GPZ vs. HODL

Last updated Jul 17, 2026

GPZ (VanEck Alternative Asset Manager ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers 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, GPZ returned -17.64% vs -46.21% for HODL. At a 0.40 correlation, their price movements are largely independent. GPZ charges 0.40%/yr vs 0.25%/yr for HODL.

Performance

GPZ vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) 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, GPZ achieves a -15.10% return, which is significantly higher than HODL's -26.57% return.

GPZ

• 1D: -0.17%
• 1M: -1.96%
• 6M: -18.55%
• YTD: -15.10%
• 1Y: -17.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HODL

• 1D: -1.09%
• 1M: -2.16%
• 6M: -32.59%
• YTD: -26.57%
• 1Y: -46.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GPZ vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-15.10%	9.24%
HODL VanEck Bitcoin Trust	-26.57%	-16.76%

Correlation

The correlation between GPZ and HODL is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.40

Return for Risk

GPZ vs. HODL — Risk / Return Rank

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

GPZ

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

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
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.

GPZ vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

	GPZ	HODL	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	-1.05	+0.41
Sortino ratio: Return per unit of downside risk	-0.75	-1.59	+0.84
Omega ratio: Gain probability vs. loss probability	0.91	0.82	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.56	-0.87	+0.31
Martin ratio: Return relative to average drawdown	-1.03	-1.40	+0.37

GPZ vs. HODL - Sharpe Ratio Comparison

The current GPZ Sharpe Ratio is -0.64, which is higher than the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of GPZ 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

GPZ vs. HODL - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum HODL drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for GPZ and HODL.

Drawdown Indicators

	GPZ	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-53.20%	+21.48%
Max Drawdown (1Y) Largest decline over 1 year	-31.72%	-53.20%	+21.48%
Current Drawdown Current decline from peak	-22.01%	-48.83%	+26.82%
Average Drawdown Average peak-to-trough decline	-13.04%	-17.64%	+4.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.08%	33.04%	-15.96%

Volatility

GPZ vs. HODL - Volatility Comparison

The current volatility for VanEck Alternative Asset Manager ETF (GPZ) is 7.65%, while VanEck Bitcoin Trust (HODL) has a volatility of 10.76%. This indicates that GPZ 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

	GPZ	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.65%	10.76%	-3.11%
Volatility (6M) Calculated over the trailing 6-month period	22.44%	34.75%	-12.31%
Volatility (1Y) Calculated over the trailing 1-year period	27.87%	44.22%	-16.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.47%	49.59%	-22.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.47%	49.59%	-22.12%

GPZ vs. HODL - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

GPZ vs. HODL - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 0.97%, while HODL has not paid dividends to shareholders.

Position	TTM	2025
GPZ VanEck Alternative Asset Manager ETF	0.97%	0.83%
HODL VanEck Bitcoin Trust	0.00%	0.00%

Frequently Asked Questions

Can I hold both GPZ and HODL in my portfolio?

GPZ and HODL have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPZ or HODL?

HODL has higher volatility (10.76%) compared to GPZ (7.65%). In terms of maximum drawdown, GPZ dropped -31.72% vs HODL's -53.20%.

Which ETF is better, GPZ or HODL?

On 1-year performance, GPZ leads with -17.64% vs -46.21% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, GPZ has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPZ or HODL?

Over the 1-year period, GPZ has performed better with a -17.64% return vs -46.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPZ or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.40% for GPZ.

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

GPZ has the higher dividend yield at 0.97%, compared with 0.00% for HODL.

What is the main difference between GPZ and HODL?

GPZ is categorized as Financials Equities, while HODL is Cryptocurrency. GPZ tracks MarketVector Alternative Asset Managers Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.40% for GPZ and 0.25% for HODL.

Which has better risk-adjusted returns?

GPZ currently has the higher Sharpe Ratio (-0.64 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.