GBTG vs. HODL

Last updated Apr 1, 2026

Compare and contrast key facts about Global Business Travel Group Inc (GBTG) and VanEck Bitcoin Trust (HODL).

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.

Performance

GBTG vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global Business Travel Group Inc (GBTG) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

GBTG vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GBTG Global Business Travel Group Inc	-27.06%	-17.56%	55.44%
HODL VanEck Bitcoin Trust	-22.52%	-6.42%	99.75%

Returns By Period

In the year-to-date period, GBTG achieves a -27.06% return, which is significantly lower than HODL's -22.52% return.

GBTG

• 1D: 3.33%
• 1M: 2.01%
• YTD: -27.06%
• 6M: -30.94%
• 1Y: -23.14%
• 3Y*: -5.59%
• 5Y*: -10.85%
• 10Y*: —

HODL

• 1D: 1.86%
• 1M: 3.29%
• YTD: -22.52%
• 6M: -40.81%
• 1Y: -17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

GBTG vs. HODL — Risk / Return Rank

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

GBTG

GBTG Risk / Return Rank: 17
GBTG Sharpe Ratio Rank: 17
GBTG Sortino Ratio Rank: 18
GBTG Omega Ratio Rank: 19
GBTG Calmar Ratio Rank: 21
GBTG Martin Ratio Rank: 11

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 6
HODL Omega Ratio Rank: 7
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.

GBTG vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global Business Travel Group Inc (GBTG) 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.

	GBTG	HODL	Difference
Sharpe ratio Return per unit of total volatility	-0.55	-0.40	-0.15
Sortino ratio Return per unit of downside risk	-0.56	-0.29	-0.27
Omega ratio Gain probability vs. loss probability	0.93	0.97	-0.04
Calmar ratio Return relative to maximum drawdown	-0.60	-0.39	-0.21
Martin ratio Return relative to average drawdown	-1.44	-0.83	-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.

GBTG vs. HODL - Sharpe Ratio Comparison

The current GBTG Sharpe Ratio is -0.55, which is lower than the HODL Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of GBTG 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

	GBTG	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	-0.40	-0.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.36	-0.60

Correlation

The correlation between GBTG and HODL is 0.20, 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

GBTG vs. HODL - Dividend Comparison

Neither GBTG nor HODL has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GBTG vs. HODL - Drawdown Comparison

The maximum GBTG drawdown since its inception was -60.07%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for GBTG and HODL.

Drawdown Indicators

	GBTG	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-60.07%	-49.25%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-40.41%	-49.25%	+8.84%
Max Drawdown (5Y) Largest decline over 5 years	-56.00%	—	—
Current Drawdown Current decline from peak	-49.36%	-46.01%	-3.35%
Average Drawdown Average peak-to-trough decline	-30.13%	-14.09%	-16.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.77%	23.02%	-6.25%

Volatility

GBTG vs. HODL - Volatility Comparison

The current volatility for Global Business Travel Group Inc (GBTG) is 10.49%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.04%. This indicates that GBTG 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

	GBTG	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	13.04%	-2.55%
Volatility (6M) Calculated over the trailing 6-month period	31.58%	36.71%	-5.13%
Volatility (1Y) Calculated over the trailing 1-year period	42.60%	45.09%	-2.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.90%	50.94%	-9.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.79%	50.94%	-10.15%