HODL vs. ETHD

Last updated Jun 4, 2026

HODL (VanEck Bitcoin Trust) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. HODL is passively managed, while ETHD is actively managed. Over the past year, HODL returned -38.56% vs -42.18% for ETHD. At a correlation of -0.82, they often move in opposite directions. HODL charges 0.25%/yr vs 1.01%/yr for ETHD.

Performance

HODL vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Bitcoin Trust (HODL) and ProShares UltraShort Ether ETF (ETHD). 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 ETHD's 63.80% return.

HODL

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

ETHD

• 1D: 11.25%
• 1M: 66.19%
• YTD: 63.80%
• 6M: 72.54%
• 1Y: -42.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	35.08%
ETHD ProShares UltraShort Ether ETF	63.80%	-72.49%	-42.57%

Correlation

The correlation between HODL and ETHD is -0.87, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.87
Correlation (All Time) Calculated using the full available price history since Jun 10, 2024	-0.82

The correlation between HODL and ETHD has been stable across timeframes, ranging from -0.87 to -0.82 - a consistent structural relationship.

Return for Risk

HODL vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 8
ETHD Sharpe Ratio Rank: 6
ETHD Sortino Ratio Rank: 11
ETHD Omega Ratio Rank: 11
ETHD Calmar Ratio Rank: 4
ETHD Martin Ratio Rank: 6

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio Return per unit of total volatility	-0.89	-0.31	-0.58
Sortino ratio Return per unit of downside risk	-1.23	0.40	-1.63
Omega ratio Gain probability vs. loss probability	0.86	1.05	-0.19
Calmar ratio Return relative to maximum drawdown	-0.79	-0.51	-0.28
Martin ratio Return relative to average drawdown	-1.36	-0.64	-0.72
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. ETHD - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.89, which is lower than the ETHD Sharpe Ratio of -0.31. The chart below compares the historical Sharpe Ratios of HODL and ETHD, 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	ETHD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	-0.31	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	-0.35	+0.65

Drawdowns

HODL vs. ETHD - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for HODL and ETHD.

Drawdown Indicators

	HODL	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-95.59%	+46.34%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-83.63%	+34.38%
Current Drawdown Current decline from peak	-47.93%	-87.20%	+39.27%
Average Drawdown Average peak-to-trough decline	-15.97%	-66.01%	+50.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.35%	66.00%	-37.65%

Volatility

HODL vs. ETHD - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 9.43%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 19.00%. This indicates that HODL experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.43%	19.00%	-9.57%
Volatility (6M) Calculated over the trailing 6-month period	34.37%	92.37%	-58.00%
Volatility (1Y) Calculated over the trailing 1-year period	43.51%	136.23%	-92.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	142.19%	-92.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	142.19%	-92.31%

HODL vs. ETHD - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

HODL vs. ETHD - Dividend Comparison

HODL has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 10.68%.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	10.68%	156.62%	19.15%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HODL and ETHD in my portfolio?

HODL and ETHD have a correlation of -0.87, 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 ETHD?

ETHD has higher volatility (19.00%) compared to HODL (9.43%). In terms of maximum drawdown, HODL dropped -49.25% vs ETHD's -95.59%.

Which ETF is better, HODL or ETHD?

On 1-year performance, HODL leads with -38.56% vs -42.18% for ETHD. 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 ETHD?

Over the 1-year period, HODL has performed better with a -38.56% return vs -42.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or ETHD?

HODL is cheaper with a 0.25% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 10.68%, compared with 0.00% for HODL.

What is the main difference between HODL and ETHD?

They also come from different issuers: VanEck and ProShares. Their fees differ too: 0.25% for HODL and 1.01% for ETHD.

Which has better risk-adjusted returns?

ETHD currently has the higher Sharpe Ratio (-0.31 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.