NCIQ vs. LRGF

Last updated Jul 17, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and LRGF (iShares MSCI USA Multifactor ETF) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while LRGF is a Large Cap Blend Equities fund tracking the MSCI USA Diversified Multi-Factor. Both are passively managed. Over the past year, NCIQ returned -48.51% vs 19.30% for LRGF. At a 0.49 correlation, their price movements are largely independent. NCIQ charges 0.25%/yr vs 0.20%/yr for LRGF.

Performance

NCIQ vs. LRGF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) and iShares MSCI USA Multifactor ETF (LRGF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NCIQ achieves a -29.61% return, which is significantly lower than LRGF's 10.28% return.

NCIQ

• 1D: -1.36%
• 1M: -1.84%
• 6M: -35.87%
• YTD: -29.61%
• 1Y: -48.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LRGF

• 1D: -0.57%
• 1M: 0.41%
• 6M: 9.38%
• YTD: 10.28%
• 1Y: 19.30%
• 3Y*: 20.33%
• 5Y*: 13.85%
• 10Y*: 13.71%

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

NCIQ vs. LRGF - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-29.61%	-13.57%
LRGF iShares MSCI USA Multifactor ETF	10.28%	10.32%

Correlation

The correlation between NCIQ and LRGF is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.49

Return for Risk

NCIQ vs. LRGF — 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

LRGF

LRGF Risk / Return Rank: 56
LRGF Sharpe Ratio Rank: 56
LRGF Sortino Ratio Rank: 55
LRGF Omega Ratio Rank: 54
LRGF Calmar Ratio Rank: 53
LRGF Martin Ratio Rank: 61

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. LRGF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) and iShares MSCI USA Multifactor ETF (LRGF). 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	LRGF	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	1.54	-2.55
Sortino ratio: Return per unit of downside risk	-1.54	2.14	-3.68
Omega ratio: Gain probability vs. loss probability	0.83	1.27	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.85	2.17	-3.03
Martin ratio: Return relative to average drawdown	-1.35	8.55	-9.90

NCIQ vs. LRGF - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -1.02, which is lower than the LRGF Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of NCIQ and LRGF, 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. LRGF - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -57.05%, which is greater than LRGF's maximum drawdown of -36.03%. Use the drawdown chart below to compare losses from any high point for NCIQ and LRGF.

Drawdown Indicators

	NCIQ	LRGF	Difference
Max Drawdown Largest peak-to-trough decline	-57.05%	-36.03%	-21.02%
Max Drawdown (1Y) Largest decline over 1 year	-57.05%	-8.92%	-48.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-21.62%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.03%	—
Current Drawdown Current decline from peak	-52.93%	-0.91%	-52.02%
Average Drawdown Average peak-to-trough decline	-24.81%	-4.51%	-20.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.99%	2.26%	+33.73%

Volatility

NCIQ vs. LRGF - Volatility Comparison

Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 11.10% compared to iShares MSCI USA Multifactor ETF (LRGF) at 3.13%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than LRGF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCIQ	LRGF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	3.13%	+7.97%
Volatility (6M) Calculated over the trailing 6-month period	36.90%	10.00%	+26.90%
Volatility (1Y) Calculated over the trailing 1-year period	48.06%	12.61%	+35.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.71%	17.09%	+30.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.71%	18.28%	+29.43%

NCIQ vs. LRGF - Expense Ratio Comparison

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

NCIQ has not paid dividends to shareholders, while LRGF's dividend yield for the trailing twelve months is around 1.08%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LRGF iShares MSCI USA Multifactor ETF	1.08%	1.16%	1.23%	1.49%	1.78%	1.05%	1.35%	1.76%	3.27%	1.68%	1.56%	0.83%
NCIQ Hashdex Nasdaq Crypto Index US ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NCIQ and LRGF in my portfolio?

NCIQ and LRGF have a correlation of 0.50, 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 LRGF?

NCIQ has higher volatility (11.10%) compared to LRGF (3.13%). In terms of maximum drawdown, NCIQ dropped -57.05% vs LRGF's -36.03%.

Which ETF is better, NCIQ or LRGF?

On 1-year performance, LRGF leads with 19.30% vs -48.51% for NCIQ. On fees, LRGF is cheaper at 0.20% per year. On volatility, LRGF has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or LRGF?

Over the 1-year period, LRGF has performed better with a 19.30% return vs -48.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or LRGF?

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

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

LRGF has the higher dividend yield at 1.08%, compared with 0.00% for NCIQ.

What is the main difference between NCIQ and LRGF?

NCIQ is categorized as Cryptocurrency, while LRGF is Large Cap Blend Equities. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while LRGF tracks MSCI USA Diversified Multi-Factor. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.25% for NCIQ and 0.20% for LRGF.

Which has better risk-adjusted returns?

LRGF currently has the higher Sharpe Ratio (1.54 vs -1.02), 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.