NCIQ vs. IBIT
NCIQ (Hashdex Nasdaq Crypto Index US ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - NCIQ tracks the Nasdaq Crypto US Settlement Price™ Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, NCIQ returned -47.54% vs -44.50% for IBIT. Their 0.98 correlation means they have historically moved very closely together. Both charge a 0.25% expense ratio.
Performance
NCIQ vs. IBIT - Performance Comparison
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Returns By Period
In the year-to-date period, NCIQ achieves a -30.93% return, which is significantly lower than IBIT's -28.22% return.
NCIQ
- 1D
- -2.97%
- 1M
- 2.55%
- 6M
- -27.72%
- YTD
- -30.93%
- 1Y
- -47.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -29.83%
IBIT
- 1D
- -2.89%
- 1M
- 2.21%
- 6M
- -24.95%
- YTD
- -28.22%
- 1Y
- -44.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.01%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.30B | $1.34B | $1.68B | |
| $824.22K | $653.88K | $906.08K |
NCIQ vs. IBIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCIQ Hashdex Nasdaq Crypto Index US ETF | -30.93% | -13.57% |
IBIT iShares Bitcoin Trust ETF | -28.22% | -9.30% |
Correlation
The correlation between NCIQ and IBIT is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | 0.98 |
The correlation between NCIQ and IBIT has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
NCIQ vs. IBIT — Risk / Return Rank
NCIQ
IBIT
NCIQ vs. IBIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and iShares Bitcoin Trust ETF (IBIT). 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 | IBIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.83 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.87 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.31 | -1.34 | +0.02 |
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Drawdowns
NCIQ vs. IBIT - Drawdown Comparison
The maximum NCIQ drawdown since its inception was -57.05%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for NCIQ and IBIT.
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Drawdown Indicators
| NCIQ | IBIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.05% | -53.30% | -3.75% |
Max Drawdown (1Y)Largest decline over 1 year | -57.05% | -53.30% | -3.75% |
Current DrawdownCurrent decline from peak | -53.81% | -50.01% | -3.80% |
Average DrawdownAverage peak-to-trough decline | -25.65% | -18.24% | -7.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.63% | 34.66% | +2.97% |
Volatility
NCIQ vs. IBIT - Volatility Comparison
Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 9.72% compared to iShares Bitcoin Trust ETF (IBIT) at 9.21%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than IBIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCIQ | IBIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.72% | 9.21% | +0.51% |
Volatility (6M)Calculated over the trailing 6-month period | 35.82% | 33.74% | +2.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.13% | 44.46% | +3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.22% | 49.60% | -2.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.22% | 49.60% | -2.38% |
NCIQ vs. IBIT - Expense Ratio Comparison
Both NCIQ and IBIT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.
Dividends
NCIQ vs. IBIT - Dividend Comparison
Neither NCIQ nor IBIT has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.99, NCIQ and IBIT 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.
NCIQ has higher volatility (9.72%) compared to IBIT (9.21%). In terms of maximum drawdown, NCIQ dropped -57.05% vs IBIT's -53.30%.
On 1-year performance, IBIT leads with -44.50% vs -47.54% for NCIQ. Both ETFs have the same 0.25% expense ratio. On volatility, IBIT has been the lower-risk option at 9.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IBIT has performed better with a -44.50% return vs -47.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NCIQ and IBIT have the same expense ratio: 0.25% per year.
NCIQ and IBIT have nearly identical dividend yields, around 0.00%.
NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Hashdex and iShares.
NCIQ currently has the higher Sharpe Ratio (-1.03 vs -1.04), 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.
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