SHYD vs. HODL
SHYD (VanEck Short High Yield Muni ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - SHYD is a Municipal Bonds fund tracking the Bloomberg Municipal High Yield Short Duration, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SHYD returned 5.37% vs -38.56% for HODL. At a 0.09 correlation, their price movements are largely independent. SHYD charges 0.35%/yr vs 0.25%/yr for HODL.
Performance
SHYD vs. HODL - Performance Comparison
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Returns By Period
In the year-to-date period, SHYD achieves a 0.74% return, which is significantly higher than HODL's -25.27% return.
SHYD
- 1D
- -0.09%
- 1M
- 0.48%
- YTD
- 0.74%
- 6M
- 1.44%
- 1Y
- 5.37%
- 3Y*
- 4.40%
- 5Y*
- 0.93%
- 10Y*
- 2.02%
HODL
- 1D
- -2.79%
- 1M
- -18.34%
- YTD
- -25.27%
- 6M
- -29.73%
- 1Y
- -38.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SHYD vs. HODL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SHYD VanEck Short High Yield Muni ETF | 0.74% | 5.58% | 4.14% |
HODL VanEck Bitcoin Trust | -25.27% | -6.42% | 99.75% |
Correlation
The correlation between SHYD and HODL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | 0.09 |
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Return for Risk
SHYD vs. HODL — Risk / Return Rank
SHYD
HODL
SHYD vs. HODL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short High Yield Muni ETF (SHYD) 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.
| SHYD | HODL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.69 | ||
| Sortino ratioReturn per unit of downside risk | +3.93 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 0.86 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 2.48 | -0.79 | +3.27 |
| Martin ratioReturn relative to average drawdown | 8.17 | -1.36 | +9.53 |
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
| SHYD | HODL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.80 | -0.89 | +2.69 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.17 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.21 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.26 | 0.30 | -0.05 |
Drawdowns
SHYD vs. HODL - Drawdown Comparison
The maximum SHYD drawdown since its inception was -31.22%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for SHYD and HODL.
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Drawdown Indicators
| SHYD | HODL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.22% | -49.25% | +18.03% |
Max Drawdown (1Y)Largest decline over 1 year | -2.17% | -49.25% | +47.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.17% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -13.32% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -31.22% | — | — |
Current DrawdownCurrent decline from peak | -0.39% | -47.93% | +47.54% |
Average DrawdownAverage peak-to-trough decline | -3.03% | -15.97% | +12.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 28.35% | -27.69% |
Volatility
SHYD vs. HODL - Volatility Comparison
The current volatility for VanEck Short High Yield Muni ETF (SHYD) is 0.84%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that SHYD 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
| SHYD | HODL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 9.43% | -8.59% |
Volatility (6M)Calculated over the trailing 6-month period | 1.93% | 34.37% | -32.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 43.51% | -40.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.37% | 49.88% | -44.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.69% | 49.88% | -40.19% |
SHYD vs. HODL - Expense Ratio Comparison
SHYD has a 0.35% expense ratio, which is higher than HODL's 0.25% expense ratio.
Dividends
SHYD vs. HODL - Dividend Comparison
SHYD's dividend yield for the trailing twelve months is around 3.51%, 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% |
SHYD VanEck Short High Yield Muni ETF | 3.51% | 3.50% | 3.16% | 2.99% | 2.66% | 2.56% | 3.05% | 3.19% | 3.17% | 3.11% | 2.97% | 3.26% |
Frequently Asked Questions
SHYD and HODL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HODL has higher volatility (9.43%) compared to SHYD (0.84%). In terms of maximum drawdown, SHYD dropped -31.22% vs HODL's -49.25%.
On 1-year performance, SHYD leads with 5.37% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, SHYD has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SHYD has performed better with a 5.37% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HODL is cheaper with a 0.25% expense ratio, compared with 0.35% for SHYD.
SHYD has the higher dividend yield at 3.51%, compared with 0.00% for HODL.
SHYD is categorized as Municipal Bonds, while HODL is Cryptocurrency. SHYD tracks Bloomberg Municipal High Yield Short Duration, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.35% for SHYD and 0.25% for HODL.
SHYD currently has the higher Sharpe Ratio (1.80 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.
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