XMPT vs. HODL

Last updated Aug 2, 2026

XMPT (VanEck CEF Municipal Income ETF) and HODL (VanEck Bitcoin Trust) are both exchange-traded funds - XMPT is a High Yield Muni fund tracking the S-Network Municipal Bond Closed-End Fund 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, XMPT returned 9.87% vs -44.45% for HODL. Their 0.13 correlation means their historical movements had little consistent relationship. XMPT charges 1.97%/yr vs 0.25%/yr for HODL.

Performance

XMPT vs. HODL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck CEF Municipal Income ETF (XMPT) 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, XMPT achieves a 1.83% return, which is significantly higher than HODL's -28.10% return.

XMPT

• 1D: -0.41%
• 1M: -3.10%
• 6M: 0.54%
• YTD: 1.83%
• 1Y: 9.87%
• 3Y*: 6.07%
• 5Y*: -1.85%
• 10Y*: 1.69%
• ALL TIME*: 4.07%

HODL

• 1D: -2.89%
• 1M: 2.36%
• 6M: -24.98%
• YTD: -28.10%
• 1Y: -44.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.44%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HODL VanEck Bitcoin Trust	$17.01M	$17.34M	$23.05M
XMPT VanEck CEF Municipal Income ETF	$1.09M	$988.01K	$943.00K

XMPT vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XMPT VanEck CEF Municipal Income ETF	1.83%	8.01%	6.41%
HODL VanEck Bitcoin Trust	-28.10%	-6.42%	91.50%

Correlation

The correlation between XMPT and HODL is 0.21, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.21
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.13

Return for Risk

XMPT vs. HODL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XMPT

XMPT Risk / Return Rank: 61
XMPT Sharpe Ratio Rank: 65
XMPT Sortino Ratio Rank: 68
XMPT Omega Ratio Rank: 71
XMPT Calmar Ratio Rank: 46
XMPT Martin Ratio Rank: 57

HODL

HODL Risk / Return Rank: 1
HODL Sharpe Ratio Rank: 1
HODL Sortino Ratio Rank: 1
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XMPT vs. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck CEF Municipal Income ETF (XMPT) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XMPT	HODL	Difference
Sharpe ratio: Return per unit of total volatility	1.49	-1.05	+2.54
Sortino ratio: Return per unit of downside risk	2.22	-1.58	+3.80
Omega ratio: Gain probability vs. loss probability	1.29	0.83	+0.47
Calmar ratio: Return relative to maximum drawdown	1.67	-0.87	+2.54
Martin ratio: Return relative to average drawdown	6.70	-1.34	+8.04

XMPT vs. HODL - Sharpe Ratio Comparison

The current XMPT Sharpe Ratio is 1.49, which is higher than the HODL Sharpe Ratio of -1.05. The chart below compares the historical Sharpe Ratios of XMPT 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.

Drawdowns

XMPT vs. HODL - Drawdown Comparison

The maximum XMPT drawdown since its inception was -35.24%, smaller than the maximum HODL drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for XMPT and HODL.

Drawdown Indicators

	XMPT	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-35.24%	-53.20%	+17.96%
Max Drawdown (1Y) Largest decline over 1 year	-6.57%	-53.20%	+46.63%
Max Drawdown (3Y) Largest decline over 3 years	-12.90%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-35.24%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.24%	—	—
Current Drawdown Current decline from peak	-9.39%	-49.90%	+40.51%
Average Drawdown Average peak-to-trough decline	-8.80%	-18.17%	+9.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	34.56%	-32.92%

Volatility

XMPT vs. HODL - Volatility Comparison

The current volatility for VanEck CEF Municipal Income ETF (XMPT) is 1.66%, while VanEck Bitcoin Trust (HODL) has a volatility of 9.14%. This indicates that XMPT 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

	XMPT	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.66%	9.14%	-7.48%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	33.71%	-27.53%
Volatility (1Y) Calculated over the trailing 1-year period	7.39%	44.31%	-36.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.37%	49.28%	-39.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.32%	49.28%	-38.96%

XMPT vs. HODL - Expense Ratio Comparison

XMPT has a 1.97% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

XMPT vs. HODL - Dividend Comparison

XMPT's dividend yield for the trailing twelve months is around 6.41%, 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%
XMPT VanEck CEF Municipal Income ETF	5.92%	5.87%	5.35%	3.81%	5.12%	3.74%	3.79%	4.08%	5.05%	4.84%	5.35%	5.24%

Frequently Asked Questions

Can I hold both XMPT and HODL in my portfolio?

XMPT and HODL have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XMPT or HODL?

HODL has higher volatility (9.14%) compared to XMPT (1.66%). In terms of maximum drawdown, XMPT dropped -35.24% vs HODL's -53.20%.

Which ETF is better, XMPT or HODL?

On 1-year performance, XMPT leads with 9.87% vs -44.45% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, XMPT has been the lower-risk option at 1.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XMPT or HODL?

Over the 1-year period, XMPT has performed better with a 9.87% return vs -44.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XMPT or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 1.97% for XMPT.

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

XMPT has the higher dividend yield at 5.92%, compared with 0.00% for HODL.

What is the main difference between XMPT and HODL?

XMPT is categorized as High Yield Muni, while HODL is Cryptocurrency. XMPT tracks S-Network Municipal Bond Closed-End Fund Index, while HODL tracks CME CF Bitcoin Reference Rate - New York Variant. Their fees differ too: 1.97% for XMPT and 0.25% for HODL.

Which has better risk-adjusted returns?

XMPT currently has the higher Sharpe Ratio (1.49 vs -1.05), 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.