BITB vs. HODL

Last updated Jun 24, 2026

BITB (Bitwise Bitcoin ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds tracking the CME CF Bitcoin Reference Rate - New York Variant, from Bitwise Asset Management and VanEck respectively. Both are passively managed. Over the past year, BITB returned -39.79% vs -39.68% for HODL. With a 1.00 correlation, they move nearly in lockstep. BITB charges 0.20%/yr vs 0.25%/yr for HODL.

Performance

BITB vs. HODL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with BITB having a -28.85% return and HODL slightly higher at -28.75%.

BITB

• 1D: -3.23%
• 1M: -17.74%
• YTD: -28.85%
• 6M: -28.92%
• 1Y: -39.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -3.24%
• 1M: -17.82%
• YTD: -28.75%
• 6M: -28.92%
• 1Y: -39.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITB Bitwise Bitcoin ETF	-28.85%	-6.47%	89.74%
HODL VanEck Bitcoin Trust	-28.75%	-6.42%	91.50%

Correlation

The correlation between BITB and HODL is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between BITB and HODL has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

BITB vs. HODL — Risk / Return Rank

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

BITB

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

HODL

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

BITB vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) 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.

	BITB	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.90	0.00
Sortino ratio: Return per unit of downside risk	-1.26	-1.26	0.00
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.77	0.00
Martin ratio: Return relative to average drawdown	-1.30	-1.30	0.00

BITB vs. HODL - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -0.90, which is comparable to the HODL Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BITB 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

BITB vs. HODL - Drawdown Comparison

The maximum BITB drawdown since its inception was -52.04%, roughly equal to the maximum HODL drawdown of -51.96%. Use the drawdown chart below to compare losses from any high point for BITB and HODL.

Drawdown Indicators

	BITB	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-52.04%	-51.96%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-52.04%	-51.96%	-0.08%
Current Drawdown Current decline from peak	-50.43%	-50.35%	-0.08%
Average Drawdown Average peak-to-trough decline	-16.85%	-16.78%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.56%	30.49%	+0.07%

Volatility

BITB vs. HODL - Volatility Comparison

Bitwise Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) have volatilities of 13.08% and 13.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.08%	13.07%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	34.58%	34.59%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	44.20%	44.11%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.00%	49.89%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.00%	49.89%	+0.11%

BITB vs. HODL - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than HODL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

BITB vs. HODL - Dividend Comparison

Neither BITB nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BITB and HODL in my portfolio?

With a correlation of 1.00, BITB 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, BITB or HODL?

BITB has higher volatility (13.08%) compared to HODL (13.07%). In terms of maximum drawdown, BITB dropped -52.04% vs HODL's -51.96%.

Which ETF is better, BITB or HODL?

On 1-year performance, HODL leads with -39.68% vs -39.79% for BITB. On fees, BITB is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or HODL?

Over the 1-year period, HODL has performed better with a -39.68% return vs -39.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or HODL?

BITB is cheaper with a 0.20% expense ratio, compared with 0.25% for HODL.

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

BITB and HODL have nearly identical dividend yields, around 0.00%.

What is the main difference between BITB and HODL?

Both ETFs track CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Bitwise Asset Management and VanEck. Their fees differ too: 0.20% for BITB and 0.25% for HODL.

Which has better risk-adjusted returns?

HODL currently has the higher Sharpe Ratio (-0.90 vs -0.90), 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.