NGHT vs. BLOX

Last updated Jul 28, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BLOX (Nicholas Crypto Income ETF) are both Cryptocurrency funds from Nicholas. Both are actively managed. Their 0.45 correlation means their historical movements had little consistent relationship. NGHT charges 0.97%/yr vs 1.03%/yr for BLOX.

Performance

NGHT vs. BLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Nicholas Crypto Income ETF (BLOX). 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*: —

BLOX

• 1D: -2.22%
• 1M: -12.31%
• 6M: -12.63%
• YTD: -3.97%
• 1Y: -15.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.48%

*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)
BLOX Nicholas Crypto Income ETF	$4.83M	$5.54M	$6.17M
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	$192.25K	$331.23K	$485.78K

NGHT vs. BLOX - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-18.89%
BLOX Nicholas Crypto Income ETF	13.53%

Correlation

The correlation between NGHT and BLOX is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.45

Return for Risk

NGHT vs. BLOX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NGHT

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

BLOX

BLOX Risk / Return Rank: 9
BLOX Sharpe Ratio Rank: 8
BLOX Sortino Ratio Rank: 10
BLOX Omega Ratio Rank: 10
BLOX Calmar Ratio Rank: 8
BLOX Martin Ratio Rank: 8

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.

NGHT vs. BLOX - Risk-Adjusted Trends Comparison

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

	NGHT	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.28	—
Sortino ratio: Return per unit of downside risk	—	-0.04	—
Omega ratio: Gain probability vs. loss probability	—	1.00	—
Calmar ratio: Return relative to maximum drawdown	—	-0.33	—
Martin ratio: Return relative to average drawdown	—	-0.62	—

Drawdowns

NGHT vs. BLOX - Drawdown Comparison

The maximum NGHT drawdown since its inception was -23.66%, smaller than the maximum BLOX drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for NGHT and BLOX.

Drawdown Indicators

	NGHT	BLOX	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-47.09%	+23.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-47.09%	—
Current Drawdown Current decline from peak	-22.84%	-33.62%	+10.78%
Average Drawdown Average peak-to-trough decline	-11.60%	-19.60%	+8.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.16%	—

Volatility

Volatility by Period

	NGHT	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.79%	—
Volatility (6M) Calculated over the trailing 6-month period	—	41.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	30.40%	55.61%	-25.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.40%	53.90%	-23.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.40%	53.90%	-23.50%

NGHT vs. BLOX - Expense Ratio Comparison

NGHT has a 0.97% expense ratio, which is lower than BLOX's 1.03% expense ratio.

Dividends

NGHT vs. BLOX - Dividend Comparison

NGHT has not paid dividends to shareholders, while BLOX's dividend yield for the trailing twelve months is around 49.22%.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	49.22%	22.69%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGHT and BLOX in my portfolio?

NGHT and BLOX have a correlation of 0.45, 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 BLOX?

On fees, NGHT is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NGHT or BLOX?

NGHT is cheaper with a 0.97% expense ratio, compared with 1.03% for BLOX.

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

BLOX has the higher dividend yield at 49.22%, compared with 0.00% for NGHT.

What is the main difference between NGHT and BLOX?

Their fees differ too: 0.97% for NGHT and 1.03% for BLOX.