MLN vs. HODL
Compare and contrast key facts about VanEck Long Muni ETF (MLN) and VanEck Bitcoin Trust (HODL).
MLN and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MLN is a passively managed fund by VanEck that tracks the performance of the Bloomberg AMT-Free Long Continuous. It was launched on Jan 2, 2008. 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. Both MLN and HODL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
MLN vs. HODL - Performance Comparison
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MLN vs. HODL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MLN VanEck Long Muni ETF | 0.10% | 1.82% | 1.88% |
HODL VanEck Bitcoin Trust | -22.52% | -6.42% | 99.75% |
Returns By Period
In the year-to-date period, MLN achieves a 0.10% return, which is significantly higher than HODL's -22.52% return.
MLN
- 1D
- 0.35%
- 1M
- -1.74%
- YTD
- 0.10%
- 6M
- 1.65%
- 1Y
- 4.19%
- 3Y*
- 2.56%
- 5Y*
- -0.92%
- 10Y*
- 1.55%
HODL
- 1D
- 1.86%
- 1M
- 3.29%
- YTD
- -22.52%
- 6M
- -40.81%
- 1Y
- -17.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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MLN vs. HODL - Expense Ratio Comparison
MLN 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%.
Return for Risk
MLN vs. HODL — Risk / Return Rank
MLN
HODL
MLN vs. HODL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Long Muni ETF (MLN) 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.
| MLN | HODL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.62 | -0.40 | +1.01 |
Sortino ratioReturn per unit of downside risk | 0.82 | -0.29 | +1.12 |
Omega ratioGain probability vs. loss probability | 1.15 | 0.97 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 0.78 | -0.39 | +1.17 |
Martin ratioReturn relative to average drawdown | 2.06 | -0.83 | +2.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MLN | HODL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.62 | -0.40 | +1.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.18 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.36 | -0.05 |
Correlation
The correlation between MLN and HODL is 0.04, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MLN vs. HODL - Dividend Comparison
MLN's dividend yield for the trailing twelve months is around 3.78%, while HODL has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MLN VanEck Long Muni ETF | 3.78% | 3.73% | 3.59% | 3.19% | 2.67% | 2.52% | 2.69% | 2.98% | 3.09% | 2.91% | 3.16% | 3.38% |
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% |
Drawdowns
MLN vs. HODL - Drawdown Comparison
The maximum MLN drawdown since its inception was -28.36%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for MLN and HODL.
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Drawdown Indicators
| MLN | HODL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.36% | -49.25% | +20.89% |
Max Drawdown (1Y)Largest decline over 1 year | -5.88% | -49.25% | +43.37% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | — | — |
Current DrawdownCurrent decline from peak | -8.25% | -46.01% | +37.76% |
Average DrawdownAverage peak-to-trough decline | -5.71% | -14.09% | +8.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.24% | 23.02% | -20.78% |
Volatility
MLN vs. HODL - Volatility Comparison
The current volatility for VanEck Long Muni ETF (MLN) is 1.95%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.04%. This indicates that MLN 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.
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Volatility by Period
| MLN | HODL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 13.04% | -11.09% |
Volatility (6M)Calculated over the trailing 6-month period | 2.81% | 36.71% | -33.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.83% | 45.09% | -38.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.28% | 50.94% | -43.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.88% | 50.94% | -42.06% |