HODL vs. BITO

Last updated Jun 4, 2026

HODL (VanEck Bitcoin Trust) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. HODL is passively managed, while BITO is actively managed. Over the past year, HODL returned -38.56% vs -41.01% for BITO. With a 1.00 correlation, they move nearly in lockstep. HODL charges 0.25%/yr vs 0.95%/yr for BITO.

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.

Returns By Period

The year-to-date returns for both stocks are quite close, with HODL having a -25.27% return and BITO slightly lower at -26.37%.

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

HODL vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	87.60%

Correlation

The correlation between HODL and BITO 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 12, 2024	1.00

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

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: 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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO 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. 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	-0.89	-0.95	+0.06
Sortino ratio Return per unit of downside risk	-1.23	-1.35	+0.12
Omega ratio Gain probability vs. loss probability	0.86	0.85	+0.01
Calmar ratio Return relative to maximum drawdown	-0.79	-0.82	+0.04
Martin ratio Return relative to average drawdown	-1.36	-1.41	+0.05
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 -0.89, which is comparable to the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of HODL and BITO, 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	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.95	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.09	+0.39

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%
Max Drawdown (3Y) Largest decline over 3 years	—	-50.05%	—
Current Drawdown Current decline from peak	-47.93%	-49.22%	+1.29%
Average Drawdown Average peak-to-trough decline	-15.97%	-36.73%	+20.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.35%	29.09%	-0.74%

Volatility

HODL vs. BITO - Volatility Comparison

VanEck Bitcoin Trust (HODL) and ProShares Bitcoin Strategy ETF (BITO) have volatilities of 9.43% and 9.43%, 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	9.43%	9.43%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	34.26%	+0.11%
Volatility (1Y) Calculated over the trailing 1-year period	43.51%	43.57%	-0.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	55.11%	-5.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	55.11%	-5.23%

HODL vs. BITO - Expense Ratio Comparison

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

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 67.63%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and BITO in my portfolio?

With a correlation of 1.00, HODL and BITO 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 BITO?

BITO has higher volatility (9.43%) compared to HODL (9.43%). In terms of maximum drawdown, HODL dropped -49.25% vs BITO's -77.86%.

Which ETF is better, HODL or BITO?

On 1-year performance, HODL leads with -38.56% vs -41.01% for BITO. On fees, HODL is cheaper at 0.25% 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 BITO?

Over the 1-year period, HODL has performed better with a -38.56% return vs -41.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BITO?

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

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

BITO has the higher dividend yield at 67.63%, compared with 0.00% for HODL.

What is the main difference between HODL and BITO?

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

Which has better risk-adjusted returns?

HODL currently has the higher Sharpe Ratio (-0.89 vs -0.94), 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.