HODL vs. IBIT

Last updated Jun 3, 2026

HODL (VanEck Bitcoin Trust) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds tracking the CME CF Bitcoin Reference Rate - New York Variant, from VanEck and iShares respectively. Both are passively managed. Over the past year, HODL returned -35.69% vs -35.90% for IBIT. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.25% expense ratio.

Performance

HODL vs. IBIT - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with HODL having a -23.13% return and IBIT slightly lower at -23.36%.

HODL

• 1D: -5.94%
• 1M: -14.33%
• YTD: -23.13%
• 6M: -26.17%
• 1Y: -35.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: -6.03%
• 1M: -14.44%
• YTD: -23.36%
• 6M: -26.36%
• 1Y: -35.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HODL vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-23.13%	-6.42%	99.75%
IBIT iShares Bitcoin Trust ETF	-23.36%	-6.41%	99.21%

Correlation

The correlation between HODL and IBIT is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	1.00

The correlation between HODL and IBIT has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

Return for Risk

HODL vs. IBIT — 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: 3
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 2

IBIT

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

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio Return per unit of total volatility	-0.82	-0.83	0.00
Sortino ratio Return per unit of downside risk	-1.09	-1.09	0.00
Omega ratio Gain probability vs. loss probability	0.88	0.88	0.00
Calmar ratio Return relative to maximum drawdown	-0.73	-0.73	0.00
Martin ratio Return relative to average drawdown	-1.27	-1.27	0.00
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. IBIT - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.82, which is comparable to the IBIT Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of HODL and IBIT, 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	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.82	-0.83	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.32	+0.01

Drawdowns

HODL vs. IBIT - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, roughly equal to the maximum IBIT drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for HODL and IBIT.

Drawdown Indicators

	HODL	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-49.36%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-49.36%	+0.11%
Current Drawdown Current decline from peak	-46.44%	-46.63%	+0.19%
Average Drawdown Average peak-to-trough decline	-15.92%	-15.96%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.19%	28.28%	-0.09%

Volatility

HODL vs. IBIT - Volatility Comparison

VanEck Bitcoin Trust (HODL) and iShares Bitcoin Trust ETF (IBIT) have volatilities of 9.65% and 9.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.65%	9.76%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	34.73%	34.85%	-0.12%
Volatility (1Y) Calculated over the trailing 1-year period	43.43%	43.65%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.89%	50.20%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.89%	50.20%	-0.31%

HODL vs. IBIT - Expense Ratio Comparison

Both HODL and IBIT have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

HODL vs. IBIT - Dividend Comparison

Neither HODL nor IBIT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both HODL and IBIT in my portfolio?

With a correlation of 1.00, HODL and IBIT 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 IBIT?

IBIT has higher volatility (9.76%) compared to HODL (9.65%). In terms of maximum drawdown, HODL dropped -49.25% vs IBIT's -49.36%.

Which ETF is better, HODL or IBIT?

On 1-year performance, HODL leads with -35.69% vs -35.90% for IBIT. Both ETFs have the same 0.25% expense ratio. On volatility, HODL has been the lower-risk option at 9.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or IBIT?

Over the 1-year period, HODL has performed better with a -35.69% return vs -35.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or IBIT?

HODL and IBIT have the same expense ratio: 0.25% per year.

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

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

What is the main difference between HODL and IBIT?

Both ETFs track CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: VanEck and iShares.

Which has better risk-adjusted returns?

HODL currently has the higher Sharpe Ratio (-0.82 vs -0.82), 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.