HODL vs. BITC

Last updated Jun 3, 2026

HODL (VanEck Bitcoin Trust) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. HODL is passively managed, while BITC is actively managed. Over the past year, HODL returned -35.69% vs -15.15% for BITC. A 0.77 correlation means they provide meaningful diversification when combined. HODL charges 0.25%/yr vs 0.88%/yr for BITC.

Performance

HODL vs. BITC - Performance Comparison

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

Returns By Period

In the year-to-date period, HODL achieves a -23.13% return, which is significantly lower than BITC's 6.98% return.

HODL

• 1D: -5.94%
• 1M: -14.33%
• YTD: -23.13%
• 6M: -26.17%
• 1Y: -35.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITC

• 1D: 0.04%
• 1M: -2.30%
• YTD: 6.98%
• 6M: -1.16%
• 1Y: -15.15%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

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

HODL vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-23.13%	-6.42%	99.75%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-20.46%	79.58%

Correlation

The correlation between HODL and BITC is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.77

Over the past year, the correlation between HODL and BITC has dropped to 0.56 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

Return for Risk

HODL vs. BITC — 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: 3
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	HODL	BITC	Difference
Sharpe ratio Return per unit of total volatility	-0.82	-0.60	-0.23
Sortino ratio Return per unit of downside risk	-1.09	-0.72	-0.37
Omega ratio Gain probability vs. loss probability	0.88	0.89	-0.02
Calmar ratio Return relative to maximum drawdown	-0.73	-0.58	-0.15
Martin ratio Return relative to average drawdown	-1.27	-0.83	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HODL vs. BITC - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.82, which is lower than the BITC Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of HODL and BITC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HODL	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	-0.60	-0.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.68	-0.35

Drawdowns

HODL vs. BITC - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for HODL and BITC.

Drawdown Indicators

	HODL	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-38.51%	-10.74%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-26.51%	-22.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-38.51%	—
Current Drawdown Current decline from peak	-46.44%	-26.48%	-19.96%
Average Drawdown Average peak-to-trough decline	-15.92%	-16.36%	+0.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.19%	18.32%	+9.87%

Volatility

HODL vs. BITC - Volatility Comparison

VanEck Bitcoin Trust (HODL) has a higher volatility of 9.65% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.79%. This indicates that HODL's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	6.79%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	34.73%	19.98%	+14.75%
Volatility (1Y) Calculated over the trailing 1-year period	43.43%	25.54%	+17.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	46.68%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	46.68%	+3.21%

HODL vs. BITC - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

HODL vs. BITC - Dividend Comparison

HODL has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.14%.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and BITC in my portfolio?

HODL and BITC have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HODL or BITC?

HODL has higher volatility (9.65%) compared to BITC (6.79%). In terms of maximum drawdown, HODL dropped -49.25% vs BITC's -38.51%.

Which ETF is better, HODL or BITC?

On 1-year performance, BITC leads with -15.15% vs -35.69% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, BITC has been the lower-risk option at 6.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or BITC?

Over the 1-year period, BITC has performed better with a -15.15% return vs -35.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BITC?

HODL is cheaper with a 0.25% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.14%, compared with 0.00% for HODL.

What is the main difference between HODL and BITC?

They also come from different issuers: VanEck and Bitwise. Their fees differ too: 0.25% for HODL and 0.88% for BITC.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.60 vs -0.82), 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.