ITM vs. HODL

Last updated Jun 4, 2026

ITM (VanEck Intermediate Muni ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - ITM is a Municipal Bonds fund tracking the Bloomberg AMT-Free Intermediate Continuous, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, ITM returned 7.29% vs -38.56% for HODL. At a 0.03 correlation, their price movements are largely independent. ITM charges 0.24%/yr vs 0.25%/yr for HODL.

Performance

ITM vs. HODL - Performance Comparison

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

Returns By Period

In the year-to-date period, ITM achieves a 0.61% return, which is significantly higher than HODL's -25.27% return.

ITM

• 1D: -0.09%
• 1M: 0.79%
• YTD: 0.61%
• 6M: 1.22%
• 1Y: 7.29%
• 3Y*: 3.70%
• 5Y*: 0.44%
• 10Y*: 1.95%

HODL

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

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

ITM vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITM VanEck Intermediate Muni ETF	0.61%	5.34%	1.00%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%

Correlation

The correlation between ITM and HODL is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.03

Return for Risk

ITM vs. HODL — Risk / Return Rank

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

ITM

ITM Risk / Return Rank: 67
ITM Sharpe Ratio Rank: 79
ITM Sortino Ratio Rank: 83
ITM Omega Ratio Rank: 87
ITM Calmar Ratio Rank: 44
ITM Martin Ratio Rank: 43

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

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.

ITM vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Intermediate Muni ETF (ITM) and VanEck Bitcoin Trust (HODL). 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.

	ITM	HODL	Difference
Sharpe ratio: Return per unit of total volatility	2.58	-0.89	+3.47
Sortino ratio: Return per unit of downside risk	3.74	-1.23	+4.96
Omega ratio: Gain probability vs. loss probability	1.55	0.86	+0.68
Calmar ratio: Return relative to maximum drawdown	2.13	-0.79	+2.92
Martin ratio: Return relative to average drawdown	6.84	-1.36	+8.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITM vs. HODL - Sharpe Ratio Comparison

The current ITM Sharpe Ratio is 2.58, which is higher than the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of ITM and HODL, 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

	ITM	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.58	-0.89	+3.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.10	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.30	+0.13

Drawdowns

ITM vs. HODL - Drawdown Comparison

The maximum ITM drawdown since its inception was -24.75%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for ITM and HODL.

Drawdown Indicators

	ITM	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-49.25%	+24.50%
Max Drawdown (1Y) Largest decline over 1 year	-3.43%	-49.25%	+45.82%
Max Drawdown (3Y) Largest decline over 3 years	-5.68%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.11%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-1.33%	-47.93%	+46.60%
Average Drawdown Average peak-to-trough decline	-2.98%	-15.97%	+12.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.07%	28.35%	-27.28%

Volatility

ITM vs. HODL - Volatility Comparison

The current volatility for VanEck Intermediate Muni ETF (ITM) is 1.01%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that ITM experiences smaller price fluctuations and is considered to be less risky than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITM	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.01%	9.43%	-8.42%
Volatility (6M) Calculated over the trailing 6-month period	2.18%	34.37%	-32.19%
Volatility (1Y) Calculated over the trailing 1-year period	2.84%	43.51%	-40.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.31%	49.88%	-45.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.10%	49.88%	-42.78%

ITM vs. HODL - Expense Ratio Comparison

ITM has a 0.24% expense ratio, which is lower than HODL's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

ITM vs. HODL - Dividend Comparison

ITM's dividend yield for the trailing twelve months is around 2.93%, while HODL has not paid dividends to shareholders.

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%
ITM VanEck Intermediate Muni ETF	2.93%	2.86%	2.73%	2.40%	1.92%	1.70%	2.13%	2.44%	2.33%	2.21%	2.29%	2.28%

Frequently Asked Questions

Can I hold both ITM and HODL in my portfolio?

ITM and HODL have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITM or HODL?

HODL has higher volatility (9.43%) compared to ITM (1.01%). In terms of maximum drawdown, ITM dropped -24.75% vs HODL's -49.25%.

Which ETF is better, ITM or HODL?

On 1-year performance, ITM leads with 7.29% vs -38.56% for HODL. On fees, ITM is cheaper at 0.24% per year. On volatility, ITM has been the lower-risk option at 1.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITM or HODL?

Over the 1-year period, ITM has performed better with a 7.29% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITM or HODL?

ITM is cheaper with a 0.24% expense ratio, compared with 0.25% for HODL.

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

ITM has the higher dividend yield at 2.93%, compared with 0.00% for HODL.

What is the main difference between ITM and HODL?

ITM is categorized as Municipal Bonds, while HODL is Cryptocurrency. ITM tracks Bloomberg AMT-Free Intermediate Continuous, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.24% for ITM and 0.25% for HODL.

Which has better risk-adjusted returns?

ITM currently has the higher Sharpe Ratio (2.58 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.