HODL vs. MSTR

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Bitcoin Trust (HODL) and MicroStrategy Incorporated (MSTR).

HODL is a passively managed fund by VanEck that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 4, 2024.

Performance

HODL vs. MSTR - Performance Comparison

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

HODL vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	99.75%
MSTR MicroStrategy Incorporated	-19.20%	-47.53%	440.15%

Returns By Period

In the year-to-date period, HODL achieves a -22.04% return, which is significantly lower than MSTR's -19.20% return.

HODL

• 1D: 0.63%
• 1M: -1.38%
• YTD: -22.04%
• 6M: -42.00%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: -1.62%
• 1M: -10.80%
• YTD: -19.20%
• 6M: -63.72%
• 1Y: -59.88%
• 3Y*: 61.35%
• 5Y*: 11.78%
• 10Y*: 20.98%

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

Return for Risk

HODL vs. MSTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 5
HODL Omega Ratio Rank: 6
HODL Calmar Ratio Rank: 6
HODL Martin Ratio Rank: 6

MSTR

MSTR Risk / Return Rank: 11
MSTR Sharpe Ratio Rank: 8
MSTR Sortino Ratio Rank: 7
MSTR Omega Ratio Rank: 10
MSTR Calmar Ratio Rank: 14
MSTR Martin Ratio Rank: 15

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. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and MicroStrategy Incorporated (MSTR). 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	MSTR	Difference
Sharpe ratio Return per unit of total volatility	-0.44	-0.81	+0.37
Sortino ratio Return per unit of downside risk	-0.37	-1.27	+0.91
Omega ratio Gain probability vs. loss probability	0.96	0.86	+0.10
Calmar ratio Return relative to maximum drawdown	-0.35	-0.75	+0.40
Martin ratio Return relative to average drawdown	-0.75	-1.30	+0.55
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. MSTR - Sharpe Ratio Comparison

The current HODL Sharpe Ratio is -0.44, which is higher than the MSTR Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of HODL and MSTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HODL	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.44	-0.81	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.12	+0.24

Correlation

The correlation between HODL and MSTR is 0.78, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HODL vs. MSTR - Dividend Comparison

Neither HODL nor MSTR has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

HODL vs. MSTR - Drawdown Comparison

The maximum HODL drawdown since its inception was -49.25%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for HODL and MSTR.

Drawdown Indicators

	HODL	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-49.25%	-99.86%	+50.61%
Max Drawdown (1Y) Largest decline over 1 year	-49.25%	-76.53%	+27.28%
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-45.67%	-74.09%	+28.42%
Average Drawdown Average peak-to-trough decline	-14.14%	-86.60%	+72.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.20%	44.22%	-21.02%

Volatility

HODL vs. MSTR - Volatility Comparison

The current volatility for VanEck Bitcoin Trust (HODL) is 12.99%, while MicroStrategy Incorporated (MSTR) has a volatility of 18.44%. This indicates that HODL experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HODL	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.99%	18.44%	-5.45%
Volatility (6M) Calculated over the trailing 6-month period	36.72%	55.57%	-18.85%
Volatility (1Y) Calculated over the trailing 1-year period	45.07%	74.11%	-29.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.90%	91.29%	-40.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.90%	73.15%	-22.25%