DAPP vs. HODL

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Digital Transformation ETF (DAPP) and VanEck Bitcoin Trust (HODL).

DAPP and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DAPP is a passively managed fund by VanEck that tracks the performance of the MVIS Global Digital Assets Equity Index. It was launched on Apr 9, 2021. 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. Both DAPP and HODL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

DAPP vs. HODL - Performance Comparison

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

DAPP vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DAPP VanEck Digital Transformation ETF	-9.74%	15.03%	62.58%
HODL VanEck Bitcoin Trust	-22.52%	-6.42%	99.75%

Returns By Period

In the year-to-date period, DAPP achieves a -9.74% return, which is significantly higher than HODL's -22.52% return.

DAPP

• 1D: 6.88%
• 1M: -6.34%
• YTD: -9.74%
• 6M: -31.40%
• 1Y: 65.23%
• 3Y*: 49.37%
• 5Y*: —
• 10Y*: —

HODL

• 1D: 1.86%
• 1M: 3.29%
• YTD: -22.52%
• 6M: -40.81%
• 1Y: -17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DAPP vs. HODL - Expense Ratio Comparison

DAPP has a 0.50% expense ratio, which is higher than HODL's 0.25% expense ratio.

DAPP

VanEck Digital Transformation ETF

HODL

VanEck Bitcoin Trust

Return for Risk

DAPP vs. HODL — Risk / Return Rank

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

DAPP

DAPP Risk / Return Rank: 53
DAPP Sharpe Ratio Rank: 58
DAPP Sortino Ratio Rank: 69
DAPP Omega Ratio Rank: 54
DAPP Calmar Ratio Rank: 53
DAPP Martin Ratio Rank: 32

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 6
HODL Omega Ratio Rank: 7
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.

DAPP vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.

	DAPP	HODL	Difference
Sharpe ratio Return per unit of total volatility	0.98	-0.40	+1.38
Sortino ratio Return per unit of downside risk	1.67	-0.29	+1.96
Omega ratio Gain probability vs. loss probability	1.19	0.97	+0.23
Calmar ratio Return relative to maximum drawdown	1.24	-0.39	+1.63
Martin ratio Return relative to average drawdown	2.72	-0.83	+3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DAPP vs. HODL - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.98, which is higher than the HODL Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of DAPP 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

	DAPP	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	-0.40	+1.38
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	0.36	-0.53

Correlation

The correlation between DAPP and HODL is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

DAPP vs. HODL - Dividend Comparison

Neither DAPP nor HODL has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

DAPP vs. HODL - Drawdown Comparison

The maximum DAPP drawdown since its inception was -91.90%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for DAPP and HODL.

Drawdown Indicators

	DAPP	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-91.90%	-49.25%	-42.65%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-49.25%	+1.04%
Current Drawdown Current decline from peak	-50.51%	-46.01%	-4.50%
Average Drawdown Average peak-to-trough decline	-58.23%	-14.09%	-44.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.05%	23.02%	-0.97%

Volatility

DAPP vs. HODL - Volatility Comparison

VanEck Digital Transformation ETF (DAPP) has a higher volatility of 19.45% compared to VanEck Bitcoin Trust (HODL) at 13.04%. This indicates that DAPP'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

	DAPP	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.45%	13.04%	+6.41%
Volatility (6M) Calculated over the trailing 6-month period	50.35%	36.71%	+13.64%
Volatility (1Y) Calculated over the trailing 1-year period	66.96%	45.09%	+21.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.29%	50.94%	+22.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.29%	50.94%	+22.35%