MOAT vs. HODL

Last updated Jun 25, 2026

MOAT (VanEck Morningstar Wide Moat ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - MOAT is a Large Cap Blend Equities fund tracking the Morningstar Wide Moat Focus Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, MOAT returned 11.95% vs -43.43% for HODL. At a 0.34 correlation, their price movements are largely independent. MOAT charges 0.47%/yr vs 0.25%/yr for HODL.

Performance

MOAT vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar Wide Moat ETF (MOAT) 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, MOAT achieves a -1.37% return, which is significantly higher than HODL's -31.58% return.

MOAT

• 1D: 1.05%
• 1M: -0.10%
• YTD: -1.37%
• 6M: -2.45%
• 1Y: 11.95%
• 3Y*: 10.75%
• 5Y*: 7.84%
• 10Y*: 13.76%

HODL

• 1D: -3.97%
• 1M: -21.08%
• YTD: -31.58%
• 6M: -31.41%
• 1Y: -43.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MOAT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MOAT VanEck Morningstar Wide Moat ETF	-1.37%	13.20%	12.08%
HODL VanEck Bitcoin Trust	-31.58%	-6.42%	91.50%

Correlation

The correlation between MOAT and HODL 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

MOAT vs. HODL — Risk / Return Rank

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

MOAT

MOAT Risk / Return Rank: 24
MOAT Sharpe Ratio Rank: 26
MOAT Sortino Ratio Rank: 25
MOAT Omega Ratio Rank: 23
MOAT Calmar Ratio Rank: 22
MOAT Martin Ratio Rank: 24

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: 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.

MOAT vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Morningstar Wide Moat ETF (MOAT) 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.

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.

	MOAT	HODL	Difference
Sharpe ratio: Return per unit of total volatility	0.86	-0.99	+1.85
Sortino ratio: Return per unit of downside risk	1.31	-1.44	+2.76
Omega ratio: Gain probability vs. loss probability	1.15	0.84	+0.31
Calmar ratio: Return relative to maximum drawdown	0.97	-0.83	+1.80
Martin ratio: Return relative to average drawdown	2.89	-1.42	+4.31

MOAT vs. HODL - Sharpe Ratio Comparison

The current MOAT Sharpe Ratio is 0.86, which is higher than the HODL Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of MOAT 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.

Drawdowns

MOAT vs. HODL - Drawdown Comparison

The maximum MOAT drawdown since its inception was -33.31%, smaller than the maximum HODL drawdown of -52.32%. Use the drawdown chart below to compare losses from any high point for MOAT and HODL.

Drawdown Indicators

	MOAT	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-33.31%	-52.32%	+19.01%
Max Drawdown (1Y) Largest decline over 1 year	-12.43%	-52.32%	+39.89%
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	-5.14%	-52.32%	+47.18%
Average Drawdown Average peak-to-trough decline	-3.83%	-16.84%	+13.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	30.66%	-26.52%

Volatility

MOAT vs. HODL - Volatility Comparison

The current volatility for VanEck Morningstar Wide Moat ETF (MOAT) is 4.73%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.35%. This indicates that MOAT 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

	MOAT	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	13.35%	-8.62%
Volatility (6M) Calculated over the trailing 6-month period	10.28%	34.55%	-24.27%
Volatility (1Y) Calculated over the trailing 1-year period	14.00%	44.27%	-30.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	49.92%	-31.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.65%	49.92%	-31.27%

MOAT vs. HODL - Expense Ratio Comparison

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

Dividends

MOAT vs. HODL - Dividend Comparison

MOAT's dividend yield for the trailing twelve months is around 1.37%, 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%
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 MOAT and HODL in my portfolio?

MOAT and HODL 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, MOAT or HODL?

HODL has higher volatility (13.35%) compared to MOAT (4.73%). In terms of maximum drawdown, MOAT dropped -33.31% vs HODL's -52.32%.

Which ETF is better, MOAT or HODL?

On 1-year performance, MOAT leads with 11.95% vs -43.43% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, MOAT has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MOAT or HODL?

Over the 1-year period, MOAT has performed better with a 11.95% return vs -43.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MOAT or HODL?

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

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

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

What is the main difference between MOAT and HODL?

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

Which has better risk-adjusted returns?

MOAT currently has the higher Sharpe Ratio (0.86 vs -0.99), 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.