ETHV vs. HODL

Last updated Aug 2, 2026

ETHV (VanEck Ethereum ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds from VanEck - ETHV tracks the MarketVector Ethereum Benchmark Rate while HODL tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, ETHV returned -46.91% vs -44.45% for HODL. Their correlation of 0.82 means they have usually moved in the same direction. ETHV charges 0.20%/yr vs 0.25%/yr for HODL.

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.

Returns By Period

In the year-to-date period, ETHV achieves a -37.22% return, which is significantly lower than HODL's -28.10% return.

ETHV

• 1D: -2.95%
• 1M: 9.87%
• 6M: -30.34%
• YTD: -37.22%
• 1Y: -46.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.11%

HODL

• 1D: -2.89%
• 1M: 2.36%
• 6M: -24.98%
• YTD: -28.10%
• 1Y: -44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHV VanEck Ethereum ETF	$524.25K	$738.34K	$1.44M
HODL VanEck Bitcoin Trust	$17.01M	$17.34M	$23.05M

ETHV vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHV VanEck Ethereum ETF	-37.22%	-11.02%	-5.50%
HODL VanEck Bitcoin Trust	-28.10%	-6.42%	36.84%

Correlation

The correlation between ETHV and HODL is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.82

The correlation between ETHV and HODL has been stable across timeframes, ranging from 0.82 to 0.91 - a consistent structural relationship.

Return for Risk

ETHV vs. HODL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETHV

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

HODL

HODL Risk / Return Rank: 1
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ETHV	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	-1.05	+0.30
Sortino ratio: Return per unit of downside risk	-0.98	-1.58	+0.60
Omega ratio: Gain probability vs. loss probability	0.89	0.83	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.87	+0.13
Martin ratio: Return relative to average drawdown	-1.11	-1.34	+0.23

ETHV vs. HODL - Sharpe Ratio Comparison

The current ETHV Sharpe Ratio is -0.75, which is comparable to the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of ETHV 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.

Drawdowns

ETHV vs. HODL - Drawdown Comparison

The maximum ETHV drawdown since its inception was -67.88%, which is greater than HODL's maximum drawdown of -53.20%. 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	-67.88%	-53.20%	-14.68%
Max Drawdown (1Y) Largest decline over 1 year	-67.88%	-53.20%	-14.68%
Current Drawdown Current decline from peak	-61.52%	-49.90%	-11.62%
Average Drawdown Average peak-to-trough decline	-35.27%	-18.17%	-17.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.37%	34.56%	+10.81%

Volatility

ETHV vs. HODL - Volatility Comparison

VanEck Ethereum ETF (ETHV) has a higher volatility of 12.94% compared to VanEck Bitcoin Trust (HODL) at 9.14%. 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	12.94%	9.14%	+3.80%
Volatility (6M) Calculated over the trailing 6-month period	45.79%	33.71%	+12.08%
Volatility (1Y) Calculated over the trailing 1-year period	67.09%	44.31%	+22.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.24%	49.28%	+21.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.24%	49.28%	+21.96%

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%.

Dividends

ETHV vs. HODL - Dividend Comparison

Neither ETHV nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both ETHV and HODL in my portfolio?

With a correlation of 0.91, ETHV and HODL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ETHV or HODL?

ETHV has higher volatility (12.94%) compared to HODL (9.14%). In terms of maximum drawdown, ETHV dropped -67.88% vs HODL's -53.20%.

Which ETF is better, ETHV or HODL?

On 1-year performance, HODL leads with -44.45% vs -46.91% for ETHV. On fees, ETHV is cheaper at 0.20% per year. On volatility, HODL has been the lower-risk option at 9.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHV or HODL?

Over the 1-year period, HODL has performed better with a -44.45% return vs -46.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHV or HODL?

ETHV is cheaper with a 0.20% expense ratio, compared with 0.25% for HODL.

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

ETHV and HODL have nearly identical dividend yields, around 0.00%.

What is the main difference between ETHV and HODL?

ETHV tracks MarketVector Ethereum Benchmark Rate, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.20% for ETHV and 0.25% for HODL.

Which has better risk-adjusted returns?

ETHV currently has the higher Sharpe Ratio (-0.75 vs -1.05), 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.