NGHT vs. BTCZ

Last updated Jul 28, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. Their -0.78 correlation means they have often moved in opposite directions in the past. NGHT charges 0.97%/yr vs 0.95%/yr for BTCZ.

Performance

NGHT vs. BTCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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*: —

BTCZ

• 1D: -2.29%
• 1M: -17.67%
• 6M: 30.92%
• YTD: 26.72%
• 1Y: 87.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -53.21%

*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)
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	$120.04M	$133.42M	$118.88M
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	$192.25K	$331.23K	$485.78K

NGHT vs. BTCZ - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-18.89%
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	1.52%

Correlation

The correlation between NGHT and BTCZ is -0.78, 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	-0.78

Return for Risk

NGHT vs. BTCZ — 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.

BTCZ

BTCZ Risk / Return Rank: 44
BTCZ Sharpe Ratio Rank: 40
BTCZ Sortino Ratio Rank: 48
BTCZ Omega Ratio Rank: 45
BTCZ Calmar Ratio Rank: 51
BTCZ Martin Ratio Rank: 37

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. BTCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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	BTCZ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.99	—
Sortino ratio: Return per unit of downside risk	—	1.72	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.79	—
Martin ratio: Return relative to average drawdown	—	3.91	—

Drawdowns

NGHT vs. BTCZ - Drawdown Comparison

The maximum NGHT drawdown since its inception was -23.66%, smaller than the maximum BTCZ drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for NGHT and BTCZ.

Drawdown Indicators

	NGHT	BTCZ	Difference
Max Drawdown Largest peak-to-trough decline	-23.66%	-91.06%	+67.40%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.02%	—
Current Drawdown Current decline from peak	-22.84%	-79.56%	+56.72%
Average Drawdown Average peak-to-trough decline	-11.60%	-73.87%	+62.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	22.36%	—

Volatility

Volatility by Period

	NGHT	BTCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	17.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	67.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	30.40%	88.93%	-58.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.40%	95.85%	-65.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.40%	95.85%	-65.45%

NGHT vs. BTCZ - Expense Ratio Comparison

NGHT has a 0.97% expense ratio, which is higher than BTCZ's 0.95% expense ratio.

Dividends

NGHT vs. BTCZ - Dividend Comparison

NGHT has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.

Position	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGHT and BTCZ in my portfolio?

NGHT and BTCZ have a correlation of -0.78, 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 BTCZ?

On fees, BTCZ is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NGHT or BTCZ?

BTCZ is cheaper with a 0.95% expense ratio, compared with 0.97% for NGHT.

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

BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for NGHT.

What is the main difference between NGHT and BTCZ?

They also come from different issuers: Nicholas and T-Rex. Their fees differ too: 0.97% for NGHT and 0.95% for BTCZ.