AFK vs. HODL

Last updated Jul 17, 2026

AFK (VanEck Vectors Africa Index ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - AFK is a Foreign Large Cap Equities fund tracking the Dow Jones Africa Titans 50 Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, AFK returned 25.38% vs -46.21% for HODL. At a 0.27 correlation, their price movements are largely independent. AFK charges 0.78%/yr vs 0.25%/yr for HODL.

Performance

AFK vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Africa Index ETF (AFK) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFK achieves a -3.74% return, which is significantly higher than HODL's -26.57% return.

AFK

• 1D: -0.92%
• 1M: -7.64%
• 6M: -7.97%
• YTD: -3.74%
• 1Y: 25.38%
• 3Y*: 19.74%
• 5Y*: 6.04%
• 10Y*: 5.19%

HODL

• 1D: -1.09%
• 1M: -2.16%
• 6M: -32.59%
• YTD: -26.57%
• 1Y: -46.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFK vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AFK VanEck Vectors Africa Index ETF	-3.74%	74.71%	10.90%
HODL VanEck Bitcoin Trust	-26.57%	-6.42%	91.50%

Correlation

The correlation between AFK and HODL is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.27

The correlation between AFK and HODL shifts across timeframes, from 0.27 (all time) to 0.37 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AFK vs. HODL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFK

AFK Risk / Return Rank: 31
AFK Sharpe Ratio Rank: 31
AFK Sortino Ratio Rank: 30
AFK Omega Ratio Rank: 32
AFK Calmar Ratio Rank: 31
AFK Martin Ratio Rank: 28

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

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.

AFK vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Africa Index ETF (AFK) and VanEck Bitcoin Trust (HODL). 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.

	AFK	HODL	Difference
Sharpe ratio: Return per unit of total volatility	0.94	-1.05	+1.99
Sortino ratio: Return per unit of downside risk	1.35	-1.59	+2.94
Omega ratio: Gain probability vs. loss probability	1.18	0.82	+0.36
Calmar ratio: Return relative to maximum drawdown	1.31	-0.87	+2.18
Martin ratio: Return relative to average drawdown	3.15	-1.40	+4.55

AFK vs. HODL - Sharpe Ratio Comparison

The current AFK Sharpe Ratio is 0.94, which is higher than the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of AFK and HODL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AFK vs. HODL - Drawdown Comparison

The maximum AFK drawdown since its inception was -62.46%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for AFK and HODL.

Drawdown Indicators

	AFK	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-62.46%	-53.20%	-9.26%
Max Drawdown (1Y) Largest decline over 1 year	-19.54%	-53.20%	+33.66%
Max Drawdown (3Y) Largest decline over 3 years	-19.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-37.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.33%	—	—
Current Drawdown Current decline from peak	-15.74%	-48.83%	+33.09%
Average Drawdown Average peak-to-trough decline	-31.92%	-17.64%	-14.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.09%	33.04%	-24.95%

Volatility

AFK vs. HODL - Volatility Comparison

The current volatility for VanEck Vectors Africa Index ETF (AFK) is 6.40%, while VanEck Bitcoin Trust (HODL) has a volatility of 10.76%. This indicates that AFK experiences smaller price fluctuations and is considered to be less risky than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFK	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.40%	10.76%	-4.36%
Volatility (6M) Calculated over the trailing 6-month period	23.38%	34.75%	-11.37%
Volatility (1Y) Calculated over the trailing 1-year period	27.16%	44.22%	-17.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.45%	49.59%	-27.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.17%	49.59%	-27.42%

AFK vs. HODL - Expense Ratio Comparison

AFK has a 0.78% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

AFK vs. HODL - Dividend Comparison

AFK's dividend yield for the trailing twelve months is around 1.05%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AFK VanEck Vectors Africa Index ETF	1.05%	1.02%	0.00%	2.27%	3.59%	4.17%	3.91%	6.34%	1.71%	1.99%	2.67%	2.16%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFK and HODL in my portfolio?

AFK and HODL have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFK or HODL?

HODL has higher volatility (10.76%) compared to AFK (6.40%). In terms of maximum drawdown, AFK dropped -62.46% vs HODL's -53.20%.

Which ETF is better, AFK or HODL?

On 1-year performance, AFK leads with 25.38% vs -46.21% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, AFK has been the lower-risk option at 6.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFK or HODL?

Over the 1-year period, AFK has performed better with a 25.38% return vs -46.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFK or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.78% for AFK.

Which ETF pays a higher dividend yield, AFK or HODL?

AFK has the higher dividend yield at 1.05%, compared with 0.00% for HODL.

What is the main difference between AFK and HODL?

AFK is categorized as Foreign Large Cap Equities, while HODL is Cryptocurrency. AFK tracks Dow Jones Africa Titans 50 Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.78% for AFK and 0.25% for HODL.

Which has better risk-adjusted returns?

AFK currently has the higher Sharpe Ratio (0.94 vs -1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.