BETH vs. HODL

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and VanEck Bitcoin Trust (HODL).

BETH and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BETH is an actively managed fund by ProShares. It was launched on Oct 2, 2023. HODL is a passively managed fund by VanEck that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 4, 2024.

Performance

BETH vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

BETH vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-24.55%	-11.20%	68.33%
HODL VanEck Bitcoin Trust	-22.52%	-6.42%	99.75%

Returns By Period

In the year-to-date period, BETH achieves a -24.55% return, which is significantly lower than HODL's -22.52% return.

BETH

• 1D: 2.18%
• 1M: 3.69%
• YTD: -24.55%
• 6M: -43.76%
• 1Y: -17.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: 1.86%
• 1M: 3.29%
• YTD: -22.52%
• 6M: -40.81%
• 1Y: -17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BETH vs. HODL - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is higher than HODL's 0.25% expense ratio.

BETH

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF

HODL

VanEck Bitcoin Trust

Return for Risk

BETH vs. HODL — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 7
BETH Sharpe Ratio Rank: 6
BETH Sortino Ratio Rank: 7
BETH Omega Ratio Rank: 7
BETH Calmar Ratio Rank: 6
BETH Martin Ratio Rank: 6

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 6
HODL Omega Ratio Rank: 7
HODL Calmar Ratio Rank: 6
HODL Martin Ratio Rank: 6

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.

BETH vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.

	BETH	HODL	Difference
Sharpe ratio Return per unit of total volatility	-0.36	-0.40	+0.04
Sortino ratio Return per unit of downside risk	-0.21	-0.29	+0.08
Omega ratio Gain probability vs. loss probability	0.98	0.97	+0.01
Calmar ratio Return relative to maximum drawdown	-0.36	-0.39	+0.03
Martin ratio Return relative to average drawdown	-0.76	-0.83	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BETH vs. HODL - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.36, which is comparable to the HODL Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of BETH and HODL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BETH	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-0.40	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.36	+0.14

Correlation

The correlation between BETH and HODL is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

BETH vs. HODL - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 64.52%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	64.52%	57.68%	19.71%	0.36%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Drawdowns

BETH vs. HODL - Drawdown Comparison

The maximum BETH drawdown since its inception was -52.55%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for BETH and HODL.

Drawdown Indicators

	BETH	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-52.55%	-49.25%	-3.30%
Max Drawdown (1Y) Largest decline over 1 year	-52.55%	-49.25%	-3.30%
Current Drawdown Current decline from peak	-49.01%	-46.01%	-3.00%
Average Drawdown Average peak-to-trough decline	-15.76%	-14.09%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.71%	23.02%	+1.69%

Volatility

BETH vs. HODL - Volatility Comparison

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) has a higher volatility of 13.84% compared to VanEck Bitcoin Trust (HODL) at 13.04%. This indicates that BETH's price experiences larger fluctuations and is considered to be riskier than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETH	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.84%	13.04%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	39.44%	36.71%	+2.73%
Volatility (1Y) Calculated over the trailing 1-year period	48.59%	45.09%	+3.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.15%	50.94%	+1.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.15%	50.94%	+1.21%