NGHT vs. BTC
NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds. Both are actively managed. A 0.77 correlation means they provide meaningful diversification when combined. NGHT charges 0.97%/yr vs 0.15%/yr for BTC.
Performance
NGHT vs. BTC - Performance Comparison
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Returns By Period
NGHT
- 1D
- -1.38%
- 1M
- 1.96%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- 0.14%
- 1M
- 5.73%
- 6M
- -31.00%
- YTD
- -27.14%
- 1Y
- -41.07%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NGHT vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF | -15.90% |
BTC Grayscale Bitcoin Mini Trust ETF | -7.54% |
Correlation
The correlation between NGHT and BTC is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.77 |
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Return for Risk
NGHT vs. BTC — Risk / Return Rank
NGHT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTC
NGHT vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Grayscale Bitcoin Mini Trust ETF (BTC). 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 | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.85 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.77 | — |
| Martin ratioReturn relative to average drawdown | — | -1.28 | — |
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Drawdowns
NGHT vs. BTC - Drawdown Comparison
The maximum NGHT drawdown since its inception was -21.53%, smaller than the maximum BTC drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for NGHT and BTC.
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Drawdown Indicators
| NGHT | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.53% | -53.30% | +31.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -53.30% | — |
Current DrawdownCurrent decline from peak | -19.99% | -49.22% | +29.23% |
Average DrawdownAverage peak-to-trough decline | -9.22% | -18.29% | +9.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 32.04% | — |
Volatility
NGHT vs. BTC - Volatility Comparison
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Volatility by Period
| NGHT | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 12.97% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.94% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 29.93% | 44.40% | -14.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.93% | 48.08% | -18.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.93% | 48.08% | -18.15% |
NGHT vs. BTC - Expense Ratio Comparison
NGHT has a 0.97% expense ratio, which is higher than BTC's 0.15% expense ratio.
Dividends
NGHT vs. BTC - Dividend Comparison
Neither NGHT nor BTC has paid dividends to shareholders.
Frequently Asked Questions
NGHT and BTC 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.
On fees, BTC is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BTC is cheaper with a 0.15% expense ratio, compared with 0.97% for NGHT.
NGHT and BTC have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Nicholas and Grayscale. Their fees differ too: 0.97% for NGHT and 0.15% for BTC.
Find the right allocation for NGHT and BTC
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