HODL vs. BITB

Last updated Jun 20, 2026

HODL (VanEck Bitcoin Trust) and BITB (Bitwise Bitcoin ETF) are both Cryptocurrency funds tracking the CME CF Bitcoin Reference Rate - New York Variant, from VanEck and Bitwise Asset Management respectively. Both are passively managed. Over the past year, HODL returned -39.41% vs -39.61% for BITB. With a 1.00 correlation, they move nearly in lockstep. HODL charges 0.25%/yr vs 0.20%/yr for BITB.

Performance

HODL vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with HODL having a -28.02% return and BITB slightly lower at -28.24%.

HODL

• 1D: -1.93%
• 1M: -18.94%
• YTD: -28.02%
• 6M: -28.46%
• 1Y: -39.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: -2.09%
• 1M: -19.03%
• YTD: -28.24%
• 6M: -28.60%
• 1Y: -39.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-28.02%	-6.42%	91.50%
BITB Bitwise Bitcoin ETF	-28.24%	-6.47%	89.74%

Correlation

The correlation between HODL and BITB is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	1.00

The correlation between HODL and BITB has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

HODL vs. BITB — Risk / Return Rank

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

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: 3
HODL Martin Ratio Rank: 2

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 3
BITB 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.

HODL vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin ETF (BITB). 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	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	-0.90	0.00
Sortino ratio: Return per unit of downside risk	-1.25	-1.26	+0.01
Omega ratio: Gain probability vs. loss probability	0.86	0.86	0.00
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.76	0.00
Martin ratio: Return relative to average drawdown	-1.31	-1.31	0.00

HODL vs. BITB - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.90, which is comparable to the BITB Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of HODL and BITB, 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. BITB - Drawdown Comparison

The maximum HODL drawdown since its inception was -51.96%, roughly equal to the maximum BITB drawdown of -52.04%. Use the drawdown chart below to compare losses from any high point for HODL and BITB.

Drawdown Indicators

	HODL	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-51.96%	-52.04%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-51.96%	-52.04%	+0.08%
Current Drawdown Current decline from peak	-49.85%	-50.01%	+0.16%
Average Drawdown Average peak-to-trough decline	-16.67%	-16.74%	+0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.16%	30.24%	-0.08%

Volatility

HODL vs. BITB - Volatility Comparison

VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin ETF (BITB) have volatilities of 12.64% and 12.61%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.64%	12.61%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	34.42%	34.41%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	43.94%	44.02%	-0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.91%	50.02%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.91%	50.02%	-0.11%

HODL vs. BITB - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is higher than BITB's 0.20% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

HODL vs. BITB - Dividend Comparison

Neither HODL nor BITB has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HODL and BITB in my portfolio?

With a correlation of 1.00, HODL and BITB 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 BITB?

HODL has higher volatility (12.64%) compared to BITB (12.61%). In terms of maximum drawdown, HODL dropped -51.96% vs BITB's -52.04%.

Which ETF is better, HODL or BITB?

On 1-year performance, HODL leads with -39.41% vs -39.61% for BITB. On fees, BITB is cheaper at 0.20% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or BITB?

Over the 1-year period, HODL has performed better with a -39.41% return vs -39.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BITB?

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

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

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

What is the main difference between HODL and BITB?

Both ETFs track CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: VanEck and Bitwise Asset Management. Their fees differ too: 0.25% for HODL and 0.20% for BITB.

Which has better risk-adjusted returns?

HODL currently has the higher Sharpe Ratio (-0.90 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.