ETH vs. HODL

Last updated Apr 14, 2026

ETH (Grayscale Ethereum Staking Mini ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds. ETH is actively managed, while HODL is passively managed. Over the past year, ETH returned 45.56% vs -12.53% for HODL. Their correlation of 0.81 suggests significant overlap in exposure. ETH charges 0.15%/yr vs 0.25%/yr for HODL.

Performance

ETH vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Staking Mini ETF (ETH) 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, ETH achieves a -23.49% return, which is significantly lower than HODL's -15.00% return.

ETH

• 1D: 0.37%
• 1M: 7.78%
• YTD: -23.49%
• 6M: -46.42%
• 1Y: 45.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: 1.25%
• 1M: 4.40%
• YTD: -15.00%
• 6M: -34.02%
• 1Y: -12.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETH vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETH Grayscale Ethereum Staking Mini ETF	-23.49%	-10.89%	-3.70%
HODL VanEck Bitcoin Trust	-15.00%	-6.42%	42.47%

Correlation

The correlation between ETH and HODL is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification — they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.81

The correlation between ETH and HODL has been stable across timeframes, ranging from 0.81 to 0.84 — a consistent structural relationship.

Return for Risk

ETH vs. HODL — Risk / Return Rank

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

ETH

ETH Risk / Return Rank: 15
ETH Sharpe Ratio Rank: 15
ETH Sortino Ratio Rank: 18
ETH Omega Ratio Rank: 17
ETH Calmar Ratio Rank: 14
ETH Martin Ratio Rank: 12

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: 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.

ETH vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Staking Mini ETF (ETH) 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.

	ETH	HODL	Difference
Sharpe ratio Return per unit of total volatility	0.63	-0.29	+0.92
Sortino ratio Return per unit of downside risk	1.38	-0.13	+1.51
Omega ratio Gain probability vs. loss probability	1.16	0.98	+0.17
Calmar ratio Return relative to maximum drawdown	0.64	-0.13	+0.77
Martin ratio Return relative to average drawdown	1.24	-0.27	+1.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETH vs. HODL - Sharpe Ratio Comparison

The current ETH Sharpe Ratio is 0.63, which is higher than the HODL Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of ETH 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

	ETH	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	-0.29	+0.92
Sharpe Ratio (All Time) Calculated using the full available price history	-0.29	0.45	-0.75

Drawdowns

ETH vs. HODL - Drawdown Comparison

The maximum ETH drawdown since its inception was -64.01%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for ETH and HODL.

Drawdown Indicators

	ETH	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-64.01%	-49.25%	-14.76%
Max Drawdown (1Y) Largest decline over 1 year	-61.41%	-49.25%	-12.16%
Current Drawdown Current decline from peak	-52.88%	-40.77%	-12.11%
Average Drawdown Average peak-to-trough decline	-30.82%	-14.56%	-16.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.55%	24.41%	+7.14%

Volatility

ETH vs. HODL - Volatility Comparison

Grayscale Ethereum Staking Mini ETF (ETH) has a higher volatility of 16.94% compared to VanEck Bitcoin Trust (HODL) at 11.08%. This indicates that ETH'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

	ETH	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.94%	11.08%	+5.86%
Volatility (6M) Calculated over the trailing 6-month period	53.21%	36.60%	+16.61%
Volatility (1Y) Calculated over the trailing 1-year period	72.73%	43.38%	+29.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.38%	50.69%	+23.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.38%	50.69%	+23.69%

ETH vs. HODL - Expense Ratio Comparison

ETH has a 0.15% expense ratio, which is lower than HODL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ETH vs. HODL - Dividend Comparison

Neither ETH nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments