CBON vs. HODL
CBON (VanEck Vectors ChinaAMC China Bond ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - CBON is a Emerging Markets Bonds fund tracking the ChinaBond China High Quality Bond 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, CBON returned 9.19% vs -44.45% for HODL. Their 0.04 correlation means their historical movements had little consistent relationship. CBON charges 0.50%/yr vs 0.25%/yr for HODL.
Performance
CBON vs. HODL - Performance Comparison
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Returns By Period
In the year-to-date period, CBON achieves a 5.60% return, which is significantly higher than HODL's -28.10% return.
CBON
- 1D
- -0.01%
- 1M
- 0.21%
- 6M
- 4.91%
- YTD
- 5.60%
- 1Y
- 9.19%
- 3Y*
- 5.03%
- 5Y*
- 2.07%
- 10Y*
- 2.94%
- ALL TIME*
- 2.46%
HODL
- 1D
- -2.89%
- 1M
- 2.36%
- 6M
- -24.98%
- YTD
- -28.10%
- 1Y
- -44.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $134.57K | $162.86K | $181.24K | |
| $17.01M | $17.34M | $23.05M |
CBON vs. HODL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.60% | 5.46% | 2.64% |
HODL VanEck Bitcoin Trust | -28.10% | -6.42% | 91.50% |
Correlation
The correlation between CBON and HODL is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.04 |
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Return for Risk
CBON vs. HODL — Risk / Return Rank
CBON
HODL
CBON vs. HODL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC China Bond ETF (CBON) 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.
| CBON | HODL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.72 | ||
| Sortino ratioReturn per unit of downside risk | +5.67 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 0.83 | +0.70 |
| Calmar ratioReturn relative to maximum drawdown | 7.18 | -0.87 | +8.05 |
| Martin ratioReturn relative to average drawdown | 27.79 | -1.34 | +29.13 |
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Drawdowns
CBON vs. HODL - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum HODL drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for CBON and HODL.
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Drawdown Indicators
| CBON | HODL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.13% | -53.20% | +39.07% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -53.20% | +51.86% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -14.13% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -14.13% | — | — |
Current DrawdownCurrent decline from peak | -0.04% | -49.90% | +49.86% |
Average DrawdownAverage peak-to-trough decline | -3.94% | -18.17% | +14.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.35% | 34.56% | -34.21% |
Volatility
CBON vs. HODL - Volatility Comparison
The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 1.22%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.14%. This indicates that CBON 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.
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Volatility by Period
| CBON | HODL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 9.14% | -7.92% |
Volatility (6M)Calculated over the trailing 6-month period | 2.76% | 33.71% | -30.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.59% | 44.31% | -40.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.87% | 49.28% | -44.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.54% | 49.28% | -43.74% |
CBON vs. HODL - Expense Ratio Comparison
CBON has a 0.50% expense ratio, which is higher than HODL's 0.25% expense ratio.
Dividends
CBON vs. HODL - Dividend Comparison
CBON's dividend yield for the trailing twelve months is around 1.51%, while HODL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 1.37% | 1.66% | 2.15% | 3.01% | 2.70% | 3.05% | 2.87% | 3.87% | 3.39% | 3.33% | 3.25% | 2.78% |
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
CBON and HODL have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HODL has higher volatility (9.14%) compared to CBON (1.22%). In terms of maximum drawdown, CBON dropped -14.13% vs HODL's -53.20%.
On 1-year performance, CBON leads with 9.19% vs -44.45% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, CBON has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, CBON has performed better with a 9.19% return vs -44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HODL is cheaper with a 0.25% expense ratio, compared with 0.50% for CBON.
CBON has the higher dividend yield at 1.37%, compared with 0.00% for HODL.
CBON is categorized as Emerging Markets Bonds, while HODL is Cryptocurrency. CBON tracks ChinaBond China High Quality Bond Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.50% for CBON and 0.25% for HODL.
CBON currently has the higher Sharpe Ratio (2.68 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.
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