In an X post on Tuesday, Bloomberg analyst Eric Balchunas revealed that certain crypto-themed ETFs have "done the near-impossible" by beating the S&P 500 from January 2023 to date — with little or no exposure to Nvidia (NVDA).
Recent data from Bloomberg on Tuesday showed that crypto-focused ETFs achieved an impressive feat by outperforming the S&P 500 since January 2023. This was confirmed in an X post by Bloomberg senior ETF analyst Eric Balchunas.
Surprisingly, these ETFs surpassed the S&P index with little or no exposure to NVDA, which has witnessed over a 560% growth within the same timeframe.
Crypto ETFs often hold Nvidia's stocks to gain indirect exposure to the crypto industry's growth. Considering Nvidia's graphics processing units (GPU) are largely used by crypto mining companies, crypto-themed ETFs often invest in the company's stocks to benefit from its growing hardware demand.
However, the following ETFs achieved the remarkable feat, having little to no investment in the GPU giant:
(The ETFs are listed based on their names, tickers, performance since January 2023 and NVDA weight)
The current crypto bull market may have contributed to the impressive performance of these crypto ETFs. The inflows following the approval of the Bitcoin ETF and increased institutional adoption may have been key factors in driving their performance.