HODL vs. BTCI

Last updated Jun 4, 2026

HODL (VanEck Bitcoin Trust) and BTCI (NEOS Bitcoin High Income ETF) are both Cryptocurrency funds. HODL is passively managed, while BTCI is actively managed. Over the past year, HODL returned -38.56% vs -33.43% for BTCI. With a 0.99 correlation, they move nearly in lockstep. HODL charges 0.25%/yr vs 0.99%/yr for BTCI.

Performance

HODL vs. BTCI - Performance Comparison

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

Returns By Period

In the year-to-date period, HODL achieves a -25.27% return, which is significantly lower than BTCI's -22.74% return.

HODL

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

BTCI

• 1D: -2.56%
• 1M: -16.29%
• YTD: -22.74%
• 6M: -26.41%
• 1Y: -33.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	39.74%
BTCI NEOS Bitcoin High Income ETF	-22.74%	-1.09%	28.24%

Correlation

The correlation between HODL and BTCI is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	0.99

The correlation between HODL and BTCI has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

HODL vs. BTCI — 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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI 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. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and NEOS Bitcoin High Income ETF (BTCI). 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	BTCI	Difference
Sharpe ratio Return per unit of total volatility	-0.89	-0.86	-0.03
Sortino ratio Return per unit of downside risk	-1.23	-1.14	-0.09
Omega ratio Gain probability vs. loss probability	0.86	0.87	0.00
Calmar ratio Return relative to maximum drawdown	-0.79	-0.75	-0.04
Martin ratio Return relative to average drawdown	-1.36	-1.34	-0.03
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. BTCI - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.89, which is comparable to the BTCI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of HODL and BTCI, 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	BTCI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.86	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.03	+0.33

Drawdowns

HODL vs. BTCI - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, which is greater than BTCI's maximum drawdown of -44.98%. Use the drawdown chart below to compare losses from any high point for HODL and BTCI.

Drawdown Indicators

	HODL	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-44.98%	-4.27%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-44.98%	-4.27%
Current Drawdown Current decline from peak	-47.93%	-42.87%	-5.06%
Average Drawdown Average peak-to-trough decline	-15.97%	-15.18%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.35%	25.05%	+3.30%

Volatility

HODL vs. BTCI - Volatility Comparison

VanEck Bitcoin Trust (HODL) has a higher volatility of 9.43% compared to NEOS Bitcoin High Income ETF (BTCI) at 8.35%. This indicates that HODL's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	8.35%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	30.94%	+3.43%
Volatility (1Y) Calculated over the trailing 1-year period	43.51%	38.93%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	40.11%	+9.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	40.11%	+9.77%

HODL vs. BTCI - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

HODL vs. BTCI - Dividend Comparison

HODL has not paid dividends to shareholders, while BTCI's dividend yield for the trailing twelve months is around 43.16%.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	43.16%	36.46%	6.76%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and BTCI in my portfolio?

With a correlation of 0.99, HODL and BTCI 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 BTCI?

HODL has higher volatility (9.43%) compared to BTCI (8.35%). In terms of maximum drawdown, HODL dropped -49.25% vs BTCI's -44.98%.

Which ETF is better, HODL or BTCI?

On 1-year performance, BTCI leads with -33.43% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, BTCI has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or BTCI?

Over the 1-year period, BTCI has performed better with a -33.43% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or BTCI?

HODL is cheaper with a 0.25% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 43.16%, compared with 0.00% for HODL.

What is the main difference between HODL and BTCI?

They also come from different issuers: VanEck and Neos. Their fees differ too: 0.25% for HODL and 0.99% for BTCI.

Which has better risk-adjusted returns?

BTCI currently has the higher Sharpe Ratio (-0.86 vs -0.89), 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.