NCIQ vs. IBIT

Last updated Jun 4, 2026

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 -40.00% vs -38.74% for IBIT. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

NCIQ vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and iShares Bitcoin Trust ETF (IBIT). 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 lower than IBIT's -25.48% return.

NCIQ

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

IBIT

• 1D: -2.76%
• 1M: -18.50%
• YTD: -25.48%
• 6M: -29.84%
• 1Y: -38.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NCIQ vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-28.25%	-10.21%
IBIT iShares Bitcoin Trust ETF	-25.48%	-10.27%

Correlation

The correlation between NCIQ and IBIT is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.99

The correlation between NCIQ and IBIT has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

NCIQ vs. IBIT — 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

IBIT

IBIT Risk / Return Rank: 2
IBIT Sharpe Ratio Rank: 2
IBIT Sortino Ratio Rank: 2
IBIT Omega Ratio Rank: 2
IBIT Calmar Ratio Rank: 2
IBIT Martin Ratio Rank: 2

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. 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.

	NCIQ	IBIT	Difference
Sharpe ratio Return per unit of total volatility	-0.85	-0.89	+0.04
Sortino ratio Return per unit of downside risk	-1.15	-1.23	+0.07
Omega ratio Gain probability vs. loss probability	0.87	0.86	+0.01
Calmar ratio Return relative to maximum drawdown	-0.76	-0.79	+0.03
Martin ratio Return relative to average drawdown	-1.29	-1.36	+0.07
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. IBIT - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.85, which is comparable to the IBIT Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of NCIQ and IBIT, 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	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.85	-0.89	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.61	0.30	-0.90

Drawdowns

NCIQ vs. IBIT - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -52.90%, which is greater than IBIT's maximum drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for NCIQ and IBIT.

Drawdown Indicators

	NCIQ	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-52.90%	-49.36%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-52.90%	-49.36%	-3.54%
Current Drawdown Current decline from peak	-52.01%	-48.10%	-3.91%
Average Drawdown Average peak-to-trough decline	-21.86%	-16.02%	-5.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.94%	28.44%	+2.50%

Volatility

NCIQ vs. IBIT - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) and iShares Bitcoin Trust ETF (IBIT) have volatilities of 9.56% and 9.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.56%	9.50%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	36.46%	34.44%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	47.21%	43.73%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.80%	50.19%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	50.19%	-2.39%

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.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NCIQ and IBIT in my portfolio?

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.

Which is riskier, NCIQ or IBIT?

NCIQ has higher volatility (9.56%) compared to IBIT (9.50%). In terms of maximum drawdown, NCIQ dropped -52.90% vs IBIT's -49.36%.

Which ETF is better, NCIQ or IBIT?

On 1-year performance, IBIT leads with -38.74% vs -40.00% for NCIQ. Both ETFs have the same 0.25% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or IBIT?

Over the 1-year period, IBIT has performed better with a -38.74% 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 IBIT?

NCIQ and IBIT have the same expense ratio: 0.25% per year.

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

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

What is the main difference between NCIQ and IBIT?

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.

Which has better risk-adjusted returns?

NCIQ currently has the higher Sharpe Ratio (-0.85 vs -0.89), 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.