HODL vs. BETE

Last updated Jul 14, 2026

HODL (VanEck Bitcoin Trust) and BETE (Proshares Bitcoin & Ether Equal Weight Strategy ETF) are both Cryptocurrency funds. Over the past year, HODL returned -47.40% vs -44.90% for BETE. Their correlation of 0.93 suggests significant overlap in exposure. HODL charges 0.25%/yr vs 0.95%/yr for BETE.

Performance

HODL vs. BETE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) and Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HODL achieves a -28.87% return, which is significantly higher than BETE's -36.27% return.

HODL

• 1D: -2.71%
• 1M: -2.11%
• 6M: -31.95%
• YTD: -28.87%
• 1Y: -47.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BETE

• 1D: -2.05%
• 1M: 1.87%
• 6M: -38.78%
• YTD: -36.27%
• 1Y: -44.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. BETE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-28.87%	-6.42%	91.50%
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	-36.27%	-8.17%	54.12%

Correlation

The correlation between HODL and BETE is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.93

The correlation between HODL and BETE has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

HODL vs. BETE — Risk / Return Rank

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

HODL

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

BETE

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

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.

HODL vs. BETE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE). 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.

	HODL	BETE	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	-0.81	-0.26
Sortino ratio: Return per unit of downside risk	-1.65	-1.10	-0.56
Omega ratio: Gain probability vs. loss probability	0.82	0.88	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.73	-0.16
Martin ratio: Return relative to average drawdown	-1.45	-1.17	-0.28

HODL vs. BETE - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -1.08, which is lower than the BETE Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of HODL and BETE, 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

HODL vs. BETE - Drawdown Comparison

The maximum HODL drawdown since its inception was -53.20%, smaller than the maximum BETE drawdown of -61.75%. Use the drawdown chart below to compare losses from any high point for HODL and BETE.

Drawdown Indicators

	HODL	BETE	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-61.75%	+8.55%
Max Drawdown (1Y) Largest decline over 1 year	-53.20%	-61.75%	+8.55%
Current Drawdown Current decline from peak	-50.44%	-58.21%	+7.77%
Average Drawdown Average peak-to-trough decline	-17.49%	-22.79%	+5.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.62%	38.42%	-5.80%

Volatility

HODL vs. BETE - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 11.45%, while Proshares Bitcoin & Ether Equal Weight Strategy ETF (BETE) has a volatility of 13.72%. This indicates that HODL experiences smaller price fluctuations and is considered to be less risky than BETE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	BETE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	13.72%	-2.27%
Volatility (6M) Calculated over the trailing 6-month period	34.72%	40.68%	-5.96%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	55.52%	-11.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.65%	56.34%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.65%	56.34%	-6.69%

HODL vs. BETE - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than BETE's 0.95% expense ratio.

Dividends

HODL vs. BETE - Dividend Comparison

HODL has not paid dividends to shareholders, while BETE's dividend yield for the trailing twelve months is around 81.87%.

Position	TTM	2025	2024	2023
BETE Proshares Bitcoin & Ether Equal Weight Strategy ETF	81.87%	68.22%	15.22%	0.78%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and BETE in my portfolio?

With a correlation of 0.95, HODL and BETE 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, HODL or BETE?

BETE has higher volatility (13.72%) compared to HODL (11.45%). In terms of maximum drawdown, HODL dropped -53.20% vs BETE's -61.75%.

Which ETF is better, HODL or BETE?

On 1-year performance, BETE leads with -44.90% vs -47.40% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 11.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or BETE?

Over the 1-year period, BETE has performed better with a -44.90% return vs -47.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BETE?

HODL is cheaper with a 0.25% expense ratio, compared with 0.95% for BETE.

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

BETE has the higher dividend yield at 81.87%, compared with 0.00% for HODL.

What is the main difference between HODL and BETE?

They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.25% for HODL and 0.95% for BETE.

Which has better risk-adjusted returns?

BETE currently has the higher Sharpe Ratio (-0.81 vs -1.08), 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.