SMOG vs. HODL

Last updated Apr 1, 2026

Compare and contrast key facts about VanEck Low Carbon Energy ETF (SMOG) and VanEck Bitcoin Trust (HODL).

SMOG and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMOG is a passively managed fund by VanEck that tracks the performance of the MVIS Global Low Carbon Energy Index. It was launched on May 3, 2007. 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 SMOG 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

SMOG vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Low Carbon Energy ETF (SMOG) and VanEck Bitcoin Trust (HODL). The values are adjusted to include any dividend payments, if applicable.

SMOG vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMOG VanEck Low Carbon Energy ETF	7.05%	33.36%	-3.23%
HODL VanEck Bitcoin Trust	-22.52%	-6.42%	99.75%

Returns By Period

In the year-to-date period, SMOG achieves a 7.05% return, which is significantly higher than HODL's -22.52% return.

SMOG

• 1D: 4.10%
• 1M: -2.17%
• YTD: 7.05%
• 6M: 10.90%
• 1Y: 39.38%
• 3Y*: 6.20%
• 5Y*: -1.46%
• 10Y*: 11.23%

HODL

• 1D: 1.86%
• 1M: 3.29%
• YTD: -22.52%
• 6M: -40.81%
• 1Y: -17.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOG vs. HODL - Expense Ratio Comparison

SMOG has a 0.61% expense ratio, which is higher than HODL's 0.25% expense ratio.

SMOG

VanEck Low Carbon Energy ETF

HODL

VanEck Bitcoin Trust

Return for Risk

SMOG vs. HODL — Risk / Return Rank

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

SMOG

SMOG Risk / Return Rank: 86
SMOG Sharpe Ratio Rank: 85
SMOG Sortino Ratio Rank: 86
SMOG Omega Ratio Rank: 81
SMOG Calmar Ratio Rank: 90
SMOG Martin Ratio Rank: 90

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 6
HODL Omega Ratio Rank: 7
HODL Calmar Ratio Rank: 6
HODL Martin Ratio Rank: 6

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.

SMOG vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Low Carbon Energy ETF (SMOG) 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.

	SMOG	HODL	Difference
Sharpe ratio Return per unit of total volatility	1.69	-0.40	+2.09
Sortino ratio Return per unit of downside risk	2.31	-0.29	+2.60
Omega ratio Gain probability vs. loss probability	1.31	0.97	+0.34
Calmar ratio Return relative to maximum drawdown	2.96	-0.39	+3.35
Martin ratio Return relative to average drawdown	11.47	-0.83	+12.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOG vs. HODL - Sharpe Ratio Comparison

The current SMOG Sharpe Ratio is 1.69, which is higher than the HODL Sharpe Ratio of -0.40. The chart below compares the historical Sharpe Ratios of SMOG and HODL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SMOG	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	-0.40	+2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.06	0.36	-0.30

Correlation

The correlation between SMOG and HODL is 0.39, 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

SMOG vs. HODL - Dividend Comparison

SMOG's dividend yield for the trailing twelve months is around 1.47%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SMOG VanEck Low Carbon Energy ETF	1.47%	1.57%	1.64%	1.58%	1.32%	0.44%	0.06%	0.00%	0.62%	1.25%	2.12%	0.56%
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

SMOG vs. HODL - Drawdown Comparison

The maximum SMOG drawdown since its inception was -84.39%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for SMOG and HODL.

Drawdown Indicators

	SMOG	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-84.39%	-49.25%	-35.14%
Max Drawdown (1Y) Largest decline over 1 year	-13.04%	-49.25%	+36.21%
Max Drawdown (5Y) Largest decline over 5 years	-47.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.10%	—	—
Current Drawdown Current decline from peak	-22.64%	-46.01%	+23.37%
Average Drawdown Average peak-to-trough decline	-52.81%	-14.09%	-38.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	23.02%	-19.65%

Volatility

SMOG vs. HODL - Volatility Comparison

The current volatility for VanEck Low Carbon Energy ETF (SMOG) is 10.07%, while VanEck Bitcoin Trust (HODL) has a volatility of 13.04%. This indicates that SMOG 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

	SMOG	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.07%	13.04%	-2.97%
Volatility (6M) Calculated over the trailing 6-month period	15.75%	36.71%	-20.96%
Volatility (1Y) Calculated over the trailing 1-year period	23.40%	45.09%	-21.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.27%	50.94%	-25.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.66%	50.94%	-25.28%