NCIQ vs. SMLF
NCIQ (Hashdex Nasdaq Crypto Index US ETF) and SMLF (iShares MSCI USA Small-Cap Multifactor ETF) are both exchange-traded funds - NCIQ is a Cryptocurrency fund tracking the Nasdaq Crypto US Settlement Price™ Index, while SMLF is a Small Cap Blend Equities fund tracking the MSCI USA Small Cap Diversified Multi-Factor. Both are passively managed. Over the past year, NCIQ returned -41.02% vs 32.59% for SMLF. At a 0.48 correlation, their price movements are largely independent. NCIQ charges 0.25%/yr vs 0.30%/yr for SMLF.
Performance
NCIQ vs. SMLF - Performance Comparison
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Returns By Period
In the year-to-date period, NCIQ achieves a -30.25% return, which is significantly lower than SMLF's 15.68% return.
NCIQ
- 1D
- -2.79%
- 1M
- -21.86%
- YTD
- -30.25%
- 6M
- -34.70%
- 1Y
- -41.02%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMLF
- 1D
- 1.06%
- 1M
- 3.71%
- YTD
- 15.68%
- 6M
- 14.69%
- 1Y
- 32.59%
- 3Y*
- 20.72%
- 5Y*
- 11.12%
- 10Y*
- 12.34%
NCIQ vs. SMLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
NCIQ Hashdex Nasdaq Crypto Index US ETF | -30.25% | -10.21% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 15.68% | 7.12% |
Correlation
The correlation between NCIQ and SMLF is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025 | 0.48 |
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Return for Risk
NCIQ vs. SMLF — Risk / Return Rank
NCIQ
SMLF
NCIQ vs. SMLF - 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 Small-Cap Multifactor ETF (SMLF). 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 | SMLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -3.86 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.32 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 3.76 | -4.53 |
| Martin ratioReturn relative to average drawdown | -1.32 | 12.91 | -14.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NCIQ | SMLF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.87 | 1.91 | -2.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.53 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.64 | 0.54 | -1.18 |
Drawdowns
NCIQ vs. SMLF - Drawdown Comparison
The maximum NCIQ drawdown since its inception was -53.35%, which is greater than SMLF's maximum drawdown of -41.89%. Use the drawdown chart below to compare losses from any high point for NCIQ and SMLF.
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Drawdown Indicators
| NCIQ | SMLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.35% | -41.89% | -11.46% |
Max Drawdown (1Y)Largest decline over 1 year | -53.35% | -8.71% | -44.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.28% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.28% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -41.89% | — |
Current DrawdownCurrent decline from peak | -53.35% | 0.00% | -53.35% |
Average DrawdownAverage peak-to-trough decline | -21.95% | -6.60% | -15.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.13% | 2.53% | +28.60% |
Volatility
NCIQ vs. SMLF - Volatility Comparison
Hashdex Nasdaq Crypto Index US ETF (NCIQ) has a higher volatility of 9.32% compared to iShares MSCI USA Small-Cap Multifactor ETF (SMLF) at 4.72%. This indicates that NCIQ's price experiences larger fluctuations and is considered to be riskier than SMLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NCIQ | SMLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.32% | 4.72% | +4.60% |
Volatility (6M)Calculated over the trailing 6-month period | 35.88% | 12.34% | +23.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.24% | 17.18% | +30.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.79% | 21.09% | +26.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.79% | 21.78% | +26.01% |
NCIQ vs. SMLF - Expense Ratio Comparison
NCIQ has a 0.25% expense ratio, which is lower than SMLF's 0.30% expense ratio.
Dividends
NCIQ vs. SMLF - Dividend Comparison
NCIQ has not paid dividends to shareholders, while SMLF's dividend yield for the trailing twelve months is around 1.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SMLF iShares MSCI USA Small-Cap Multifactor ETF | 1.02% | 1.14% | 1.33% | 1.13% | 1.23% | 1.07% | 1.33% | 1.39% | 1.17% | 0.93% | 0.78% | 0.79% |
Frequently Asked Questions
NCIQ and SMLF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NCIQ has higher volatility (9.32%) compared to SMLF (4.72%). In terms of maximum drawdown, NCIQ dropped -53.35% vs SMLF's -41.89%.
On 1-year performance, SMLF leads with 32.59% vs -41.02% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, SMLF has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMLF has performed better with a 32.59% return vs -41.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NCIQ is cheaper with a 0.25% expense ratio, compared with 0.30% for SMLF.
SMLF has the higher dividend yield at 1.02%, compared with 0.00% for NCIQ.
NCIQ is categorized as Cryptocurrency, while SMLF is Small Cap Blend Equities. NCIQ tracks Nasdaq Crypto US Settlement Price™ Index, while SMLF tracks MSCI USA Small Cap Diversified Multi-Factor. They also come from different issuers: Hashdex and iShares. Their fees differ too: 0.25% for NCIQ and 0.30% for SMLF.
SMLF currently has the higher Sharpe Ratio (1.91 vs -0.87), 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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