CMCI vs. HODL

Last updated Jun 5, 2026

CMCI (VanEck CMCI Commodity Strategy ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - CMCI is a Commodities fund tracking the UBS Bloomberg CMCI Composite Total Return 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, CMCI returned 29.90% vs -39.52% for HODL. At a 0.15 correlation, their price movements are largely independent. CMCI charges 0.65%/yr vs 0.25%/yr for HODL.

Performance

CMCI vs. HODL - Performance Comparison

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

Returns By Period

In the year-to-date period, CMCI achieves a 21.96% return, which is significantly higher than HODL's -27.34% return.

CMCI

• 1D: -0.85%
• 1M: -1.73%
• YTD: 21.96%
• 6M: 22.52%
• 1Y: 29.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -2.76%
• 1M: -22.17%
• YTD: -27.34%
• 6M: -31.31%
• 1Y: -39.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CMCI vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CMCI VanEck CMCI Commodity Strategy ETF	21.96%	7.90%	6.24%
HODL VanEck Bitcoin Trust	-27.34%	-6.42%	99.75%

Correlation

The correlation between CMCI and HODL is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.15

Return for Risk

CMCI vs. HODL — Risk / Return Rank

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

CMCI

CMCI Risk / Return Rank: 80
CMCI Sharpe Ratio Rank: 77
CMCI Sortino Ratio Rank: 75
CMCI Omega Ratio Rank: 75
CMCI Calmar Ratio Rank: 91
CMCI Martin Ratio Rank: 80

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 2
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

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.

CMCI vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CMCI Commodity Strategy ETF (CMCI) 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.

	CMCI	HODL	Difference
Sharpe ratio: Return per unit of total volatility	2.46	-0.91	+3.37
Sortino ratio: Return per unit of downside risk	3.32	-1.27	+4.59
Omega ratio: Gain probability vs. loss probability	1.44	0.86	+0.58
Calmar ratio: Return relative to maximum drawdown	5.97	-0.80	+6.77
Martin ratio: Return relative to average drawdown	15.52	-1.39	+16.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CMCI vs. HODL - Sharpe Ratio Comparison

The current CMCI Sharpe Ratio is 2.46, which is higher than the HODL Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of CMCI and HODL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CMCI	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	-0.91	+3.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	0.28	+0.63

Drawdowns

CMCI vs. HODL - Drawdown Comparison

The maximum CMCI drawdown since its inception was -11.54%, smaller than the maximum HODL drawdown of -49.37%. Use the drawdown chart below to compare losses from any high point for CMCI and HODL.

Drawdown Indicators

	CMCI	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-11.54%	-49.37%	+37.83%
Max Drawdown (1Y) Largest decline over 1 year	-5.03%	-49.37%	+44.34%
Current Drawdown Current decline from peak	-3.94%	-49.37%	+45.43%
Average Drawdown Average peak-to-trough decline	-3.54%	-16.03%	+12.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	28.52%	-26.59%

Volatility

CMCI vs. HODL - Volatility Comparison

The current volatility for VanEck CMCI Commodity Strategy ETF (CMCI) is 4.29%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.05%. This indicates that CMCI 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

	CMCI	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.29%	9.05%	-4.76%
Volatility (6M) Calculated over the trailing 6-month period	10.19%	33.85%	-23.66%
Volatility (1Y) Calculated over the trailing 1-year period	12.23%	43.55%	-31.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.63%	49.88%	-37.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.63%	49.88%	-37.25%

CMCI vs. HODL - Expense Ratio Comparison

CMCI has a 0.65% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

CMCI vs. HODL - Dividend Comparison

CMCI's dividend yield for the trailing twelve months is around 8.11%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
CMCI VanEck CMCI Commodity Strategy ETF	8.11%	9.89%	3.93%	1.64%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CMCI and HODL in my portfolio?

CMCI and HODL have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CMCI or HODL?

HODL has higher volatility (9.05%) compared to CMCI (4.29%). In terms of maximum drawdown, CMCI dropped -11.54% vs HODL's -49.37%.

Which ETF is better, CMCI or HODL?

On 1-year performance, CMCI leads with 29.90% vs -39.52% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, CMCI has been the lower-risk option at 4.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CMCI or HODL?

Over the 1-year period, CMCI has performed better with a 29.90% return vs -39.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CMCI or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.65% for CMCI.

Which ETF pays a higher dividend yield, CMCI or HODL?

CMCI has the higher dividend yield at 8.11%, compared with 0.00% for HODL.

What is the main difference between CMCI and HODL?

CMCI is categorized as Commodities, while HODL is Cryptocurrency. CMCI tracks UBS Bloomberg CMCI Composite Total Return Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.65% for CMCI and 0.25% for HODL.

Which has better risk-adjusted returns?

CMCI currently has the higher Sharpe Ratio (2.46 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.