HODL vs. USFR
HODL (VanEck Bitcoin Trust) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. Both are passively managed. Over the past year, HODL returned -39.68% vs 3.99% for USFR. At a correlation of -0.02, they often move in opposite directions. HODL charges 0.25%/yr vs 0.15%/yr for USFR.
Performance
HODL vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, HODL achieves a -28.75% return, which is significantly lower than USFR's 1.82% return.
HODL
- 1D
- -3.24%
- 1M
- -17.82%
- YTD
- -28.75%
- 6M
- -28.92%
- 1Y
- -39.68%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.04%
- 1M
- 0.33%
- YTD
- 1.82%
- 6M
- 1.92%
- 1Y
- 3.99%
- 3Y*
- 4.74%
- 5Y*
- 3.71%
- 10Y*
- 2.43%
HODL vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HODL VanEck Bitcoin Trust | -28.75% | -6.42% | 91.50% |
USFR WisdomTree Floating Rate Treasury Fund | 1.82% | 4.23% | 5.32% |
Correlation
The correlation between HODL and USFR is -0.10, 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 | -0.10 |
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024 | -0.02 |
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Return for Risk
HODL vs. USFR — Risk / Return Rank
HODL
USFR
HODL vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Bitcoin Trust (HODL) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -15.57 | ||
| Sortino ratioReturn per unit of downside risk | -51.39 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 13.31 | -12.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 201.33 | -202.10 |
| Martin ratioReturn relative to average drawdown | -1.30 | 779.76 | -781.07 |
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Drawdowns
HODL vs. USFR - Drawdown Comparison
The maximum HODL drawdown since its inception was -51.96%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for HODL and USFR.
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Drawdown Indicators
| HODL | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.96% | -1.36% | -50.60% |
Max Drawdown (1Y)Largest decline over 1 year | -51.96% | -0.02% | -51.94% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -50.35% | 0.00% | -50.35% |
Average DrawdownAverage peak-to-trough decline | -16.78% | -0.15% | -16.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.49% | 0.01% | +30.48% |
Volatility
HODL vs. USFR - Volatility Comparison
VanEck Bitcoin Trust (HODL) has a higher volatility of 13.07% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.09%. This indicates that HODL's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HODL | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.07% | 0.09% | +12.98% |
Volatility (6M)Calculated over the trailing 6-month period | 34.59% | 0.19% | +34.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.11% | 0.27% | +43.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.89% | 0.40% | +49.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.89% | 0.78% | +49.11% |
HODL vs. USFR - Expense Ratio Comparison
HODL has a 0.25% expense ratio, which is higher than USFR's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
HODL vs. USFR - Dividend Comparison
HODL has not paid dividends to shareholders, while USFR's dividend yield for the trailing twelve months is around 3.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
USFR WisdomTree Floating Rate Treasury Fund | 3.90% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
HODL and USFR have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HODL has higher volatility (13.07%) compared to USFR (0.09%). In terms of maximum drawdown, HODL dropped -51.96% vs USFR's -1.36%.
On 1-year performance, USFR leads with 3.99% vs -39.68% for HODL. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USFR has performed better with a 3.99% return vs -39.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.25% for HODL.
USFR has the higher dividend yield at 3.90%, compared with 0.00% for HODL.
HODL is categorized as Cryptocurrency, while USFR is Government Bonds. HODL tracks CME CF Bitcoin Reference Rate - New York Variant, while USFR tracks Bloomberg U.S. Treasury Floating Rate Bond Index. They also come from different issuers: VanEck and WisdomTree. Their fees differ too: 0.25% for HODL and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.67 vs -0.90), 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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