PIT vs. HODL

Last updated Aug 5, 2026

PIT (VanEck Commodity Strategy ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - PIT is a Commodities fund actively managed by VanEck, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. PIT is actively managed, while HODL is passively managed. Over the past year, PIT returned 50.16% vs -44.07% for HODL. Their 0.08 correlation means their historical movements had little consistent relationship. PIT charges 0.55%/yr vs 0.25%/yr for HODL.

Performance

PIT vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Commodity Strategy ETF (PIT) 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, PIT achieves a 34.35% return, which is significantly higher than HODL's -26.57% return.

PIT

• 1D: -1.39%
• 1M: 7.88%
• 6M: 21.39%
• YTD: 34.35%
• 1Y: 50.16%
• 3Y*: 18.33%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.67%

HODL

• 1D: 0.61%
• 1M: 4.55%
• 6M: -15.93%
• YTD: -26.57%
• 1Y: -44.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HODL VanEck Bitcoin Trust	$20.41M	$18.41M	$23.25M
PIT VanEck Commodity Strategy ETF	$1.27M	$2.71M	$3.77M

PIT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PIT VanEck Commodity Strategy ETF	34.35%	21.63%	7.13%
HODL VanEck Bitcoin Trust	-26.57%	-6.42%	91.50%

Correlation

The correlation between PIT and HODL is 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.04
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.08

Return for Risk

PIT vs. HODL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PIT

PIT Risk / Return Rank: 78
PIT Sharpe Ratio Rank: 87
PIT Sortino Ratio Rank: 78
PIT Omega Ratio Rank: 82
PIT Calmar Ratio Rank: 74
PIT Martin Ratio Rank: 71

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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PIT vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Commodity Strategy ETF (PIT) 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.

	PIT	HODL	Difference
Sharpe ratio: Return per unit of total volatility	2.25	-1.00	+3.24
Sortino ratio: Return per unit of downside risk	2.84	-1.47	+4.31
Omega ratio: Gain probability vs. loss probability	1.38	0.84	+0.54
Calmar ratio: Return relative to maximum drawdown	2.93	-0.83	+3.76
Martin ratio: Return relative to average drawdown	9.86	-1.27	+11.13

PIT vs. HODL - Sharpe Ratio Comparison

The current PIT Sharpe Ratio is 2.25, which is higher than the HODL Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of PIT 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

PIT vs. HODL - Drawdown Comparison

The maximum PIT drawdown since its inception was -17.20%, smaller than the maximum HODL drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for PIT and HODL.

Drawdown Indicators

	PIT	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-17.20%	-53.20%	+36.00%
Max Drawdown (1Y) Largest decline over 1 year	-17.20%	-53.20%	+36.00%
Max Drawdown (3Y) Largest decline over 3 years	-17.20%	—	—
Current Drawdown Current decline from peak	-9.29%	-48.83%	+39.54%
Average Drawdown Average peak-to-trough decline	-4.28%	-18.27%	+13.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.10%	34.83%	-29.73%

Volatility

PIT vs. HODL - Volatility Comparison

The current volatility for VanEck Commodity Strategy ETF (PIT) is 7.07%, while VanEck Bitcoin Trust (HODL) has a volatility of 8.22%. This indicates that PIT 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

	PIT	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.07%	8.22%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	18.85%	33.02%	-14.17%
Volatility (1Y) Calculated over the trailing 1-year period	22.45%	44.25%	-21.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.75%	49.21%	-31.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.75%	49.21%	-31.46%

PIT vs. HODL - Expense Ratio Comparison

PIT has a 0.55% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

PIT vs. HODL - Dividend Comparison

PIT's dividend yield for the trailing twelve months is around 6.64%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%
PIT VanEck Commodity Strategy ETF	6.64%	8.92%	3.59%	6.44%

Frequently Asked Questions

Can I hold both PIT and HODL in my portfolio?

PIT and HODL have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIT or HODL?

HODL has higher volatility (8.22%) compared to PIT (7.07%). In terms of maximum drawdown, PIT dropped -17.20% vs HODL's -53.20%.

Which ETF is better, PIT or HODL?

On 1-year performance, PIT leads with 50.16% vs -44.07% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, PIT has been the lower-risk option at 7.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIT or HODL?

Over the 1-year period, PIT has performed better with a 50.16% return vs -44.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIT or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 6.64%, compared with 0.00% for HODL.

What is the main difference between PIT and HODL?

PIT is categorized as Commodities, while HODL is Cryptocurrency. Their fees differ too: 0.55% for PIT and 0.25% for HODL.

Which has better risk-adjusted returns?

PIT currently has the higher Sharpe Ratio (2.25 vs -1.00), 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.