BRF vs. HODL

Last updated Aug 2, 2026

BRF (VanEck Vectors Brazil Small-Cap ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - BRF is a Latin America Equities fund tracking the MVIS Brazil Small-Cap Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, BRF returned 20.04% vs -44.45% for HODL. Their 0.24 correlation means their historical movements had little consistent relationship. BRF charges 0.60%/yr vs 0.25%/yr for HODL.

Performance

BRF vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Brazil Small-Cap ETF (BRF) 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, BRF achieves a 1.34% return, which is significantly higher than HODL's -28.10% return.

BRF

• 1D: -0.43%
• 1M: -0.31%
• 6M: -12.16%
• YTD: 1.34%
• 1Y: 20.04%
• 3Y*: -0.14%
• 5Y*: -2.02%
• 10Y*: 3.54%
• ALL TIME*: 1.74%

HODL

• 1D: -2.89%
• 1M: 2.36%
• 6M: -24.98%
• YTD: -28.10%
• 1Y: -44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.44%

*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)
BRF VanEck Vectors Brazil Small-Cap ETF	$47.50K	$48.62K	$103.93K
HODL VanEck Bitcoin Trust	$17.01M	$17.34M	$23.05M

BRF vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BRF VanEck Vectors Brazil Small-Cap ETF	1.34%	54.17%	-33.13%
HODL VanEck Bitcoin Trust	-28.10%	-6.42%	91.50%

Correlation

The correlation between BRF and HODL is 0.33, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.33
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.24

Return for Risk

BRF vs. HODL — Risk / Return Rank

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

BRF

BRF Risk / Return Rank: 31
BRF Sharpe Ratio Rank: 31
BRF Sortino Ratio Rank: 31
BRF Omega Ratio Rank: 31
BRF Calmar Ratio Rank: 32
BRF Martin Ratio Rank: 29

HODL

HODL Risk / Return Rank: 1
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

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.

BRF vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Brazil Small-Cap ETF (BRF) 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.

	BRF	HODL	Difference
Sharpe ratio: Return per unit of total volatility	0.76	-1.05	+1.80
Sortino ratio: Return per unit of downside risk	1.19	-1.58	+2.78
Omega ratio: Gain probability vs. loss probability	1.15	0.83	+0.32
Calmar ratio: Return relative to maximum drawdown	1.07	-0.87	+1.94
Martin ratio: Return relative to average drawdown	2.45	-1.34	+3.79

BRF vs. HODL - Sharpe Ratio Comparison

The current BRF Sharpe Ratio is 0.76, which is higher than the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of BRF 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

BRF vs. HODL - Drawdown Comparison

The maximum BRF drawdown since its inception was -82.26%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for BRF and HODL.

Drawdown Indicators

	BRF	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-82.26%	-53.20%	-29.06%
Max Drawdown (1Y) Largest decline over 1 year	-20.51%	-53.20%	+32.69%
Max Drawdown (3Y) Largest decline over 3 years	-36.89%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-60.43%	—	—
Current Drawdown Current decline from peak	-50.60%	-49.90%	-0.70%
Average Drawdown Average peak-to-trough decline	-45.77%	-18.17%	-27.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.97%	34.56%	-25.59%

Volatility

BRF vs. HODL - Volatility Comparison

The current volatility for VanEck Vectors Brazil Small-Cap ETF (BRF) is 7.18%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.14%. This indicates that BRF 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

	BRF	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.18%	9.14%	-1.96%
Volatility (6M) Calculated over the trailing 6-month period	22.54%	33.71%	-11.17%
Volatility (1Y) Calculated over the trailing 1-year period	29.04%	44.31%	-15.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.50%	49.28%	-17.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.82%	49.28%	-15.46%

BRF vs. HODL - Expense Ratio Comparison

BRF has a 0.60% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

BRF vs. HODL - Dividend Comparison

BRF's dividend yield for the trailing twelve months is around 5.47%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.47%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BRF and HODL in my portfolio?

BRF and HODL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BRF or HODL?

HODL has higher volatility (9.14%) compared to BRF (7.18%). In terms of maximum drawdown, BRF dropped -82.26% vs HODL's -53.20%.

Which ETF is better, BRF or HODL?

On 1-year performance, BRF leads with 20.04% vs -44.45% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, BRF has been the lower-risk option at 7.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BRF or HODL?

Over the 1-year period, BRF has performed better with a 20.04% return vs -44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BRF or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.60% for BRF.

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

BRF has the higher dividend yield at 5.47%, compared with 0.00% for HODL.

What is the main difference between BRF and HODL?

BRF is categorized as Latin America Equities, while HODL is Cryptocurrency. BRF tracks MVIS Brazil Small-Cap Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.60% for BRF and 0.25% for HODL.

Which has better risk-adjusted returns?

BRF currently has the higher Sharpe Ratio (0.76 vs -1.05), 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.