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BTF vs. HODL
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

Correlation

The correlation between BTF and HODL is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

BTF vs. HODL

Last updated Jun 1, 2025

Compare and contrast key facts about Valkyrie Bitcoin and Ether Strategy ETF (BTF) and VanEck Bitcoin Trust (HODL).

BTF and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTF is an actively managed fund by Valkyrie. It was launched on Oct 21, 2021. 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.

Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: BTF or HODL.

Performance

BTF vs. HODL - Performance Comparison

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

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Key characteristics

Sharpe Ratio

BTF:

-0.08

HODL:

1.00

Sortino Ratio

BTF:

0.30

HODL:

1.65

Omega Ratio

BTF:

1.04

HODL:

1.20

Calmar Ratio

BTF:

-0.11

HODL:

1.89

Martin Ratio

BTF:

-0.21

HODL:

4.14

Ulcer Index

BTF:

25.07%

HODL:

12.82%

Daily Std Dev

BTF:

60.17%

HODL:

52.54%

Max Drawdown

BTF:

-77.50%

HODL:

-28.07%

Current Drawdown

BTF:

-23.05%

HODL:

-5.91%

Returns By Period

In the year-to-date period, BTF achieves a -9.38% return, which is significantly lower than HODL's 12.00% return.

BTF

YTD

-9.38%

1M

22.88%

6M

-15.34%

1Y

-4.00%

3Y*

24.84%

5Y*

N/A

10Y*

N/A

HODL

YTD

12.00%

1M

8.27%

6M

7.85%

1Y

54.73%

3Y*

N/A

5Y*

N/A

10Y*

N/A

*Annualized

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Valkyrie Bitcoin and Ether Strategy ETF

VanEck Bitcoin Trust

BTF vs. HODL - Expense Ratio Comparison

BTF has a 1.24% expense ratio, which is higher than HODL's 0.25% expense ratio.

BTF
Valkyrie Bitcoin and Ether Strategy ETF
HODL
VanEck Bitcoin Trust
Go deeper with the Portfolio Analysis tool — backtest performance, assess risk, compare to benchmarks, and more

Risk-Adjusted Performance

BTF vs. HODL — Risk-Adjusted Performance Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTF
The Risk-Adjusted Performance Rank of BTF is 1515
Overall Rank
The Sharpe Ratio Rank of BTF is 1313
Sharpe Ratio Rank
The Sortino Ratio Rank of BTF is 2020
Sortino Ratio Rank
The Omega Ratio Rank of BTF is 1919
Omega Ratio Rank
The Calmar Ratio Rank of BTF is 1111
Calmar Ratio Rank
The Martin Ratio Rank of BTF is 1313
Martin Ratio Rank
HODL
The Risk-Adjusted Performance Rank of HODL is 8181
Overall Rank
The Sharpe Ratio Rank of HODL is 7777
Sharpe Ratio Rank
The Sortino Ratio Rank of HODL is 8282
Sortino Ratio Rank
The Omega Ratio Rank of HODL is 7777
Omega Ratio Rank
The Calmar Ratio Rank of HODL is 9191
Calmar Ratio Rank
The Martin Ratio Rank of HODL is 7979
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

BTF vs. HODL - Risk-Adjusted Performance Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin and Ether Strategy ETF (BTF) 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.

The current BTF Sharpe Ratio is -0.08, which is lower than the HODL Sharpe Ratio of 1.00. The chart below compares the historical Sharpe Ratios of BTF 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.

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Go to the full Sharpe Ratio tool to analyze any stock or portfolio. Customize time frames, set your own risk-free rate, and more

Dividends

BTF vs. HODL - Dividend Comparison

BTF's dividend yield for the trailing twelve months is around 58.45%, while HODL has not paid dividends to shareholders.

TTM20242023
BTF
Valkyrie Bitcoin and Ether Strategy ETF		58.45%52.96%15.98%
HODL
VanEck Bitcoin Trust		0.00%0.00%0.00%

Drawdowns

BTF vs. HODL - Drawdown Comparison

The maximum BTF drawdown since its inception was -77.50%, which is greater than HODL's maximum drawdown of -28.07%. Use the drawdown chart below to compare losses from any high point for BTF and HODL.

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Go to the full Drawdowns tool for more analysis options, including inflation-adjusted drawdowns, and more

Volatility

BTF vs. HODL - Volatility Comparison

Valkyrie Bitcoin and Ether Strategy ETF (BTF) has a higher volatility of 16.38% compared to VanEck Bitcoin Trust (HODL) at 9.37%. This indicates that BTF'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.

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