NGHT vs. GIAX

Last updated Jul 8, 2026

NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) and GIAX (Nicholas Global Equity and Income ETF) are both exchange-traded funds - NGHT is a Cryptocurrency fund actively managed by Nicholas, while GIAX is a Derivative Income fund actively managed by Nicholas. Both are actively managed. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.97% expense ratio.

Performance

NGHT vs. GIAX - Performance Comparison

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

GIAX

• 1D: -2.34%
• 1M: -2.61%
• 6M: 8.88%
• YTD: 12.25%
• 1Y: 17.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NGHT vs. GIAX - Yearly Performance Comparison

	2026 (YTD)
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	-15.90%
GIAX Nicholas Global Equity and Income ETF	20.12%

Correlation

The correlation between NGHT and GIAX is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.44

Return for Risk

NGHT vs. GIAX — 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.

GIAX

GIAX Risk / Return Rank: 24
GIAX Sharpe Ratio Rank: 23
GIAX Sortino Ratio Rank: 22
GIAX Omega Ratio Rank: 23
GIAX Calmar Ratio Rank: 23
GIAX Martin Ratio Rank: 30

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. GIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT) and Nicholas Global Equity and Income ETF (GIAX). 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	GIAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.73	—
Sortino ratio: Return per unit of downside risk	—	1.13	—
Omega ratio: Gain probability vs. loss probability	—	1.14	—
Calmar ratio: Return relative to maximum drawdown	—	0.99	—
Martin ratio: Return relative to average drawdown	—	3.80	—

Drawdowns

NGHT vs. GIAX - Drawdown Comparison

The maximum NGHT drawdown since its inception was -21.53%, which is greater than GIAX's maximum drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for NGHT and GIAX.

Drawdown Indicators

	NGHT	GIAX	Difference
Max Drawdown Largest peak-to-trough decline	-21.53%	-20.38%	-1.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-17.62%	—
Current Drawdown Current decline from peak	-19.99%	-10.73%	-9.26%
Average Drawdown Average peak-to-trough decline	-9.22%	-3.16%	-6.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.58%	—

Volatility

Volatility by Period

	NGHT	GIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.51%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.93%	23.81%	+6.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.93%	22.18%	+7.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.93%	22.18%	+7.75%

NGHT vs. GIAX - Expense Ratio Comparison

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

Dividends

NGHT vs. GIAX - Dividend Comparison

NGHT has not paid dividends to shareholders, while GIAX's dividend yield for the trailing twelve months is around 25.14%.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	25.14%	25.62%	10.58%
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NGHT and GIAX in my portfolio?

NGHT and GIAX have a correlation of 0.44, 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 GIAX?

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 GIAX?

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

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

GIAX has the higher dividend yield at 25.14%, compared with 0.00% for NGHT.

What is the main difference between NGHT and GIAX?

NGHT is categorized as Cryptocurrency, while GIAX is Derivative Income.