VNM vs. HODL

Last updated Jun 4, 2026

VNM (VanEck Vectors Vietnam ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - VNM is a Asia Pacific Equities fund tracking the MVIS Vietnam Index, while HODL is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, VNM returned 29.35% vs -38.56% for HODL. At a 0.23 correlation, their price movements are largely independent. VNM charges 0.68%/yr vs 0.25%/yr for HODL.

Performance

VNM vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Vietnam ETF (VNM) 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, VNM achieves a -5.56% return, which is significantly higher than HODL's -25.27% return.

VNM

• 1D: -0.61%
• 1M: -4.00%
• YTD: -5.56%
• 6M: -3.39%
• 1Y: 29.35%
• 3Y*: 13.96%
• 5Y*: -0.84%
• 10Y*: 3.30%

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)

VNM vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VNM VanEck Vectors Vietnam ETF	-5.56%	66.55%	-11.08%
HODL VanEck Bitcoin Trust	-25.27%	-6.42%	99.75%

Correlation

The correlation between VNM and HODL is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.23

Return for Risk

VNM vs. HODL — Risk / Return Rank

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

VNM

VNM Risk / Return Rank: 30
VNM Sharpe Ratio Rank: 30
VNM Sortino Ratio Rank: 30
VNM Omega Ratio Rank: 28
VNM Calmar Ratio Rank: 34
VNM Martin Ratio Rank: 30

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.

VNM vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Vietnam ETF (VNM) 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.

	VNM	HODL	Difference
Sharpe ratio: Return per unit of total volatility	1.10	-0.89	+1.99
Sortino ratio: Return per unit of downside risk	1.66	-1.23	+2.89
Omega ratio: Gain probability vs. loss probability	1.20	0.86	+0.33
Calmar ratio: Return relative to maximum drawdown	1.73	-0.79	+2.51
Martin ratio: Return relative to average drawdown	4.39	-1.36	+5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VNM vs. HODL - Sharpe Ratio Comparison

The current VNM Sharpe Ratio is 1.10, which is higher than the HODL Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of VNM 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

	VNM	HODL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.10	-0.89	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.03	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.30	-0.33

Drawdowns

VNM vs. HODL - Drawdown Comparison

The maximum VNM drawdown since its inception was -63.19%, which is greater than HODL's maximum drawdown of -49.25%. Use the drawdown chart below to compare losses from any high point for VNM and HODL.

Drawdown Indicators

	VNM	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-63.19%	-49.25%	-13.94%
Max Drawdown (1Y) Largest decline over 1 year	-17.07%	-49.25%	+32.18%
Max Drawdown (3Y) Largest decline over 3 years	-31.60%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-49.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.67%	—	—
Current Drawdown Current decline from peak	-26.45%	-47.93%	+21.48%
Average Drawdown Average peak-to-trough decline	-37.83%	-15.97%	-21.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.72%	28.35%	-21.63%

Volatility

VNM vs. HODL - Volatility Comparison

The current volatility for VanEck Vectors Vietnam ETF (VNM) is 5.52%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.43%. This indicates that VNM 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

	VNM	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	9.43%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	18.51%	34.37%	-15.86%
Volatility (1Y) Calculated over the trailing 1-year period	26.79%	43.51%	-16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	49.88%	-25.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.46%	49.88%	-26.42%

VNM vs. HODL - Expense Ratio Comparison

VNM has a 0.68% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

VNM vs. HODL - Dividend Comparison

VNM's dividend yield for the trailing twelve months is around 0.21%, 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%
VNM VanEck Vectors Vietnam ETF	0.21%	0.20%	0.00%	5.21%	0.96%	0.49%	0.40%	0.76%	0.83%	1.14%	2.44%	3.69%

Frequently Asked Questions

Can I hold both VNM and HODL in my portfolio?

VNM and HODL have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VNM or HODL?

HODL has higher volatility (9.43%) compared to VNM (5.52%). In terms of maximum drawdown, VNM dropped -63.19% vs HODL's -49.25%.

Which ETF is better, VNM or HODL?

On 1-year performance, VNM leads with 29.35% vs -38.56% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, VNM has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VNM or HODL?

Over the 1-year period, VNM has performed better with a 29.35% return vs -38.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VNM or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.68% for VNM.

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

VNM has the higher dividend yield at 0.21%, compared with 0.00% for HODL.

What is the main difference between VNM and HODL?

VNM is categorized as Asia Pacific Equities, while HODL is Cryptocurrency. VNM tracks MVIS Vietnam Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 0.68% for VNM and 0.25% for HODL.

Which has better risk-adjusted returns?

VNM currently has the higher Sharpe Ratio (1.10 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.