HODL vs. DAPP

Last updated Jun 4, 2026

HODL (VanEck Bitcoin Trust) and DAPP (VanEck Digital Transformation ETF) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while DAPP is a Technology Equities fund tracking the MVIS Global Digital Assets Equity Index. Both are passively managed. Over the past year, HODL returned -38.56% vs 55.85% for DAPP. A 0.72 correlation means they provide meaningful diversification when combined. HODL charges 0.25%/yr vs 0.50%/yr for DAPP.

Performance

HODL vs. DAPP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) and VanEck Digital Transformation ETF (DAPP). 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 DAPP's 33.03% return.

HODL

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

DAPP

• 1D: -2.57%
• 1M: 10.45%
• YTD: 33.03%
• 6M: 15.86%
• 1Y: 55.85%
• 3Y*: 57.26%
• 5Y*: -0.16%
• 10Y*: —

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

HODL vs. DAPP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%
DAPP VanEck Digital Transformation ETF	33.03%	15.03%	62.58%

Correlation

The correlation between HODL and DAPP is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.72

The correlation between HODL and DAPP has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

HODL vs. DAPP — 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

DAPP

DAPP Risk / Return Rank: 25
DAPP Sharpe Ratio Rank: 25
DAPP Sortino Ratio Rank: 28
DAPP Omega Ratio Rank: 26
DAPP Calmar Ratio Rank: 24
DAPP Martin Ratio Rank: 20

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. DAPP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and VanEck Digital Transformation ETF (DAPP). 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	DAPP	Difference
Sharpe ratio Return per unit of total volatility	-0.89	0.91	-1.80
Sortino ratio Return per unit of downside risk	-1.23	1.54	-2.76
Omega ratio Gain probability vs. loss probability	0.86	1.18	-0.32
Calmar ratio Return relative to maximum drawdown	-0.79	1.16	-1.95
Martin ratio Return relative to average drawdown	-1.36	2.28	-3.64
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. DAPP - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.89, which is lower than the DAPP Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of HODL and DAPP, 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	DAPP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	0.91	-1.80
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.07	+0.38

Drawdowns

HODL vs. DAPP - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, smaller than the maximum DAPP drawdown of -91.90%. Use the drawdown chart below to compare losses from any high point for HODL and DAPP.

Drawdown Indicators

	HODL	DAPP	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-91.90%	+42.65%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-48.21%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-58.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.90%	—
Current Drawdown Current decline from peak	-47.93%	-27.06%	-20.87%
Average Drawdown Average peak-to-trough decline	-15.97%	-57.42%	+41.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.35%	24.56%	+3.79%

Volatility

HODL vs. DAPP - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 9.43%, while VanEck Digital Transformation ETF (DAPP) has a volatility of 15.49%. This indicates that HODL experiences smaller price fluctuations and is considered to be less risky than DAPP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	DAPP	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	15.49%	-6.06%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	46.31%	-11.94%
Volatility (1Y) Calculated over the trailing 1-year period	43.51%	61.71%	-18.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	72.90%	-23.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	72.64%	-22.76%

HODL vs. DAPP - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than DAPP's 0.50% expense ratio.

Dividends

HODL vs. DAPP - Dividend Comparison

Neither HODL nor DAPP has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
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 DAPP in my portfolio?

HODL and DAPP have a correlation of 0.70, 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 DAPP?

DAPP has higher volatility (15.49%) compared to HODL (9.43%). In terms of maximum drawdown, HODL dropped -49.25% vs DAPP's -91.90%.

Which ETF is better, HODL or DAPP?

On 1-year performance, DAPP leads with 55.85% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 9.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or DAPP?

Over the 1-year period, DAPP has performed better with a 55.85% 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 DAPP?

HODL is cheaper with a 0.25% expense ratio, compared with 0.50% for DAPP.

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

HODL and DAPP have nearly identical dividend yields, around 0.00%.

What is the main difference between HODL and DAPP?

HODL is categorized as Cryptocurrency, while DAPP is Technology Equities. HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while DAPP tracks MVIS Global Digital Assets Equity Index. Their fees differ too: 0.25% for HODL and 0.50% for DAPP.

Which has better risk-adjusted returns?

DAPP currently has the higher Sharpe Ratio (0.91 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.