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HBTC vs NGHT

Fortuna Hedged Bitcoin ETF

HBTCFCboe

Nicholas Bitcoin and Treasuries AfterDark ETF

NGHTDNasdaq

Overlap

Expense ratio

NGHT −1.00pt a year

HBTC1.97%NGHT0.97%

Avg volume · 30D

NGHT 62.4×the volume

HBTC200NGHT12.5K

HBTC vs NGHT Performance

Jul 31, 2026 – Oct 30, 2026

+12.9%HBTC−3.2%NGHT

Jul 31, 2026 to Oct 30, 2026. HBTC +12.9%. NGHT −3.2%. Use the arrow keys to read each point.−30%−20%−10%20%30%Jul 2026Sep 2026Oct 2026
Expense ratio
HBTC 1.97%
NGHT 0.97%, better
Fund size
HBTC $1M
NGHT $22M
1Y total return
HBTC −28.5%
NGHT No data
Holdings
HBTC 5
NGHT 3
Avg volume (30D)
HBTC 200 sh
NGHT 12.5K sh, better
NAV per share
HBTC $19.87
NGHT $21.19
52W range

ETF.net Grade

HBTC: Cost 8, Risk 39, Mission not scored, Tradability 27, Holdings not scored, Durability 21. NGHT: Cost 33, Risk 38, Mission not scored, Tradability 33, Holdings not scored, Durability 50.
Pillar letters and Scores for HBTC, NGHT, with each pillar’s weight
PillarHBTCNGHT
Cost30% weightF8D33Higher
Mission25% weightNot scoredNot scored
Risk15% weightD39HigherD38
Tradability15% weightD27D33Higher
Holdings10% weightNot scoredNot scored
Durability5% weightF21C50Higher

Rank among Bitcoin Derivatives funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HBTC and NGHT are both graded against the same 6 Bitcoin Derivatives funds, so their Grades compare head to head.

Bitcoin Derivatives⁠

Category · 6 funds
See all 6 ›

NGHT ranks 4th and HBTC 5th of 6 funds in the Bitcoin Derivatives Category.

  1. Rank 1BBITOProShares Bitcoin ETFScore 56
  2. Rank 2CBITIProShares Short Bitcoin ETFScore 44
  3. Rank 3CBNAVAmplify Fairlead Tactical Bitcoin ETFScore 40
  4. Rank 4DNGHTNicholas Bitcoin and Treasuries AfterDark ETFScore 35
  5. Rank 5FHBTCFortuna Hedged Bitcoin ETFScore 20
  6. HBITNot yet graded

Our read on each fund

ETF.net Research

HBTCFFortuna Hedged Bitcoin ETF

NGHTDNicholas Bitcoin and Treasuries AfterDark ETF

In short

HBTC No data

NGHT Most bitcoin funds ride the coin around the clock. NGHT works the night shift: an actively managed commodity pool built to capture bitcoin's overnight return profile, with Treasuries riding alongside.

Stated mandate

HBTC No data

NGHT The Fund seeks long-term capital appreciation through an actively managed strategy designed to capture bitcoin's overnight return profile.

Why people hold it

HBTC No data

  • NGHT A genuinely unusual mandate in a crowded corner: an active strategy aimed at bitcoin's overnight window, not plain round-the-clock futures exposure.
  • Fee of 0.97% sits right at the median for bitcoin-derivative ETFs, so the specialty strategy is not priced as a luxury.
  • Runs as a commodity pool taking bitcoin exposure through derivatives, so it arrives in a regular brokerage account with no wallets, keys, or exchange logins.

Worth knowing

HBTC No data

  • NGHT Small asset base and light trading, so bid-ask spreads can run wider than the household names in the bitcoin-derivatives group.
  • A 2026 launch means a short track record, and the risk picture rests on limited live data.
  • The result rides on a manager capturing an overnight pattern. Nothing in the structure locks that in, and bitcoin's swings pass straight through.

Full HBTC profile⁠

Full NGHT profile⁠

HBTC vs NGHT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HBTC vs NGHT Cost

Overpaying HBTC vs NGHT

$14,333

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HBTC 1.97%

    $32,531

  • NGHT 0.97%

    $18,198

$10,000
30 years

Cost over time

  • HBTC 1.97%
  • NGHT 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530HBTC $32,531NGHT $18,198

Year by year

YearHBTCNGHTOverpaying
10$3,336$1,712$1,624
20$12,012$6,443$5,569
30$32,531$18,198$14,333

Expense ratio

  • 1.97%HBTC
  • 0.97%NGHT, cheaper
  • Middle half of Bitcoin Derivatives funds
  • Median 0.96%

NGHT 4th cheapest of 6 funds

HBTC 6th cheapest of 6 funds

HBTC vs NGHT Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
HBTC No data
NGHT None
Last payment
HBTC $1.59
NGHT No data
Ex-dividend
HBTC Dec 17, 2025
NGHT No data
Paid on
HBTC Dec 18, 2025
NGHT No data
Frequency
HBTC Irregular
NGHT No data

Distribution history

Per share, 2025 to 2026, same scale for both

HBTCIrregular · 1 paymentAll HBTC payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 17, 2025 $1.59. Use the arrow keys to read each point.$0$12026YTD
NGHTAll NGHT payments⁠

No distribution history available.

HBTC vs NGHT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HBTC 28.6%since Apr 2025NGHT No data
Return per unit of riskSharpe ratio, 3 years
HBTC −0.31since Apr 2025NGHT No data
Worst fallMax drawdown, 5 years
HBTC −42.5%since Mar 2025NGHT No data
Market sensitivityBeta, 5 years
HBTC 0.85NGHT 0.27

Popular comparisons

  • HBTCFvsBITOB

    Fortuna Hedged Bitcoin ETF · ProShares Bitcoin ETF

    Expense ratio
    1.97% · 0.95%
    Category
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    Expense ratio
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  • HBTCFvsBITIC

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    Expense ratio
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    Category
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    Expense ratio
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    Category
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  • HBTCFvsBNAVC

    Fortuna Hedged Bitcoin ETF · Amplify Fairlead Tactical Bitcoin ETF

    Expense ratio
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    Category
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    Expense ratio
    0.97% · 0.74%
    Category
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