BTC vs. HODL

Last updated Jun 4, 2026

BTC (Grayscale Bitcoin Mini Trust ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds. BTC is actively managed, while HODL is passively managed. Over the past year, BTC returned -38.61% vs -38.56% for HODL. With a 1.00 correlation, they move nearly in lockstep. BTC charges 0.15%/yr vs 0.25%/yr for HODL.

Performance

BTC vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Mini Trust ETF (BTC) 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 BTC having a -25.36% return and HODL slightly higher at -25.27%.

BTC

• 1D: -2.73%
• 1M: -18.40%
• YTD: -25.36%
• 6M: -29.74%
• 1Y: -38.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTC vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTC Grayscale Bitcoin Mini Trust ETF	-25.36%	-7.50%	44.64%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	43.12%

Correlation

The correlation between BTC 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 Aug 1, 2024	1.00

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

Return for Risk

BTC vs. HODL — Risk / Return Rank

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

BTC

BTC Risk / Return Rank: 2
BTC Sharpe Ratio Rank: 2
BTC Sortino Ratio Rank: 2
BTC Omega Ratio Rank: 2
BTC Calmar Ratio Rank: 2
BTC 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.

BTC vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.

	BTC	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	-0.89	0.00
Sortino ratio: Return per unit of downside risk	-1.22	-1.23	0.00
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.78	-0.79	0.00
Martin ratio: Return relative to average drawdown	-1.36	-1.36	0.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTC vs. HODL - Sharpe Ratio Comparison

The current BTC Sharpe Ratio is -0.89, which is comparable to the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BTC 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.

Sharpe Ratios by Period

	BTC	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.89	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.30	-0.30

Drawdowns

BTC vs. HODL - Drawdown Comparison

The maximum BTC drawdown since its inception was -49.34%, roughly equal to the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for BTC and HODL.

Drawdown Indicators

	BTC	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-49.34%	-49.25%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-49.34%	-49.25%	-0.09%
Current Drawdown Current decline from peak	-47.98%	-47.93%	-0.05%
Average Drawdown Average peak-to-trough decline	-16.61%	-15.97%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.38%	28.35%	+0.03%

Volatility

BTC vs. HODL - Volatility Comparison

Grayscale Bitcoin Mini Trust ETF (BTC) and VanEck Bitcoin Trust (HODL) have volatilities of 9.40% and 9.43%, 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

	BTC	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.40%	9.43%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	34.45%	34.37%	+0.08%
Volatility (1Y) Calculated over the trailing 1-year period	43.69%	43.51%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.30%	49.88%	-1.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.30%	49.88%	-1.58%

BTC vs. HODL - Expense Ratio Comparison

BTC has a 0.15% 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

BTC vs. HODL - Dividend Comparison

Neither BTC nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both BTC and HODL in my portfolio?

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

HODL has higher volatility (9.43%) compared to BTC (9.40%). In terms of maximum drawdown, BTC dropped -49.34% vs HODL's -49.25%.

Which ETF is better, BTC or HODL?

On 1-year performance, HODL leads with -38.56% vs -38.61% for BTC. On fees, BTC is cheaper at 0.15% 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, BTC or HODL?

Over the 1-year period, HODL has performed better with a -38.56% return vs -38.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTC or HODL?

BTC is cheaper with a 0.15% expense ratio, compared with 0.25% for HODL.

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

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

What is the main difference between BTC and HODL?

They also come from different issuers: Grayscale and VanEck. Their fees differ too: 0.15% for BTC and 0.25% for HODL.

Which has better risk-adjusted returns?

BTC currently has the higher Sharpe Ratio (-0.89 vs -0.89), 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.