HODL vs. ESPO
HODL (VanEck Bitcoin Trust) and ESPO (VanEck Video Gaming and eSports ETF) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while ESPO is a Gaming fund tracking the MVIS Global Video Gaming and eSports Index. Both are passively managed. Over the past year, HODL returned -44.45% vs -10.16% for ESPO. Their 0.37 correlation means their historical movements had little consistent relationship. HODL charges 0.25%/yr vs 0.55%/yr for ESPO.
Performance
HODL vs. ESPO - Performance Comparison
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Returns By Period
In the year-to-date period, HODL achieves a -28.10% return, which is significantly lower than ESPO's -9.09% return.
HODL
- 1D
- -2.89%
- 1M
- 2.36%
- 6M
- -24.98%
- YTD
- -28.10%
- 1Y
- -44.45%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 10.44%
ESPO
- 1D
- -3.16%
- 1M
- 2.45%
- 6M
- -5.98%
- YTD
- -9.09%
- 1Y
- -10.16%
- 3Y*
- 18.46%
- 5Y*
- 8.32%
- 10Y*
- —
- ALL TIME*
- 16.59%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.98M | $1.50M | $1.55M | |
| $17.01M | $17.34M | $23.05M |
HODL vs. ESPO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HODL VanEck Bitcoin Trust | -28.10% | -6.42% | 91.50% |
ESPO VanEck Video Gaming and eSports ETF | -9.09% | 25.79% | 48.53% |
Correlation
The correlation between HODL and ESPO is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | 0.37 |
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Return for Risk
HODL vs. ESPO — Risk / Return Rank
HODL
ESPO
HODL vs. ESPO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and VanEck Video Gaming and eSports ETF (ESPO). 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 | ESPO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.92 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.39 | -0.48 |
| Martin ratioReturn relative to average drawdown | -1.34 | -0.62 | -0.72 |
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Drawdowns
HODL vs. ESPO - Drawdown Comparison
The maximum HODL drawdown since its inception was -53.20%, roughly equal to the maximum ESPO drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for HODL and ESPO.
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Drawdown Indicators
| HODL | ESPO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.20% | -50.99% | -2.21% |
Max Drawdown (1Y)Largest decline over 1 year | -53.20% | -29.43% | -23.77% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.43% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -48.33% | — |
Current DrawdownCurrent decline from peak | -49.90% | -22.03% | -27.87% |
Average DrawdownAverage peak-to-trough decline | -18.17% | -15.23% | -2.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.56% | 18.32% | +16.24% |
Volatility
HODL vs. ESPO - Volatility Comparison
VanEck Bitcoin Trust (HODL) has a higher volatility of 9.14% compared to VanEck Video Gaming and eSports ETF (ESPO) at 6.66%. This indicates that HODL's price experiences larger fluctuations and is considered to be riskier than ESPO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HODL | ESPO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.14% | 6.66% | +2.48% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 16.07% | +17.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 19.65% | +24.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.28% | 25.12% | +24.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.28% | 25.65% | +23.63% |
HODL vs. ESPO - Expense Ratio Comparison
HODL has a 0.25% expense ratio, which is lower than ESPO's 0.55% expense ratio.
Dividends
HODL vs. ESPO - Dividend Comparison
HODL has not paid dividends to shareholders, while ESPO's dividend yield for the trailing twelve months is around 1.37%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ESPO VanEck Video Gaming and eSports ETF | 1.37% | 1.24% | 0.44% | 0.96% | 0.91% | 3.36% | 0.12% | 0.22% | 0.04% |
HODL VanEck Bitcoin Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HODL and ESPO have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HODL has higher volatility (9.14%) compared to ESPO (6.66%). In terms of maximum drawdown, HODL dropped -53.20% vs ESPO's -50.99%.
On 1-year performance, ESPO leads with -10.16% vs -44.45% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, ESPO has been the lower-risk option at 6.66%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ESPO has performed better with a -10.16% return vs -44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HODL is cheaper with a 0.25% expense ratio, compared with 0.55% for ESPO.
ESPO has the higher dividend yield at 1.37%, compared with 0.00% for HODL.
HODL is categorized as Cryptocurrency, while ESPO is Gaming. HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while ESPO tracks MVIS Global Video Gaming and eSports Index. Their fees differ too: 0.25% for HODL and 0.55% for ESPO.
ESPO currently has the higher Sharpe Ratio (-0.58 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.
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