CNXT vs. HODL

Last updated Jul 18, 2026

CNXT (VanEck Vectors ChinaAMC SME-ChiNext ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - CNXT is a China Equities fund tracking the SME-ChiNext 100 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, CNXT returned 62.39% vs -46.17% for HODL. At a 0.19 correlation, their price movements are largely independent. CNXT charges 0.65%/yr vs 0.25%/yr for HODL.

Performance

CNXT vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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, CNXT achieves a 11.77% return, which is significantly higher than HODL's -26.69% return.

CNXT

• 1D: -6.03%
• 1M: -15.74%
• 6M: 5.54%
• YTD: 11.77%
• 1Y: 62.39%
• 3Y*: 20.22%
• 5Y*: 0.24%
• 10Y*: 4.70%

HODL

• 1D: -0.17%
• 1M: -0.11%
• 6M: -32.93%
• YTD: -26.69%
• 1Y: -46.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CNXT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	11.77%	59.31%	23.13%
HODL VanEck Bitcoin Trust	-26.69%	-6.42%	91.50%

Correlation

The correlation between CNXT and HODL is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.19

Return for Risk

CNXT vs. HODL — Risk / Return Rank

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

CNXT

CNXT Risk / Return Rank: 70
CNXT Sharpe Ratio Rank: 70
CNXT Sortino Ratio Rank: 65
CNXT Omega Ratio Rank: 62
CNXT Calmar Ratio Rank: 73
CNXT Martin Ratio Rank: 82

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 1
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.

CNXT vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) 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.

	CNXT	HODL	Difference
Sharpe ratio: Return per unit of total volatility	1.78	-1.05	+2.83
Sortino ratio: Return per unit of downside risk	2.38	-1.59	+3.97
Omega ratio: Gain probability vs. loss probability	1.30	0.82	+0.47
Calmar ratio: Return relative to maximum drawdown	2.90	-0.87	+3.77
Martin ratio: Return relative to average drawdown	12.56	-1.39	+13.95

CNXT vs. HODL - Sharpe Ratio Comparison

The current CNXT Sharpe Ratio is 1.78, which is higher than the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of CNXT 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.

Drawdowns

CNXT vs. HODL - Drawdown Comparison

The maximum CNXT drawdown since its inception was -68.98%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for CNXT and HODL.

Drawdown Indicators

	CNXT	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-68.98%	-53.20%	-15.78%
Max Drawdown (1Y) Largest decline over 1 year	-21.62%	-53.20%	+31.58%
Max Drawdown (3Y) Largest decline over 3 years	-48.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-63.30%	—	—
Current Drawdown Current decline from peak	-21.62%	-48.92%	+27.30%
Average Drawdown Average peak-to-trough decline	-42.57%	-17.69%	-24.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	33.19%	-28.21%

Volatility

CNXT vs. HODL - Volatility Comparison

VanEck Vectors ChinaAMC SME-ChiNext ETF (CNXT) has a higher volatility of 16.37% compared to VanEck Bitcoin Trust (HODL) at 10.67%. This indicates that CNXT'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.

Volatility by Period

	CNXT	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.37%	10.67%	+5.70%
Volatility (6M) Calculated over the trailing 6-month period	26.34%	34.56%	-8.22%
Volatility (1Y) Calculated over the trailing 1-year period	35.30%	44.14%	-8.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.00%	49.55%	-13.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.08%	49.55%	-17.47%

CNXT vs. HODL - Expense Ratio Comparison

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

Dividends

CNXT vs. HODL - Dividend Comparison

CNXT's dividend yield for the trailing twelve months is around 0.16%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF	0.16%	0.18%	0.15%	0.00%	0.00%	9.22%	0.01%	0.45%	0.00%	0.19%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNXT and HODL in my portfolio?

CNXT and HODL have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNXT or HODL?

CNXT has higher volatility (16.37%) compared to HODL (10.67%). In terms of maximum drawdown, CNXT dropped -68.98% vs HODL's -53.20%.

Which ETF is better, CNXT or HODL?

On 1-year performance, CNXT leads with 62.39% vs -46.17% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNXT or HODL?

Over the 1-year period, CNXT has performed better with a 62.39% return vs -46.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNXT or HODL?

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

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

CNXT has the higher dividend yield at 0.16%, compared with 0.00% for HODL.

What is the main difference between CNXT and HODL?

CNXT is categorized as China Equities, while HODL is Cryptocurrency. CNXT tracks SME-ChiNext 100 Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.65% for CNXT and 0.25% for HODL.

Which has better risk-adjusted returns?

CNXT currently has the higher Sharpe Ratio (1.78 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.