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 8.97% vs -39.52% for HODL. At a 0.04 correlation, their price movements are largely independent. 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 5.41% return, which is significantly higher than HODL's -27.34% return.
CBON
- 1D
- 0.00%
- 1M
- 1.62%
- YTD
- 5.41%
- 6M
- 7.03%
- 1Y
- 8.97%
- 3Y*
- 5.00%
- 5Y*
- 2.03%
- 10Y*
- 2.92%
HODL
- 1D
- -2.76%
- 1M
- -22.17%
- YTD
- -27.34%
- 6M
- -31.31%
- 1Y
- -39.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CBON vs. HODL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
CBON VanEck Vectors ChinaAMC China Bond ETF | 5.41% | 5.46% | 2.38% |
HODL VanEck Bitcoin Trust | -27.34% | -6.42% | 99.75% |
Correlation
The correlation between CBON and HODL is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 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.
| CBON | HODL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.53 | ||
| Sortino ratioReturn per unit of downside risk | +5.23 | ||
| Omega ratioGain probability vs. loss probability | 1.53 | 0.86 | +0.67 |
| Calmar ratioReturn relative to maximum drawdown | 6.72 | -0.80 | +7.52 |
| Martin ratioReturn relative to average drawdown | 25.03 | -1.39 | +26.42 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| CBON | HODL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | -0.91 | +3.53 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.28 | +0.15 |
Drawdowns
CBON vs. HODL - Drawdown Comparison
The maximum CBON drawdown since its inception was -14.13%, smaller than the maximum HODL drawdown of -49.37%. 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% | -49.37% | +35.24% |
Max Drawdown (1Y)Largest decline over 1 year | -1.34% | -49.37% | +48.03% |
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 | -0.02% | -49.37% | +49.35% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -16.03% | +12.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.36% | 28.52% | -28.16% |
Volatility
CBON vs. HODL - Volatility Comparison
The current volatility for VanEck Vectors ChinaAMC China Bond ETF (CBON) is 0.91%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.05%. 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 | 0.91% | 9.05% | -8.14% |
Volatility (6M)Calculated over the trailing 6-month period | 2.62% | 33.85% | -31.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.45% | 43.55% | -40.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.92% | 49.88% | -44.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.58% | 49.88% | -44.30% |
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 1.52%, 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 | 1.52% | 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 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HODL has higher volatility (9.05%) compared to CBON (0.91%). In terms of maximum drawdown, CBON dropped -14.13% vs HODL's -49.37%.
On 1-year performance, CBON leads with 8.97% vs -39.52% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, CBON has been the lower-risk option at 0.91%. 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 8.97% return vs -39.52%. 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 1.52%, 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 (2.62 vs -0.91), 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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