -39.45%
• 6M: -42.65%
• 1Y: -31.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
ETHW Bitwise Ethereum ETF	-39.45%	8.47%

Correlation

The correlation between NCIQ and ETHW is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.90

The correlation between NCIQ and ETHW has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

Return for Risk

NCIQ vs. ETHW — 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

ETHW

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

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. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.47	-0.38
Sortino ratio: Return per unit of downside risk	-1.15	-0.32	-0.83
Omega ratio: Gain probability vs. loss probability	0.87	0.96	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.51	-0.25
Martin ratio: Return relative to average drawdown	-1.29	-0.84	-0.45
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. ETHW - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is lower than the ETHW Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of NCIQ and ETHW, 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	ETHW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.47	-0.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	-0.41	-0.19

Drawdowns

NCIQ vs. ETHW - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, smaller than the maximum ETHW drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for NCIQ and ETHW.

Drawdown Indicators

	NCIQ	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-64.04%	+11.14%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-62.87%	+9.97%
Current Drawdown Current decline from peak	-52.01%	-62.87%	+10.86%
Average Drawdown Average peak-to-trough decline	-21.86%	-32.65%	+10.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	37.74%	-6.80%

Volatility

NCIQ vs. ETHW - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.56%, while Bitwise Ethereum ETF (ETHW) has a volatility of 10.08%. This indicates that NCIQ experiences smaller price fluctuations and is considered to be less risky than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	10.08%	-0.52%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	46.02%	-9.56%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	68.33%	-21.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	72.13%	-24.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	72.13%	-24.33%

NCIQ vs. ETHW - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is higher than ETHW's 0.20% 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. ETHW - Dividend Comparison

Neither NCIQ nor ETHW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and ETHW in my portfolio?

With a correlation of 0.92, NCIQ and ETHW 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 ETHW?

ETHW has higher volatility (10.08%) compared to NCIQ (9.56%). In terms of maximum drawdown, NCIQ dropped -52.90% vs ETHW's -64.04%.

Which ETF is better, NCIQ or ETHW?

On 1-year performance, ETHW leads with -31.71% vs -40.00% for NCIQ. On fees, ETHW is cheaper at 0.20% 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 ETHW?

Over the 1-year period, ETHW has performed better with a -31.71% 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 ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.25% for NCIQ.

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

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

What is the main difference between NCIQ and ETHW?

They also come from different issuers: Hashdex and Bitwise. Their fees differ too: 0.25% for NCIQ and 0.20% for ETHW.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.47 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.