NGHT vs. BHDG

Last updated Jul 8, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. At a correlation of -0.73, they often move in opposite directions. 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: -1.38%
• 1M: 1.96%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BHDG

• 1D: -0.46%
• 1M: -5.66%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NGHT vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-15.90%
BHDG Nicholas Bitcoin Tail ETF	-5.96%

Correlation

The correlation between NGHT and BHDG is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	-0.73

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 -21.53%, 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	-21.53%	-15.06%	-6.47%
Current Drawdown Current decline from peak	-19.99%	-8.95%	-11.04%
Average Drawdown Average peak-to-trough decline	-9.22%	-8.29%	-0.93%

Volatility

Volatility by Period

	NGHT	BHDG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	29.93%	27.31%	+2.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.93%	27.31%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.93%	27.31%	+2.62%

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 -0.73, 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%.