HODL vs. BITS

Last updated Aug 2, 2026

HODL (VanEck Bitcoin Trust) and BITS (Global X Blockchain & Bitcoin Strategy ETF) are both Cryptocurrency funds - HODL tracks the CME CF Bitcoin Reference Rate - New York Variant while BITS tracks the NONE. Both are passively managed. Over the past year, HODL returned -44.45% vs -9.04% for BITS. Their correlation of 0.87 means they have usually moved in the same direction. HODL charges 0.25%/yr vs 0.65%/yr for BITS.

Performance

HODL vs. BITS - Performance Comparison

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

Returns By Period

In the year-to-date period, HODL achieves a -28.10% return, which is significantly lower than BITS's -11.24% return.

HODL

• 1D: -2.89%
• 1M: 2.36%
• 6M: -24.98%
• YTD: -28.10%
• 1Y: -44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.44%

BITS

• 1D: -3.36%
• 1M: -0.63%
• 6M: -14.68%
• YTD: -11.24%
• 1Y: -9.04%
• 3Y*: 31.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.25%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITS Global X Blockchain & Bitcoin Strategy ETF	$89.94K	$81.82K	$170.18K
HODL VanEck Bitcoin Trust	$17.01M	$17.34M	$23.05M

HODL vs. BITS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-28.10%	-6.42%	91.50%
BITS Global X Blockchain & Bitcoin Strategy ETF	-11.24%	14.90%	57.29%

Correlation

The correlation between HODL and BITS is 0.84, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.84
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.87

The correlation between HODL and BITS has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

HODL vs. BITS — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

BITS

BITS Risk / Return Rank: 8
BITS Sharpe Ratio Rank: 7
BITS Sortino Ratio Rank: 9
BITS Omega Ratio Rank: 9
BITS Calmar Ratio Rank: 7
BITS Martin Ratio Rank: 8

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HODL vs. BITS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and Global X Blockchain & Bitcoin Strategy ETF (BITS). 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	BITS	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.27	-0.78
Sortino ratio: Return per unit of downside risk	-1.58	-0.03	-1.55
Omega ratio: Gain probability vs. loss probability	0.83	1.00	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.30	-0.57
Martin ratio: Return relative to average drawdown	-1.34	-0.49	-0.85

HODL vs. BITS - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -1.05, which is lower than the BITS Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of HODL and BITS, 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. BITS - Drawdown Comparison

The maximum HODL drawdown since its inception was -53.20%, smaller than the maximum BITS drawdown of -83.11%. Use the drawdown chart below to compare losses from any high point for HODL and BITS.

Drawdown Indicators

	HODL	BITS	Difference
Max Drawdown Largest peak-to-trough decline	-53.20%	-83.11%	+29.91%
Max Drawdown (1Y) Largest decline over 1 year	-53.20%	-48.38%	-4.82%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.38%	—
Current Drawdown Current decline from peak	-49.90%	-41.56%	-8.34%
Average Drawdown Average peak-to-trough decline	-18.17%	-42.56%	+24.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.56%	29.76%	+4.80%

Volatility

HODL vs. BITS - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 9.14%, while Global X Blockchain & Bitcoin Strategy ETF (BITS) has a volatility of 14.95%. This indicates that HODL experiences smaller price fluctuations and is considered to be less risky than BITS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	BITS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.14%	14.95%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	40.75%	-7.04%
Volatility (1Y) Calculated over the trailing 1-year period	44.31%	54.36%	-10.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.28%	60.62%	-11.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.28%	60.62%	-11.34%

HODL vs. BITS - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than BITS's 0.65% expense ratio.

Dividends

HODL vs. BITS - Dividend Comparison

HODL has not paid dividends to shareholders, while BITS's dividend yield for the trailing twelve months is around 25.64%.

Position	TTM	2025	2024	2023	2022	2021
BITS Global X Blockchain & Bitcoin Strategy ETF	25.64%	22.80%	29.49%	13.69%	0.48%	1.90%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and BITS in my portfolio?

HODL and BITS have a correlation of 0.84, 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 BITS?

BITS has higher volatility (14.95%) compared to HODL (9.14%). In terms of maximum drawdown, HODL dropped -53.20% vs BITS's -83.11%.

Which ETF is better, HODL or BITS?

On 1-year performance, BITS leads with -9.04% vs -44.45% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 9.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or BITS?

Over the 1-year period, BITS has performed better with a -9.04% return vs -44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BITS?

HODL is cheaper with a 0.25% expense ratio, compared with 0.65% for BITS.

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

BITS has the higher dividend yield at 25.64%, compared with 0.00% for HODL.

What is the main difference between HODL and BITS?

HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while BITS tracks NONE. They also come from different issuers: VanEck and Global X. Their fees differ too: 0.25% for HODL and 0.65% for BITS.

Which has better risk-adjusted returns?

BITS currently has the higher Sharpe Ratio (-0.27 vs -1.05), 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.