ESPO vs. HODL

Last updated Jun 4, 2026

ESPO (VanEck Vectors Video Gaming and eSports ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports 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, ESPO returned -11.55% vs -38.56% for HODL. At a 0.37 correlation, their price movements are largely independent. ESPO charges 0.55%/yr vs 0.25%/yr for HODL.

Performance

ESPO vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Video Gaming and eSports ETF (ESPO) 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, ESPO achieves a -13.31% return, which is significantly higher than HODL's -25.27% return.

ESPO

• 1D: -2.20%
• 1M: -1.23%
• YTD: -13.31%
• 6M: -16.99%
• 1Y: -11.55%
• 3Y*: 19.46%
• 5Y*: 6.23%
• 10Y*: —

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESPO vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ESPO VanEck Vectors Video Gaming and eSports ETF	-13.31%	25.79%	48.35%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%

Correlation

The correlation between ESPO and HODL is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.37

Return for Risk

ESPO vs. HODL — Risk / Return Rank

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

ESPO

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

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.

ESPO vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Video Gaming and eSports ETF (ESPO) 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.

	ESPO	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.62	-0.89	+0.27
Sortino ratio: Return per unit of downside risk	-0.75	-1.23	+0.48
Omega ratio: Gain probability vs. loss probability	0.91	0.86	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.42	-0.79	+0.37
Martin ratio: Return relative to average drawdown	-0.76	-1.36	+0.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ESPO vs. HODL - Sharpe Ratio Comparison

The current ESPO Sharpe Ratio is -0.62, which is higher than the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of ESPO 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

	ESPO	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.62	-0.89	+0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.25	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.63	0.30	+0.33

Drawdowns

ESPO vs. HODL - Drawdown Comparison

The maximum ESPO drawdown since its inception was -50.99%, roughly equal to the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for ESPO and HODL.

Drawdown Indicators

	ESPO	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-49.25%	-1.74%
Max Drawdown (1Y) Largest decline over 1 year	-27.81%	-49.25%	+21.44%
Max Drawdown (3Y) Largest decline over 3 years	-27.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.33%	—	—
Current Drawdown Current decline from peak	-25.66%	-47.93%	+22.27%
Average Drawdown Average peak-to-trough decline	-15.03%	-15.97%	+0.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.30%	28.35%	-13.05%

Volatility

ESPO vs. HODL - Volatility Comparison

The current volatility for VanEck Vectors Video Gaming and eSports ETF (ESPO) is 5.00%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that ESPO 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

	ESPO	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	9.43%	-4.43%
Volatility (6M) Calculated over the trailing 6-month period	14.58%	34.37%	-19.79%
Volatility (1Y) Calculated over the trailing 1-year period	18.85%	43.51%	-24.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	49.88%	-24.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.75%	49.88%	-24.13%

ESPO vs. HODL - Expense Ratio Comparison

ESPO has a 0.55% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

ESPO vs. HODL - Dividend Comparison

ESPO's dividend yield for the trailing twelve months is around 1.44%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESPO VanEck Vectors Video Gaming and eSports ETF	1.44%	1.24%	0.44%	0.96%	0.91%	3.36%	0.12%	0.22%	0.04%
HODL VanEck Bitcoin Trust	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 ESPO and HODL in my portfolio?

ESPO and HODL have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESPO or HODL?

HODL has higher volatility (9.43%) compared to ESPO (5.00%). In terms of maximum drawdown, ESPO dropped -50.99% vs HODL's -49.25%.

Which ETF is better, ESPO or HODL?

On 1-year performance, ESPO leads with -11.55% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, ESPO has been the lower-risk option at 5.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESPO or HODL?

Over the 1-year period, ESPO has performed better with a -11.55% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESPO or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.55% for ESPO.

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

ESPO has the higher dividend yield at 1.44%, compared with 0.00% for HODL.

What is the main difference between ESPO and HODL?

ESPO is categorized as Large Cap Growth Equities, while HODL is Cryptocurrency. ESPO tracks MVIS Global Video Gaming and eSports Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.55% for ESPO and 0.25% for HODL.

Which has better risk-adjusted returns?

ESPO currently has the higher Sharpe Ratio (-0.62 vs -0.89), 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.