ETHV vs. HODL

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Ethereum ETF (ETHV) and VanEck Bitcoin Trust (HODL).

ETHV and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHV is a passively managed fund by VanEck that tracks the performance of the MarketVector Ethereum Benchmark Rate. It was launched on Jun 25, 2024. 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 ETHV 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

ETHV vs. HODL - Performance Comparison

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

ETHV vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-27.92%	-11.02%	-3.67%
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	42.47%

Returns By Period

In the year-to-date period, ETHV achieves a -27.92% return, which is significantly lower than HODL's -22.04% return.

ETHV

• 1D: 2.15%
• 1M: 5.07%
• YTD: -27.92%
• 6M: -50.71%
• 1Y: 11.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: 0.63%
• 1M: -1.38%
• YTD: -22.04%
• 6M: -42.00%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHV vs. HODL - Expense Ratio Comparison

ETHV has a 0.20% 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%.

HODL

VanEck Bitcoin Trust

ETHV

VanEck Ethereum ETF

Return for Risk

ETHV vs. HODL — Risk / Return Rank

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

ETHV

ETHV Risk / Return Rank: 19
ETHV Sharpe Ratio Rank: 15
ETHV Sortino Ratio Rank: 25
ETHV Omega Ratio Rank: 22
ETHV Calmar Ratio Rank: 17
ETHV Martin Ratio Rank: 16

HODL

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

ETHV vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Ethereum ETF (ETHV) 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.

	ETHV	HODL	Difference
Sharpe ratio Return per unit of total volatility	0.16	-0.44	+0.60
Sortino ratio Return per unit of downside risk	0.80	-0.37	+1.17
Omega ratio Gain probability vs. loss probability	1.09	0.96	+0.13
Calmar ratio Return relative to maximum drawdown	0.28	-0.35	+0.63
Martin ratio Return relative to average drawdown	0.56	-0.75	+1.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHV vs. HODL - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is 0.16, which is higher than the HODL Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of ETHV 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

	ETHV	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	-0.44	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.33	0.37	-0.70

Correlation

The correlation between ETHV and HODL is 0.81, 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

ETHV vs. HODL - Dividend Comparison

Neither ETHV nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

ETHV vs. HODL - Drawdown Comparison

The maximum ETHV drawdown since its inception was -64.02%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for ETHV and HODL.

Drawdown Indicators

	ETHV	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-64.02%	-49.25%	-14.77%
Max Drawdown (1Y) Largest decline over 1 year	-61.66%	-49.25%	-12.41%
Current Drawdown Current decline from peak	-55.81%	-45.67%	-10.14%
Average Drawdown Average peak-to-trough decline	-30.45%	-14.14%	-16.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.61%	23.20%	+7.41%

Volatility

ETHV vs. HODL - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 19.09% compared to VanEck Bitcoin Trust (HODL) at 12.99%. This indicates that ETHV'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

	ETHV	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.09%	12.99%	+6.10%
Volatility (6M) Calculated over the trailing 6-month period	53.57%	36.72%	+16.85%
Volatility (1Y) Calculated over the trailing 1-year period	75.78%	45.07%	+30.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.81%	50.90%	+23.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.81%	50.90%	+23.91%