Skip to content
etf.net

BTCW vs HODL

WisdomTree Bitcoin Fund

BTCWCCboe

VanEck Bitcoin ETF

HODLACboe

Overlap

Expense ratio

HODL −0.05pt a year

BTCW0.25%HODL0.20%

Avg volume · 30D

HODL 48.9×the volume

BTCW18.7KHODL914K

BTCW vs HODL Performance

Nov 6, 2025 – Nov 6, 2026

−25.2%BTCW−24.9%HODL

Nov 6, 2025 to Nov 6, 2026. BTCW −25.2%. HODL −24.9%. Use the arrow keys to read each point.−40%−20%−10%0%Nov 2025May 2026Nov 2026
Expense ratio
BTCW 0.25%
HODL 0.20%, better
Fund size
BTCW $156M
HODL $1.09B
1Y total return
BTCW −25.2%
HODL −24.9%, better
Holdings
BTCW 1
HODL 1
Avg volume (30D)
BTCW 18.7K sh
HODL 914K sh, better
NAV per share
BTCW $82.04
HODL $21.41
52W range

ETF.net Grade

BTCW: Cost 35, Risk 52, Mission 100, Tradability 19, Holdings 100, Durability 42. HODL: Cost 75, Risk 50, Mission 100, Tradability 48, Holdings not scored, Durability 68.
Pillar letters and Scores for BTCW, HODL, with each pillar’s weight
PillarBTCWHODL
Cost30% weightD35A75Higher
Mission25% weightA100A100
Risk15% weightC52HigherC50
Tradability15% weightF19C48Higher
Holdings10% weightA100Not scored
Durability5% weightC42B68Higher

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. BTCW 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 BTCW 11th of 12 funds in the Spot Bitcoin Category.

  1. Rank 1ABTCGrayscale Bitcoin Mini Trust ETFScore 81
  2. Rank 2AMSBTMorgan Stanley Bitcoin Trust ETFScore 79
  3. Rank 3ABITBBitwise Bitcoin ETF TrustScore 72
  4. Rank 3AHODLVanEck Bitcoin ETFScore 72
  5. Rank 5AEZBCFranklin Bitcoin ETFScore 70
  6. Rank 10CGBTCGrayscale Bitcoin Trust ETFScore 54
  7. Rank 11CBTCWWisdomTree Bitcoin FundScore 53
  8. Rank 12CBRRRCoinShares Bitcoin ETFScore 51

Our read on each fund

ETF.net Research

BTCWCWisdomTree Bitcoin Fund

HODLAVanEck Bitcoin ETF

In short

BTCW WisdomTree filed for a spot bitcoin ETF in 2021, absorbed an SEC rejection, refiled, and was in the first batch to list in January 2024. BTCW is the plain-vanilla version: real bitcoin in institutional custody, priced off the CME CF reference rate.

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

BTCW The Fund seeks exposure to bitcoin’s price, net of the Trust’s expenses and liabilities. It holds bitcoin and values its shares using the CME CF Bitcoin Reference Rate – New York Variant.

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

  • BTCW Simple plumbing: the trust holds actual bitcoin at Coinbase Custody and values shares off the CME CF Bitcoin Reference Rate (New York Variant). No futures, no roll costs, no leverage.sec.gov
  • One asset, one job. The portfolio is bitcoin and nothing else, tracking the reference rate net of expenses, so the mandate and the holdings say the same thing.
  • The 0.25% sponsor fee is the trust's only expected recurring expense, and it sits right at the middle of the spot bitcoin field rather than the expensive end.sec.gov
  • 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

  • BTCW Thinly traded next to the category's giants, so spreads and limit orders carry more weight here.
  • Cheaper shelf-mates exist for the same underlying asset, including Grayscale's Mini Trust (BTC), Franklin's EZBC and VanEck's HODL.
  • Not registered under the Investment Company Act of 1940, so the usual fund-style protections don't apply and bitcoin's full price swings pass through.wisdomtree.com
  • 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 BTCW profile⁠

Full HODL profile⁠

BTCW vs HODL Holdings

As of
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.

BTCW vs HODL Cost

Overpaying BTCW vs HODL

$1,004

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

  • BTCW 0.25%

    $5,159

  • HODL 0.20%

    $4,155

$10,000
30 years

Cost over time

  • BTCW 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$6K051015202530BTCW $5,159HODL $4,155

Year by year

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

Expense ratio

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

HODL 4th cheapest of 12 funds

BTCW 7th cheapest of 12 funds

BTCW vs HODL Dividends

Last 12 months to Nov 6, 2026
Payout (12M)
BTCW None
HODL None

Distribution history

BTCWAll BTCW payments⁠

No distribution history available.

HODLAll HODL payments⁠

No distribution history available.

BTCW vs HODL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCW 53.6%since Feb 2024HODL 63.2%since Feb 2024
Return per unit of riskSharpe ratio, 3 years
BTCW 0.56since Feb 2024HODL −0.12since Feb 2024
Worst fallMax drawdown, 5 years
BTCW −53.4%since Jan 2024HODL −93.7%since Jan 2024
Market sensitivityBeta, 5 years
BTCW 2.19HODL 2.17

BTCW and HODL in the news

All news⁠

Popular comparisons

  • BTCWCvsBTCA

    WisdomTree Bitcoin Fund · Grayscale Bitcoin Mini Trust ETF

    Expense ratio
    0.25% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsBTCA

    VanEck Bitcoin ETF · Grayscale Bitcoin Mini Trust ETF

    Expense ratio
    0.20% · 0.15%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCWCvsMSBTA

    WisdomTree Bitcoin Fund · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.25% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsMSBTA

    VanEck Bitcoin ETF · Morgan Stanley Bitcoin Trust ETF

    Expense ratio
    0.20% · 0.14%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • BTCWCvsBITBA

    WisdomTree Bitcoin Fund · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.25% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • HODLAvsBITBA

    VanEck Bitcoin ETF · Bitwise Bitcoin ETF Trust

    Expense ratio
    0.20% · 0.20%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.