BITS vs. HODL

Last updated Aug 4, 2026

BITS (Global X Blockchain & Bitcoin Strategy ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds - BITS tracks the NONE while HODL tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BITS returned -6.58% vs -43.61% for HODL. Their correlation of 0.87 means they have usually moved in the same direction. BITS charges 0.65%/yr vs 0.25%/yr for HODL.

Performance

BITS vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain & Bitcoin Strategy ETF (BITS) 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, BITS achieves a -8.84% return, which is significantly higher than HODL's -27.01% return.

BITS

• 1D: 2.70%
• 1M: 2.05%
• 6M: -8.08%
• YTD: -8.84%
• 1Y: -6.58%
• 3Y*: 35.02%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -1.69%

HODL

• 1D: 1.52%
• 1M: 3.91%
• 6M: -18.14%
• YTD: -27.01%
• 1Y: -43.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.06%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITS Global X Blockchain & Bitcoin Strategy ETF	$95.25K	$88.47K	$160.88K
HODL VanEck Bitcoin Trust	$18.51M	$17.76M	$22.96M

BITS vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BITS Global X Blockchain & Bitcoin Strategy ETF	-8.84%	14.90%	57.29%
HODL VanEck Bitcoin Trust	-27.01%	-6.42%	91.50%

Correlation

The correlation between BITS and HODL is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.87

The correlation between BITS and HODL has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

BITS vs. HODL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITS

BITS Risk / Return Rank: 10
BITS Sharpe Ratio Rank: 9
BITS Sortino Ratio Rank: 12
BITS Omega Ratio Rank: 12
BITS Calmar Ratio Rank: 9
BITS Martin Ratio Rank: 9

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: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITS vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain & Bitcoin Strategy ETF (BITS) 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.

	BITS	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.12	-0.99	+0.87
Sortino ratio: Return per unit of downside risk	0.21	-1.45	+1.65
Omega ratio: Gain probability vs. loss probability	1.02	0.84	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.14	-0.82	+0.69
Martin ratio: Return relative to average drawdown	-0.22	-1.26	+1.04

BITS vs. HODL - Sharpe Ratio Comparison

The current BITS Sharpe Ratio is -0.12, which is higher than the HODL Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of BITS 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

BITS vs. HODL - Drawdown Comparison

The maximum BITS drawdown since its inception was -83.11%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for BITS and HODL.

Drawdown Indicators

	BITS	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-83.11%	-53.20%	-29.91%
Max Drawdown (1Y) Largest decline over 1 year	-48.38%	-53.20%	+4.82%
Max Drawdown (3Y) Largest decline over 3 years	-48.38%	—	—
Current Drawdown Current decline from peak	-39.99%	-49.14%	+9.15%
Average Drawdown Average peak-to-trough decline	-42.56%	-18.22%	-24.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.86%	34.70%	-4.84%

Volatility

BITS vs. HODL - Volatility Comparison

Global X Blockchain & Bitcoin Strategy ETF (BITS) has a higher volatility of 15.14% compared to VanEck Bitcoin Trust (HODL) at 8.96%. This indicates that BITS'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

	BITS	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.14%	8.96%	+6.18%
Volatility (6M) Calculated over the trailing 6-month period	40.67%	33.76%	+6.91%
Volatility (1Y) Calculated over the trailing 1-year period	54.18%	44.33%	+9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.61%	49.25%	+11.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.61%	49.25%	+11.36%

BITS vs. HODL - Expense Ratio Comparison

BITS has a 0.65% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

BITS vs. HODL - Dividend Comparison

BITS's dividend yield for the trailing twelve months is around 24.96%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	24.96%	22.80%	29.49%	13.69%	0.48%	1.90%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITS and HODL in my portfolio?

BITS and HODL have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITS or HODL?

BITS has higher volatility (15.14%) compared to HODL (8.96%). In terms of maximum drawdown, BITS dropped -83.11% vs HODL's -53.20%.

Which ETF is better, BITS or HODL?

On 1-year performance, BITS leads with -6.58% vs -43.61% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITS or HODL?

Over the 1-year period, BITS has performed better with a -6.58% return vs -43.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITS or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.65% for BITS.

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

BITS has the higher dividend yield at 24.96%, compared with 0.00% for HODL.

What is the main difference between BITS and HODL?

BITS tracks NONE, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.65% for BITS and 0.25% for HODL.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (-0.12 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.