DESK vs. HODL

Last updated Apr 3, 2026

Compare and contrast key facts about Vaneck Office And Commercial REIT ETF (DESK) and VanEck Bitcoin Trust (HODL).

DESK and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DESK is a passively managed fund by VanEck that tracks the performance of the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. It was launched on Sep 19, 2023. 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 DESK 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

DESK vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vaneck Office And Commercial REIT ETF (DESK) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

DESK vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DESK Vaneck Office And Commercial REIT ETF	-10.12%	-10.42%	16.99%
HODL VanEck Bitcoin Trust	-23.37%	-6.42%	99.75%

Returns By Period

In the year-to-date period, DESK achieves a -10.12% return, which is significantly higher than HODL's -23.37% return.

DESK

• 1D: 0.72%
• 1M: -5.65%
• YTD: -10.12%
• 6M: -20.35%
• 1Y: -13.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -1.71%
• 1M: -1.81%
• YTD: -23.37%
• 6M: -44.64%
• 1Y: -22.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DESK vs. HODL - Expense Ratio Comparison

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

DESK

Vaneck Office And Commercial REIT ETF

HODL

VanEck Bitcoin Trust

Return for Risk

DESK vs. HODL — Risk / Return Rank

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

DESK

DESK Risk / Return Rank: 3
DESK Sharpe Ratio Rank: 3
DESK Sortino Ratio Rank: 3
DESK Omega Ratio Rank: 4
DESK Calmar Ratio Rank: 4
DESK Martin Ratio Rank: 3

HODL

HODL Risk / Return Rank: 5
HODL Sharpe Ratio Rank: 4
HODL Sortino Ratio Rank: 5
HODL Omega Ratio Rank: 5
HODL Calmar Ratio Rank: 5
HODL Martin Ratio Rank: 4

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.

DESK vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vaneck Office And Commercial REIT ETF (DESK) 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.

	DESK	HODL	Difference
Sharpe ratio Return per unit of total volatility	-0.56	-0.51	-0.05
Sortino ratio Return per unit of downside risk	-0.65	-0.49	-0.16
Omega ratio Gain probability vs. loss probability	0.92	0.94	-0.02
Calmar ratio Return relative to maximum drawdown	-0.49	-0.43	-0.06
Martin ratio Return relative to average drawdown	-1.14	-0.91	-0.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DESK vs. HODL - Sharpe Ratio Comparison

The current DESK Sharpe Ratio is -0.56, which is comparable to the HODL Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of DESK 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

	DESK	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	-0.51	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	0.35	-0.18

Correlation

The correlation between DESK and HODL is 0.26, 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

DESK vs. HODL - Dividend Comparison

DESK's dividend yield for the trailing twelve months is around 5.99%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024	2023
DESK Vaneck Office And Commercial REIT ETF	5.99%	5.15%	3.78%	1.73%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Drawdowns

DESK vs. HODL - Drawdown Comparison

The maximum DESK drawdown since its inception was -28.65%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for DESK and HODL.

Drawdown Indicators

	DESK	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-28.65%	-49.25%	+20.60%
Max Drawdown (1Y) Largest decline over 1 year	-25.09%	-49.25%	+24.16%
Current Drawdown Current decline from peak	-26.42%	-46.60%	+20.18%
Average Drawdown Average peak-to-trough decline	-10.61%	-14.20%	+3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.75%	23.38%	-12.63%

Volatility

DESK vs. HODL - Volatility Comparison

The current volatility for Vaneck Office And Commercial REIT ETF (DESK) is 6.15%, while VanEck Bitcoin Trust (HODL) has a volatility of 10.87%. This indicates that DESK 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

	DESK	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	10.87%	-4.72%
Volatility (6M) Calculated over the trailing 6-month period	13.84%	36.62%	-22.78%
Volatility (1Y) Calculated over the trailing 1-year period	23.70%	44.99%	-21.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.99%	50.86%	-24.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.99%	50.86%	-24.87%