- CUSIP
- 091748608
- Issuer
- Bitwise
- Inception Date
- Apr 1, 2025
- Category
- Derivative Income
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
ICOI Performance Chart
Bitwise COIN Option Income Strategy ETF (ICOI) is down 22.8% since the beginning of the year. ICOI is currently trading at $11 per share.
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Returns By Period
Bitwise COIN Option Income Strategy ETF (ICOI) has returned -22.77% so far this year and -39.80% over the past 12 months.
Bitwise COIN Option Income Strategy ETF
- 1D
- 1.35%
- 1M
- -13.08%
- YTD
- -22.77%
- 6M
- -32.50%
- 1Y
- -39.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- -0.17%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 22.93%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
ICOI Monthly Returns History
Based on dividend-adjusted daily data since Apr 3, 2025, ICOI's average daily return is -0.06%, while the average monthly return is -1.53%.
Historically, 47% of months were positive and 53% were negative. The best month was Jun 2025 with a return of +17.5%, while the worst month was Nov 2025 at -20.4%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 6 months.
On a daily basis, ICOI closed higher 48% of trading days. The best single day was Apr 9, 2025 with a return of +15.4%, while the worst single day was Aug 1, 2025 at -15.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -9.92% | -6.50% | -7.30% | 5.04% | 5.63% | -10.86% | -22.77% | ||||||
| 2025 | 13.47% | 7.06% | 17.52% | 5.13% | -15.80% | 9.03% | -2.67% | -20.40% | -12.43% | -6.51% |
Benchmark Metrics
Bitwise COIN Option Income Strategy ETF has an annualized alpha of -42.36%, beta of 1.66, and R2 of 0.34 versus S&P 500 Index. Calculated based on daily prices since April 03, 2025.
- This ETF participated in 221.22% of S&P 500 Index downside but only -12.73% of its upside - more exposed to losses than it benefited from rallies.
- R2 of 0.34 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -42.36%
- Beta
- 1.66
- R²
- 0.34
- Upside Capture
- -12.73%
- Downside Capture
- 221.22%
Expense Ratio
ICOI has a high expense ratio of 0.98%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ICOI ranks 4 for risk / return — in the bottom 4% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and compare them to S&P 500 Index.
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.
| ICOI | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.55 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.34 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.53 | -3.22 |
| Martin ratioReturn relative to average drawdown | -1.06 | 11.37 | -12.43 |
Dividends
Dividend History
Bitwise COIN Option Income Strategy ETF provided a 339.98% dividend yield over the last twelve months, with an annual payout of $35.73 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $35.73 | $39.76 |
Dividend yield | 339.98% | 247.40% |
Monthly Dividends
The table displays the monthly dividend distributions for Bitwise COIN Option Income Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.50 | $0.61 | $0.52 | $0.25 | $0.26 | $0.00 | $2.15 | ||||||
| 2025 | $6.17 | $5.61 | $9.24 | $5.16 | $4.79 | $3.94 | $2.59 | $2.25 | $39.76 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Bitwise COIN Option Income Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Bitwise COIN Option Income Strategy ETF was 58.10%, occurring on Feb 12, 2026. The portfolio has not yet recovered.
The current Bitwise COIN Option Income Strategy ETF drawdown is 55.56%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -58.10%Feb 2026 | 6mo 26d | — | 10mo 27dJul 2025 - now |
2025 selloff2025 | -10.29%Apr 2025 | 4d | 1d | 5dApr 2025 - Apr 2025 |
2025 selloff2025 | -8.16%Jun 2025 | 20d | 8d | 28dMay 2025 - Jun 2025 |
2025 selloff2025 | -4.93%May 2025 | 0s | 1d | 1dMay 2025 - May 2025 |
2025 selloff2025 | -4.33%Jun 2025 | 0s | 2d | 2dJun 2025 - Jun 2025 |
Drawdown Indicators
| ICOI | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.10% | -56.78% | -1.32% |
Max Drawdown (1Y)Largest decline over 1 year | -58.10% | -9.10% | -49.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -55.56% | -2.34% | -53.22% |
Average DrawdownAverage peak-to-trough decline | -28.02% | -10.72% | -17.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.68% | 2.02% | +35.66% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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