SMOT vs. HODL

Last updated Apr 2, 2026

Compare and contrast key facts about VanEck Morningstar SMID Moat ETF (SMOT) and VanEck Bitcoin Trust (HODL).

SMOT and HODL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SMOT is a passively managed fund by VanEck that tracks the performance of the Morningstar US Small-Mid Cap Moat Focus. It was launched on Oct 4, 2022. 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 SMOT 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

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.

SMOT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMOT VanEck Morningstar SMID Moat ETF	-2.82%	6.46%	13.11%
HODL VanEck Bitcoin Trust	-22.04%	-6.42%	99.75%

Returns By Period

In the year-to-date period, SMOT achieves a -2.82% return, which is significantly higher than HODL's -22.04% return.

SMOT

• 1D: -0.03%
• 1M: -5.15%
• YTD: -2.82%
• 6M: -0.99%
• 1Y: 8.49%
• 3Y*: 8.49%
• 5Y*: —
• 10Y*: —

HODL

• 1D: 0.63%
• 1M: -1.38%
• YTD: -22.04%
• 6M: -42.00%
• 1Y: -19.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMOT vs. HODL - Expense Ratio Comparison

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

SMOT

VanEck Morningstar SMID Moat ETF

HODL

VanEck Bitcoin Trust

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: 25
SMOT Sharpe Ratio Rank: 23
SMOT Sortino Ratio Rank: 24
SMOT Omega Ratio Rank: 24
SMOT Calmar Ratio Rank: 24
SMOT Martin Ratio Rank: 28

HODL

HODL Risk / Return Rank: 6
HODL Sharpe Ratio Rank: 5
HODL Sortino Ratio Rank: 5
HODL Omega Ratio Rank: 6
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.

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	0.41	-0.44	+0.85
Sortino ratio Return per unit of downside risk	0.74	-0.37	+1.11
Omega ratio Gain probability vs. loss probability	1.10	0.96	+0.14
Calmar ratio Return relative to maximum drawdown	0.60	-0.35	+0.95
Martin ratio Return relative to average drawdown	2.40	-0.75	+3.15
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 0.41, which is higher than the HODL Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of SMOT 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

	SMOT	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	-0.44	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	0.37	+0.20

Correlation

The correlation between SMOT and HODL is 0.37, 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

SMOT vs. HODL - Dividend Comparison

SMOT's dividend yield for the trailing twelve months is around 1.41%, while HODL has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022
SMOT VanEck Morningstar SMID Moat ETF	1.41%	1.37%	1.18%	0.65%	0.24%
HODL VanEck Bitcoin Trust	0.00%	0.00%	0.00%	0.00%	0.00%

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	-14.56%	-49.25%	+34.69%
Current Drawdown Current decline from peak	-6.76%	-45.67%	+38.91%
Average Drawdown Average peak-to-trough decline	-4.96%	-14.14%	+9.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	23.20%	-19.56%

Volatility

SMOT vs. HODL - Volatility Comparison

The current volatility for VanEck Morningstar SMID Moat ETF (SMOT) is 4.64%, while VanEck Bitcoin Trust (HODL) has a volatility of 12.99%. 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	4.64%	12.99%	-8.35%
Volatility (6M) Calculated over the trailing 6-month period	10.31%	36.72%	-26.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.86%	45.07%	-24.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	50.90%	-32.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.69%	50.90%	-32.21%