CLOB vs. HODL

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck AA-BB CLO ETF (CLOB) and VanEck Bitcoin Trust (HODL).

CLOB and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLOB is an actively managed fund by VanEck. It was launched on Sep 24, 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.

Performance

CLOB vs. HODL - Performance Comparison

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

CLOB vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CLOB VanEck AA-BB CLO ETF	-0.27%	6.94%	2.81%
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	47.78%

Returns By Period

In the year-to-date period, CLOB achieves a -0.27% return, which is significantly higher than HODL's -22.04% return.

CLOB

• 1D: 0.15%
• 1M: -0.52%
• YTD: -0.27%
• 6M: 1.20%
• 1Y: 5.22%
• 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)

CLOB vs. HODL - Expense Ratio Comparison

CLOB has a 0.45% expense ratio, which is higher than HODL's 0.25% expense ratio.

CLOB

VanEck AA-BB CLO ETF

HODL

VanEck Bitcoin Trust

Return for Risk

CLOB vs. HODL — Risk / Return Rank

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

CLOB

CLOB Risk / Return Rank: 48
CLOB Sharpe Ratio Rank: 38
CLOB Sortino Ratio Rank: 30
CLOB Omega Ratio Rank: 68
CLOB Calmar Ratio Rank: 37
CLOB Martin Ratio Rank: 65

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.

CLOB vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck AA-BB CLO ETF (CLOB) 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.

	CLOB	HODL	Difference
Sharpe ratio Return per unit of total volatility	0.75	-0.44	+1.19
Sortino ratio Return per unit of downside risk	0.94	-0.37	+1.31
Omega ratio Gain probability vs. loss probability	1.26	0.96	+0.30
Calmar ratio Return relative to maximum drawdown	1.01	-0.35	+1.36
Martin ratio Return relative to average drawdown	6.90	-0.75	+7.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLOB vs. HODL - Sharpe Ratio Comparison

The current CLOB Sharpe Ratio is 0.75, which is higher than the HODL Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of CLOB 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

	CLOB	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	-0.44	+1.19
Sharpe Ratio (All Time) Calculated using the full available price history	1.10	0.37	+0.73

Correlation

The correlation between CLOB and HODL is 0.11, 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.

Dividends

CLOB vs. HODL - Dividend Comparison

CLOB's dividend yield for the trailing twelve months is around 6.65%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024
CLOB VanEck AA-BB CLO ETF	6.65%	6.61%	1.65%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%

Drawdowns

CLOB vs. HODL - Drawdown Comparison

The maximum CLOB drawdown since its inception was -5.54%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for CLOB and HODL.

Drawdown Indicators

	CLOB	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-5.54%	-49.25%	+43.71%
Max Drawdown (1Y) Largest decline over 1 year	-5.25%	-49.25%	+44.00%
Current Drawdown Current decline from peak	-0.97%	-45.67%	+44.70%
Average Drawdown Average peak-to-trough decline	-0.29%	-14.14%	+13.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	23.20%	-22.40%

Volatility

CLOB vs. HODL - Volatility Comparison

The current volatility for VanEck AA-BB CLO ETF (CLOB) is 1.42%, while VanEck Bitcoin Trust (HODL) has a volatility of 12.99%. This indicates that CLOB 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.

Volatility by Period

	CLOB	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	12.99%	-11.57%
Volatility (6M) Calculated over the trailing 6-month period	2.48%	36.72%	-34.24%
Volatility (1Y) Calculated over the trailing 1-year period	7.01%	45.07%	-38.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.76%	50.90%	-45.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.76%	50.90%	-45.14%