BTCO vs. HODL

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco Galaxy Bitcoin ETF (BTCO) and VanEck Bitcoin Trust (HODL).

BTCO and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCO is a passively managed fund by Invesco that tracks the performance of the Lukka Prime Reference Bitcoin Rate. It was launched on Jan 11, 2024. 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. Both BTCO and HODL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BTCO vs. HODL - Performance Comparison

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

BTCO vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCO Invesco Galaxy Bitcoin ETF	-22.16%	-6.58%	100.54%
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	99.75%

Returns By Period

The year-to-date returns for both investments are quite close, with BTCO having a -22.16% return and HODL slightly higher at -22.04%.

BTCO

• 1D: 0.56%
• 1M: -1.48%
• YTD: -22.16%
• 6M: -42.11%
• 1Y: -20.01%
• 3Y*: —
• 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)

BTCO vs. HODL - Expense Ratio Comparison

BTCO has a 0.39% expense ratio, which is higher than HODL's 0.25% expense ratio.

BTCO

Invesco Galaxy Bitcoin ETF

HODL

VanEck Bitcoin Trust

Return for Risk

BTCO vs. HODL — Risk / Return Rank

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

BTCO

BTCO Risk / Return Rank: 6
BTCO Sharpe Ratio Rank: 4
BTCO Sortino Ratio Rank: 5
BTCO Omega Ratio Rank: 6
BTCO Calmar Ratio Rank: 6
BTCO Martin Ratio Rank: 6

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.

BTCO vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.

	BTCO	HODL	Difference
Sharpe ratio Return per unit of total volatility	-0.45	-0.44	0.00
Sortino ratio Return per unit of downside risk	-0.38	-0.37	-0.01
Omega ratio Gain probability vs. loss probability	0.96	0.96	0.00
Calmar ratio Return relative to maximum drawdown	-0.35	-0.35	0.00
Martin ratio Return relative to average drawdown	-0.75	-0.75	-0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCO vs. HODL - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -0.45, which is comparable to the HODL Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of BTCO 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

	BTCO	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.45	-0.44	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.37	0.00

Correlation

The correlation between BTCO and HODL is 1.00, 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

BTCO vs. HODL - Dividend Comparison

Neither BTCO nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BTCO vs. HODL - Drawdown Comparison

The maximum BTCO drawdown since its inception was -49.33%, roughly equal to the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for BTCO and HODL.

Drawdown Indicators

	BTCO	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-49.33%	-49.25%	-0.08%
Max Drawdown (1Y) Largest decline over 1 year	-49.33%	-49.25%	-0.08%
Current Drawdown Current decline from peak	-45.78%	-45.67%	-0.11%
Average Drawdown Average peak-to-trough decline	-14.11%	-14.14%	+0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.23%	23.20%	+0.03%

Volatility

BTCO vs. HODL - Volatility Comparison

Invesco Galaxy Bitcoin ETF (BTCO) and VanEck Bitcoin Trust (HODL) have volatilities of 13.03% and 12.99%, 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

	BTCO	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	12.99%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	36.73%	36.72%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	45.12%	45.07%	+0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.78%	50.90%	-0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.78%	50.90%	-0.12%