BITC vs. HODL

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and VanEck Bitcoin Trust (HODL).

BITC and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITC is an actively managed fund by Bitwise. It was launched on Mar 20, 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

BITC vs. HODL - Performance Comparison

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

BITC vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-0.39%	-20.46%	79.58%
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	99.75%

Returns By Period

In the year-to-date period, BITC achieves a -0.39% return, which is significantly higher than HODL's -22.04% return.

BITC

• 1D: -0.28%
• 1M: -0.12%
• YTD: -0.39%
• 6M: -17.21%
• 1Y: -9.45%
• 3Y*: 30.37%
• 5Y*: —
• 10Y*: —

HODL

• 1D: 0.63%
• 1M: -1.38%
• YTD: -22.04%
• 6M: -42.00%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. HODL - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is higher than HODL's 0.25% expense ratio.

BITC

Bitwise Bitcoin Strategy Optimum Roll ETF

HODL

VanEck Bitcoin Trust

Return for Risk

BITC vs. HODL — Risk / Return Rank

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

BITC

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

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 5
HODL Omega Ratio Rank: 6
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.

BITC vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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.

	BITC	HODL	Difference
Sharpe ratio Return per unit of total volatility	-0.36	-0.44	+0.09
Sortino ratio Return per unit of downside risk	-0.33	-0.37	+0.04
Omega ratio Gain probability vs. loss probability	0.95	0.96	-0.01
Calmar ratio Return relative to maximum drawdown	-0.36	-0.35	-0.01
Martin ratio Return relative to average drawdown	-0.58	-0.75	+0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITC vs. HODL - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.36, which is comparable to the HODL Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BITC 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

	BITC	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-0.44	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.37	+0.27

Correlation

The correlation between BITC and HODL is 0.77, 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

BITC vs. HODL - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.38%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.38%	3.36%	42.68%	5.82%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Drawdowns

BITC vs. HODL - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for BITC and HODL.

Drawdown Indicators

	BITC	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-49.25%	+10.74%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	-49.25%	+22.74%
Current Drawdown Current decline from peak	-31.54%	-45.67%	+14.13%
Average Drawdown Average peak-to-trough decline	-15.81%	-14.14%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.53%	23.20%	-6.67%

Volatility

BITC vs. HODL - Volatility Comparison

The current volatility for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) is 12.07%, while VanEck Bitcoin Trust (HODL) has a volatility of 12.99%. This indicates that BITC 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

	BITC	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.07%	12.99%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	36.72%	-17.56%
Volatility (1Y) Calculated over the trailing 1-year period	26.66%	45.07%	-18.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.60%	50.90%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.60%	50.90%	-3.30%