SMOT vs. HODL

Last updated Jun 4, 2026

SMOT (VanEck Morningstar SMID Moat ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - SMOT is a Mid Cap Blend Equities fund tracking the Morningstar US Small-Mid Cap Moat Focus, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, SMOT returned 16.94% vs -38.56% for HODL. At a 0.36 correlation, their price movements are largely independent. SMOT charges 0.49%/yr vs 0.25%/yr for HODL.

Performance

SMOT vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Morningstar SMID Moat ETF (SMOT) 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, SMOT achieves a 7.04% return, which is significantly higher than HODL's -25.27% return.

SMOT

• 1D: -0.21%
• 1M: 4.42%
• YTD: 7.04%
• 6M: 7.50%
• 1Y: 16.94%
• 3Y*: 11.98%
• 5Y*: —
• 10Y*: —

HODL

• 1D: -2.79%
• 1M: -18.34%
• YTD: -25.27%
• 6M: -29.73%
• 1Y: -38.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMOT VanEck Morningstar SMID Moat ETF	7.04%	6.46%	13.11%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%

Correlation

The correlation between SMOT and HODL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.36

Return for Risk

SMOT vs. HODL — Risk / Return Rank

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

SMOT

SMOT Risk / Return Rank: 35
SMOT Sharpe Ratio Rank: 33
SMOT Sortino Ratio Rank: 35
SMOT Omega Ratio Rank: 31
SMOT Calmar Ratio Rank: 39
SMOT Martin Ratio Rank: 38

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) 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.

SMOT vs. HODL - Risk-Adjusted Trends Comparison

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

	SMOT	HODL	Difference
Sharpe ratio: Return per unit of total volatility	1.21	-0.89	+2.10
Sortino ratio: Return per unit of downside risk	1.86	-1.23	+3.08
Omega ratio: Gain probability vs. loss probability	1.21	0.86	+0.35
Calmar ratio: Return relative to maximum drawdown	1.91	-0.79	+2.70
Martin ratio: Return relative to average drawdown	6.12	-1.36	+7.48
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMOT vs. HODL - Sharpe Ratio Comparison

The current SMOT Sharpe Ratio is 1.21, which is higher than the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SMOT 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.

Sharpe Ratios by Period

	SMOT	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.21	-0.89	+2.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.71	0.30	+0.40

Drawdowns

SMOT vs. HODL - Drawdown Comparison

The maximum SMOT drawdown since its inception was -23.36%, smaller than the maximum HODL drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for SMOT and HODL.

Drawdown Indicators

	SMOT	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-23.36%	-49.25%	+25.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.91%	-49.25%	+40.34%
Max Drawdown (3Y) Largest decline over 3 years	-23.36%	—	—
Current Drawdown Current decline from peak	-0.21%	-47.93%	+47.72%
Average Drawdown Average peak-to-trough decline	-4.81%	-15.97%	+11.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.78%	28.35%	-25.57%

Volatility

SMOT vs. HODL - Volatility Comparison

The current volatility for VanEck Morningstar SMID Moat ETF (SMOT) is 3.03%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that SMOT 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

	SMOT	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	9.43%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	34.37%	-24.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.14%	43.51%	-29.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	49.88%	-31.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	49.88%	-31.46%

SMOT vs. HODL - Expense Ratio Comparison

SMOT has a 0.49% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

SMOT vs. HODL - Dividend Comparison

SMOT's dividend yield for the trailing twelve months is around 1.28%, while HODL has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%
SMOT VanEck Morningstar SMID Moat ETF	1.28%	1.37%	1.18%	0.65%	0.24%

Frequently Asked Questions

Can I hold both SMOT and HODL in my portfolio?

SMOT and HODL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMOT or HODL?

HODL has higher volatility (9.43%) compared to SMOT (3.03%). In terms of maximum drawdown, SMOT dropped -23.36% vs HODL's -49.25%.

Which ETF is better, SMOT or HODL?

On 1-year performance, SMOT leads with 16.94% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, SMOT has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMOT or HODL?

Over the 1-year period, SMOT has performed better with a 16.94% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMOT or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.49% for SMOT.

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

SMOT has the higher dividend yield at 1.28%, compared with 0.00% for HODL.

What is the main difference between SMOT and HODL?

SMOT is categorized as Mid Cap Blend Equities, while HODL is Cryptocurrency. SMOT tracks Morningstar US Small-Mid Cap Moat Focus, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.49% for SMOT and 0.25% for HODL.

Which has better risk-adjusted returns?

SMOT currently has the higher Sharpe Ratio (1.21 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.