BETH vs. HODL

Last updated Jun 25, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds. BETH is actively managed, while HODL is passively managed. Over the past year, BETH returned -44.64% vs -43.43% for HODL. With a 0.98 correlation, they move nearly in lockstep. BETH charges 0.95%/yr vs 0.25%/yr for HODL.

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.

Returns By Period

In the year-to-date period, BETH achieves a -35.46% return, which is significantly lower than HODL's -31.58% return.

BETH

• 1D: -4.20%
• 1M: -21.65%
• YTD: -35.46%
• 6M: -35.23%
• 1Y: -44.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -3.97%
• 1M: -21.08%
• YTD: -31.58%
• 6M: -31.41%
• 1Y: -43.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BETH vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-35.46%	-11.20%	70.58%
HODL VanEck Bitcoin Trust	-31.58%	-6.42%	91.50%

Correlation

The correlation between BETH and HODL is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.98

The correlation between BETH and HODL has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

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: 2
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 2
BETH Omega Ratio Rank: 2
BETH Calmar Ratio Rank: 2
BETH Martin Ratio Rank: 2

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 2
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.

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.

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.

	BETH	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.99	+0.04
Sortino ratio: Return per unit of downside risk	-1.36	-1.44	+0.08
Omega ratio: Gain probability vs. loss probability	0.85	0.84	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.83	+0.04
Martin ratio: Return relative to average drawdown	-1.35	-1.42	+0.07

BETH vs. HODL - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.94, which is comparable to the HODL Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BETH 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

BETH vs. HODL - Drawdown Comparison

The maximum BETH drawdown since its inception was -56.39%, which is greater than HODL's maximum drawdown of -52.32%. 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	-56.39%	-52.32%	-4.07%
Max Drawdown (1Y) Largest decline over 1 year	-56.39%	-52.32%	-4.07%
Current Drawdown Current decline from peak	-56.39%	-52.32%	-4.07%
Average Drawdown Average peak-to-trough decline	-18.36%	-16.84%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.20%	30.66%	+2.54%

Volatility

BETH vs. HODL - Volatility Comparison

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) has a higher volatility of 14.04% compared to VanEck Bitcoin Trust (HODL) at 13.35%. 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	14.04%	13.35%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	36.53%	34.55%	+1.98%
Volatility (1Y) Calculated over the trailing 1-year period	47.66%	44.27%	+3.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.21%	49.92%	+1.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.21%	49.92%	+1.29%

BETH vs. HODL - Expense Ratio Comparison

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

Dividends

BETH vs. HODL - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 63.32%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	63.32%	57.68%	19.71%	0.36%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETH and HODL in my portfolio?

With a correlation of 0.99, BETH and HODL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BETH or HODL?

BETH has higher volatility (14.04%) compared to HODL (13.35%). In terms of maximum drawdown, BETH dropped -56.39% vs HODL's -52.32%.

Which ETF is better, BETH or HODL?

On 1-year performance, HODL leads with -43.43% vs -44.64% for BETH. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 13.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETH or HODL?

Over the 1-year period, HODL has performed better with a -43.43% return vs -44.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.95% for BETH.

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

BETH has the higher dividend yield at 63.32%, compared with 0.00% for HODL.

What is the main difference between BETH and HODL?

They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for BETH and 0.25% for HODL.

Which has better risk-adjusted returns?

BETH currently has the higher Sharpe Ratio (-0.94 vs -0.99), 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.