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BTCO vs HODL

Invesco Galaxy Bitcoin ETF

BTCOBCboe

VanEck Bitcoin ETF

HODLACboe

Overlap

Expense ratio

HODL −0.05pt a year

BTCO0.25%HODL0.20%

Avg volume · 30D

HODL 12.4×the volume

BTCO80.3KHODL996K

BTCO vs HODL Performance

Oct 31, 2025 – Oct 30, 2026

−30.3%BTCO−30.2%HODL

Oct 31, 2025 to Oct 30, 2026. BTCO −30.3%. HODL −30.2%. Use the arrow keys to read each point.−20%−10%0%Oct 2025Apr 2026Oct 2026
Expense ratio
BTCO 0.25%
HODL 0.20%, better
Fund size
BTCO $384M
HODL $1.12B
1Y total return
BTCO −30.3%
HODL −30.2%, better
Holdings
BTCO 1
HODL 1
Avg volume (30D)
BTCO 80.3K sh
HODL 996K sh, better
NAV per share
BTCO $76.27
HODL $21.61
52W range

ETF.net Grade

BTCO: Cost 35, Risk 46, Mission 100, Tradability 58, Holdings not scored, Durability 53. HODL: Cost 75, Risk 60, Mission 100, Tradability 48, Holdings not scored, Durability 68.
Pillar letters and Scores for BTCO, HODL, with each pillar’s weight
PillarBTCOHODL
Cost30% weightD35A75Higher
Mission25% weightA100A100
Risk15% weightC46B60Higher
Tradability15% weightB58HigherC48
Holdings10% weightNot scoredNot scored
Durability5% weightC53B68Higher

Rank among Spot Bitcoin funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. BTCO and HODL are both graded against the same 12 Spot Bitcoin funds, so their Grades compare head to head.

Spot Bitcoin⁠

Category · 12 funds
See all 12 ›

HODL ranks 3rd and BTCO 9th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 80
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3AHODLVanEck Bitcoin ETFScore 74
  4. Rank 4ABITBBitwise Bitcoin ETF TrustScore 72
  5. Rank 8BIBITiShares Bitcoin Trust ETFScore 63
  6. Rank 9BBTCOInvesco Galaxy Bitcoin ETFScore 59
  7. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54

Our read on each fund

ETF.net Research

BTCOBInvesco Galaxy Bitcoin ETF

HODLAVanEck Bitcoin ETF

In short

BTCO A day-one member of the January 2024 spot bitcoin class: a trust that holds the coin, tracks the Lukka Prime reference rate, and charges the category's median fee. No yield, no hedging, no cleverness.

HODL VanEck's spot bitcoin fund does exactly one thing: hold bitcoin. No futures, no yield story, no cleverness. It is priced below the category median and splits the coins across two named custodians instead of one.

Stated mandate

BTCO The Trust seeks to track the spot price of bitcoin, measured by the Lukka Prime Bitcoin Reference Rate, after expenses and liabilities.

HODL The Trust seeks to track the price of bitcoin, net of its operating expenses, through a passive strategy that does not pursue returns beyond bitcoin’s price performance.

Why people hold it

  • BTCO One job, stated plainly: hold bitcoin and track the spot price via the Lukka Prime Bitcoin Reference Rate, after expenses. Nothing else in the box.
  • The 0.25% expense ratio sits right at the median for spot bitcoin funds, so the Invesco name does not carry a markup.
  • Launched January 2024 with the first wave of US spot bitcoin ETFs, giving it a real operating history rather than a late me-too listing.
  • Grantor trust wrapper: shares stand for bitcoin the trust holds, bought and sold in a normal brokerage account instead of an exchange wallet.
  • HODL A 0.20% sponsor fee, under the median for spot bitcoin funds, on a product whose entire job is holding coins.vaneck.com
  • Deliberately plain mandate: track bitcoin's price net of expenses, full stop. Nothing reaching for returns beyond the coin, and it has followed that mandate very closely.vaneck.com
  • VanEck names two crypto custodians for the trust's bitcoin, Gemini and Coinbase Custody, rather than routing every coin through a single vault.vaneck.com
  • Listed options trade on HODL, so collars and covered-call structures are available in a normal brokerage account.vaneck.com

Worth knowing

  • BTCO Cheaper ways to own the same exposure exist in the cohort, including BTC at 0.15% and BITB and HODL at 0.20%.
  • Moderately traded rather than one of the category's busiest tickers, which can show up in spreads on larger or hurried orders.
  • It makes no distributions. The whole result rides on bitcoin's price, an asset class with a wide swing range.
  • HODL Bitcoin sets the whole ride. The design follows the coin down as faithfully as up, and there is no hedge or buffer in the wrapper.
  • No distributions. Price is the entire story here, and the sponsor fee accrues against the trust's bitcoin whatever the market does.vaneck.com
  • Fees in this cohort are a moving target: BTC and EZBC list lower headline rates, and temporary waivers keep reshuffling who is cheapest.vaneck.com

Full BTCO profile⁠

Full HODL profile⁠

BTCO vs HODL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BTCO vs HODL Cost

Overpaying BTCO vs HODL

$1,004

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BTCO 0.25%

    $5,159

  • HODL 0.20%

    $4,155

$10,000
30 years

Cost over time

  • BTCO 0.25%
  • HODL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$2K$4K$6K051015202530BTCO $5,159HODL $4,155

Year by year

YearBTCOHODLOverpaying
10$455$365$90
20$1,769$1,421$348
30$5,159$4,155$1,004

Expense ratio

  • 0.25%BTCO
  • 0.20%HODL, cheaper
  • Middle half of Spot Bitcoin funds
  • Median 0.23%

HODL 4th cheapest of 12 funds

BTCO 7th cheapest of 12 funds

BTCO vs HODL Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
BTCO None
HODL None

Distribution history

BTCOAll BTCO payments⁠

No distribution history available.

HODLAll HODL payments⁠

No distribution history available.

BTCO vs HODL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCO 53.5%since Feb 2024HODL 63.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTCO 0.56since Feb 2024HODL −0.12since Feb 2024
Worst fallMax drawdown, 5 years
BTCO −53.3%since Jan 2024HODL −93.7%since Jan 2024
Market sensitivityBeta, 5 years
BTCO 2.14HODL 2.13

BTCO and HODL in the news

All news⁠

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