HODL vs. MOAT

Last updated Jun 26, 2026

HODL (VanEck Bitcoin Trust) and MOAT (VanEck Morningstar Wide Moat ETF) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index. Both are passively managed. Over the past year, HODL returned -45.11% vs 12.09% for MOAT. At a 0.34 correlation, their price movements are largely independent. HODL charges 0.25%/yr vs 0.47%/yr for MOAT.

Performance

HODL vs. MOAT - Performance Comparison

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

Returns By Period

In the year-to-date period, HODL achieves a -32.31% return, which is significantly lower than MOAT's -1.35% return.

HODL

• 1D: -1.06%
• 1M: -21.99%
• YTD: -32.31%
• 6M: -32.14%
• 1Y: -45.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MOAT

• 1D: 0.02%
• 1M: 0.06%
• YTD: -1.35%
• 6M: -2.43%
• 1Y: 12.09%
• 3Y*: 10.80%
• 5Y*: 7.84%
• 10Y*: 14.10%

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

HODL vs. MOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-32.31%	-6.42%	91.50%
MOAT VanEck Morningstar Wide Moat ETF	-1.35%	13.20%	12.08%

Correlation

The correlation between HODL and MOAT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.34

Return for Risk

HODL vs. MOAT — 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: 1
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

MOAT

MOAT Risk / Return Rank: 25
MOAT Sharpe Ratio Rank: 26
MOAT Sortino Ratio Rank: 26
MOAT Omega Ratio Rank: 24
MOAT Calmar Ratio Rank: 23
MOAT Martin Ratio Rank: 24

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. MOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and VanEck Morningstar Wide Moat ETF (MOAT). 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	MOAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	0.87	-1.89
Sortino ratio: Return per unit of downside risk	-1.54	1.33	-2.86
Omega ratio: Gain probability vs. loss probability	0.83	1.15	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.86	0.98	-1.83
Martin ratio: Return relative to average drawdown	-1.46	2.92	-4.38

HODL vs. MOAT - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -1.02, which is lower than the MOAT Sharpe Ratio of 0.87. The chart below compares the historical Sharpe Ratios of HODL and MOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HODL vs. MOAT - Drawdown Comparison

The maximum HODL drawdown since its inception was -52.83%, which is greater than MOAT's maximum drawdown of -33.31%. Use the drawdown chart below to compare losses from any high point for HODL and MOAT.

Drawdown Indicators

	HODL	MOAT	Difference
Max Drawdown Largest peak-to-trough decline	-52.83%	-33.31%	-19.52%
Max Drawdown (1Y) Largest decline over 1 year	-52.83%	-12.43%	-40.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.44%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.96%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	-52.83%	-5.12%	-47.71%
Average Drawdown Average peak-to-trough decline	-16.90%	-3.83%	-13.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.84%	4.15%	+26.69%

Volatility

HODL vs. MOAT - Volatility Comparison

VanEck Bitcoin Trust (HODL) has a higher volatility of 13.29% compared to VanEck Morningstar Wide Moat ETF (MOAT) at 4.72%. This indicates that HODL's price experiences larger fluctuations and is considered to be riskier than MOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	MOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.29%	4.72%	+8.57%
Volatility (6M) Calculated over the trailing 6-month period	34.55%	10.24%	+24.31%
Volatility (1Y) Calculated over the trailing 1-year period	44.21%	13.96%	+30.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.88%	18.24%	+31.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.88%	18.65%	+31.23%

HODL vs. MOAT - Expense Ratio Comparison

HODL has a 0.25% expense ratio, which is lower than MOAT's 0.47% expense ratio.

Dividends

HODL vs. MOAT - Dividend Comparison

HODL has not paid dividends to shareholders, while MOAT's dividend yield for the trailing twelve months is around 1.37%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MOAT VanEck Morningstar Wide Moat ETF	1.37%	1.36%	1.37%	0.86%	1.25%	1.08%	1.46%	1.31%	1.79%	1.07%	1.17%	2.13%

Frequently Asked Questions

Can I hold both HODL and MOAT in my portfolio?

HODL and MOAT have a correlation of 0.31, 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 MOAT?

HODL has higher volatility (13.29%) compared to MOAT (4.72%). In terms of maximum drawdown, HODL dropped -52.83% vs MOAT's -33.31%.

Which ETF is better, HODL or MOAT?

On 1-year performance, MOAT leads with 12.09% vs -45.11% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, MOAT has been the lower-risk option at 4.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HODL or MOAT?

Over the 1-year period, MOAT has performed better with a 12.09% return vs -45.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HODL or MOAT?

HODL is cheaper with a 0.25% expense ratio, compared with 0.47% for MOAT.

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

MOAT has the higher dividend yield at 1.37%, compared with 0.00% for HODL.

What is the main difference between HODL and MOAT?

HODL is categorized as Cryptocurrency, while MOAT is Large Cap Blend Equities. HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while MOAT tracks Morningstar Wide Moat Focus Index. Their fees differ too: 0.25% for HODL and 0.47% for MOAT.

Which has better risk-adjusted returns?

MOAT currently has the higher Sharpe Ratio (0.87 vs -1.02), 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.