NGHT vs. BHDG

Last updated Jul 28, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. Their -0.77 correlation means they have often moved in opposite directions in the past. Both charge a 0.97% expense ratio.

Performance

NGHT vs. BHDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Nicholas Bitcoin Tail ETF (BHDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NGHT

• 1D: 1.08%
• 1M: -6.11%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

BHDG

• 1D: -1.12%
• 1M: -7.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BHDG Nicholas Bitcoin Tail ETF	$92.65K	$144.67K	$305.87K
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	$192.25K	$331.23K	$485.78K

NGHT vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-18.89%
BHDG Nicholas Bitcoin Tail ETF	-7.86%

Correlation

The correlation between NGHT and BHDG is -0.77, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	-0.77

Return for Risk

NGHT vs. BHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Nicholas Bitcoin Tail ETF (BHDG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

NGHT vs. BHDG - Drawdown Comparison

The maximum NGHT drawdown since its inception was -23.66%, which is greater than BHDG's maximum drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for NGHT and BHDG.

Drawdown Indicators

	NGHT	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-15.06%	-8.60%
Current Drawdown Current decline from peak	-22.84%	-10.79%	-12.05%
Average Drawdown Average peak-to-trough decline	-11.60%	-8.57%	-3.03%

Volatility

Volatility by Period

	NGHT	BHDG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	30.40%	26.17%	+4.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.40%	26.17%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.40%	26.17%	+4.23%

NGHT vs. BHDG - Expense Ratio Comparison

Both NGHT and BHDG have an expense ratio of 0.97%.

Dividends

NGHT vs. BHDG - Dividend Comparison

Neither NGHT nor BHDG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both NGHT and BHDG in my portfolio?

NGHT and BHDG have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NGHT or BHDG?

Both ETFs have the same 0.97% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NGHT or BHDG?

NGHT and BHDG have the same expense ratio: 0.97% per year.

Which ETF pays a higher dividend yield, NGHT or BHDG?

NGHT and BHDG have nearly identical dividend yields, around 0.00%.