SMB vs. HODL
SMB (VanEck Short Muni ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - SMB is a Municipal Bonds fund tracking the Bloomberg AMT-Free Short 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, SMB returned 3.81% vs -38.56% for HODL. At a correlation of -0.00, they often move in opposite directions. SMB charges 0.20%/yr vs 0.25%/yr for HODL.
Performance
SMB vs. HODL - Performance Comparison
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Returns By Period
In the year-to-date period, SMB achieves a 0.55% return, which is significantly higher than HODL's -25.27% return.
SMB
- 1D
- 0.00%
- 1M
- 0.53%
- YTD
- 0.55%
- 6M
- 1.25%
- 1Y
- 3.81%
- 3Y*
- 3.62%
- 5Y*
- 1.17%
- 10Y*
- 1.51%
HODL
- 1D
- -2.79%
- 1M
- -18.34%
- YTD
- -25.27%
- 6M
- -29.73%
- 1Y
- -38.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMB vs. HODL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
SMB VanEck Short Muni ETF | 0.55% | 4.61% | 2.59% |
HODL VanEck Bitcoin Trust | -25.27% | -6.42% | 99.75% |
Correlation
The correlation between SMB and HODL is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024 | -0.00 |
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Return for Risk
SMB vs. HODL — Risk / Return Rank
SMB
HODL
SMB vs. HODL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Short Muni ETF (SMB) 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.
| SMB | HODL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.22 | ||
| Sortino ratioReturn per unit of downside risk | +4.66 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.86 | +0.60 |
| Calmar ratioReturn relative to maximum drawdown | 3.27 | -0.79 | +4.05 |
| Martin ratioReturn relative to average drawdown | 9.20 | -1.36 | +10.56 |
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
| SMB | HODL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.33 | -0.89 | +3.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.48 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.42 | 0.30 | +0.12 |
Drawdowns
SMB vs. HODL - Drawdown Comparison
The maximum SMB drawdown since its inception was -12.64%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for SMB and HODL.
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Drawdown Indicators
| SMB | HODL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.64% | -49.25% | +36.61% |
Max Drawdown (1Y)Largest decline over 1 year | -1.17% | -49.25% | +48.08% |
Max Drawdown (3Y)Largest decline over 3 years | -1.80% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -7.48% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -12.64% | — | — |
Current DrawdownCurrent decline from peak | -0.25% | -47.93% | +47.68% |
Average DrawdownAverage peak-to-trough decline | -1.14% | -15.97% | +14.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.41% | 28.35% | -27.94% |
Volatility
SMB vs. HODL - Volatility Comparison
The current volatility for VanEck Short Muni ETF (SMB) is 0.42%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that SMB 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
| SMB | HODL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.42% | 9.43% | -9.01% |
Volatility (6M)Calculated over the trailing 6-month period | 1.20% | 34.37% | -33.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.64% | 43.51% | -41.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.48% | 49.88% | -47.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.26% | 49.88% | -45.62% |
SMB vs. HODL - Expense Ratio Comparison
SMB has a 0.20% 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
SMB vs. HODL - Dividend Comparison
SMB's dividend yield for the trailing twelve months is around 2.70%, 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% |
SMB VanEck Short Muni ETF | 2.70% | 2.63% | 2.38% | 1.83% | 1.32% | 1.24% | 1.50% | 1.58% | 1.49% | 1.23% | 1.12% | 1.13% |
Frequently Asked Questions
SMB and HODL have a correlation of -0.00, 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 SMB (0.42%). In terms of maximum drawdown, SMB dropped -12.64% vs HODL's -49.25%.
On 1-year performance, SMB leads with 3.81% vs -38.56% for HODL. On fees, SMB is cheaper at 0.20% per year. On volatility, SMB has been the lower-risk option at 0.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SMB has performed better with a 3.81% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SMB is cheaper with a 0.20% expense ratio, compared with 0.25% for HODL.
SMB has the higher dividend yield at 2.70%, compared with 0.00% for HODL.
SMB is categorized as Municipal Bonds, while HODL is Cryptocurrency. SMB tracks Bloomberg AMT-Free Short Continuous, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.20% for SMB and 0.25% for HODL.
SMB currently has the higher Sharpe Ratio (2.33 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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