HODL vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Bitcoin Trust (HODL) and ProShares Bitcoin Strategy ETF (BITO).

HODL and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HODL is a passively managed fund by VanEck that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 4, 2024. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

HODL vs. BITO - Performance Comparison

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

HODL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	99.75%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	87.60%

Returns By Period

The year-to-date returns for both stocks are quite close, with HODL having a -22.04% return and BITO slightly lower at -22.79%.

HODL

• 1D: 0.63%
• 1M: -1.38%
• YTD: -22.04%
• 6M: -42.00%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

HODL vs. BITO - Expense Ratio Comparison

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

BITO

ProShares Bitcoin Strategy ETF

HODL

VanEck Bitcoin Trust

Return for Risk

HODL vs. BITO — Risk / Return Rank

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

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 5
HODL Omega Ratio Rank: 6
HODL Calmar Ratio Rank: 6
HODL Martin Ratio Rank: 6

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO 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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio Return per unit of total volatility	-0.44	-0.52	+0.07
Sortino ratio Return per unit of downside risk	-0.37	-0.50	+0.13
Omega ratio Gain probability vs. loss probability	0.96	0.94	+0.01
Calmar ratio Return relative to maximum drawdown	-0.35	-0.42	+0.07
Martin ratio Return relative to average drawdown	-0.75	-0.89	+0.14
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. BITO - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.44, which is comparable to the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of HODL and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HODL	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	-0.52	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.08	+0.44

Correlation

The correlation between HODL and BITO is 1.00, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HODL vs. BITO - Dividend Comparison

HODL has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 80.47%.

	TTM	2025	2024	2023
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

HODL vs. BITO - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for HODL and BITO.

Drawdown Indicators

	HODL	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-77.86%	+28.61%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-50.05%	+0.80%
Current Drawdown Current decline from peak	-45.67%	-46.75%	+1.08%
Average Drawdown Average peak-to-trough decline	-14.14%	-36.57%	+22.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.20%	23.73%	-0.53%

Volatility

HODL vs. BITO - Volatility Comparison

VanEck Bitcoin Trust (HODL) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 12.99% and 12.84%, 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	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.99%	12.84%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	36.72%	36.71%	+0.01%
Volatility (1Y) Calculated over the trailing 1-year period	45.07%	45.32%	-0.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.90%	55.77%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.90%	55.77%	-4.87%