HAP vs. HODL

Last updated Jun 24, 2026

HAP (VanEck Natural Resources ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - HAP is a Energy Equities fund tracking the MarketVector Global Natural Resources 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, HAP returned 34.90% vs -39.68% for HODL. At a 0.27 correlation, their price movements are largely independent. HAP charges 0.42%/yr vs 0.25%/yr for HODL.

Performance

HAP vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 13.98% return, which is significantly higher than HODL's -28.75% return.

HAP

• 1D: -1.66%
• 1M: -5.29%
• YTD: 13.98%
• 6M: 13.40%
• 1Y: 34.90%
• 3Y*: 16.55%
• 5Y*: 11.05%
• 10Y*: 11.59%

HODL

• 1D: -3.24%
• 1M: -17.82%
• YTD: -28.75%
• 6M: -28.92%
• 1Y: -39.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HAP vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HAP VanEck Natural Resources ETF	13.98%	34.91%	-1.61%
HODL VanEck Bitcoin Trust	-28.75%	-6.42%	91.50%

Correlation

The correlation between HAP and HODL is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.27

Return for Risk

HAP vs. HODL — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 75
HAP Sharpe Ratio Rank: 74
HAP Sortino Ratio Rank: 68
HAP Omega Ratio Rank: 72
HAP Calmar Ratio Rank: 83
HAP Martin Ratio Rank: 79

HODL

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

HAP vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	HODL	Difference
Sharpe ratio: Return per unit of total volatility	2.24	-0.90	+3.14
Sortino ratio: Return per unit of downside risk	2.92	-1.26	+4.18
Omega ratio: Gain probability vs. loss probability	1.40	0.86	+0.54
Calmar ratio: Return relative to maximum drawdown	4.22	-0.77	+4.99
Martin ratio: Return relative to average drawdown	14.62	-1.30	+15.92

HAP vs. HODL - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 2.24, which is higher than the HODL Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of HAP 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

HAP vs. HODL - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.99%, roughly equal to the maximum HODL drawdown of -51.96%. Use the drawdown chart below to compare losses from any high point for HAP and HODL.

Drawdown Indicators

	HAP	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-51.96%	+0.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-51.96%	+43.65%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	—	—
Current Drawdown Current decline from peak	-8.01%	-50.35%	+42.34%
Average Drawdown Average peak-to-trough decline	-12.06%	-16.78%	+4.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.39%	30.49%	-28.10%

Volatility

HAP vs. HODL - Volatility Comparison

The current volatility for VanEck Natural Resources ETF (HAP) is 5.25%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.07%. This indicates that HAP 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

	HAP	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	13.07%	-7.82%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	34.59%	-21.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.65%	44.11%	-28.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	49.89%	-31.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.69%	49.89%	-30.20%

HAP vs. HODL - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

HAP vs. HODL - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.99%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.99%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HAP and HODL in my portfolio?

HAP and HODL have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or HODL?

HODL has higher volatility (13.07%) compared to HAP (5.25%). In terms of maximum drawdown, HAP dropped -50.99% vs HODL's -51.96%.

Which ETF is better, HAP or HODL?

On 1-year performance, HAP leads with 34.90% vs -39.68% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HAP has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or HODL?

Over the 1-year period, HAP has performed better with a 34.90% return vs -39.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.42% for HAP.

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

HAP has the higher dividend yield at 1.99%, compared with 0.00% for HODL.

What is the main difference between HAP and HODL?

HAP is categorized as Energy Equities, while HODL is Cryptocurrency. HAP tracks MarketVector Global Natural Resources Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.42% for HAP and 0.25% for HODL.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.24 vs -0.90), 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.