AETH vs. ICOI

Last updated Apr 2, 2026

Compare and contrast key facts about Bitwise Ethereum Strategy ETF (AETH) and Bitwise COIN Option Income Strategy ETF (ICOI).

AETH and ICOI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AETH is an actively managed fund by Bitwise. It was launched on Sep 29, 2023. ICOI is an actively managed fund by Bitwise. It was launched on Apr 1, 2025.

Performance

AETH vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Strategy ETF (AETH) and Bitwise COIN Option Income Strategy ETF (ICOI). The values are adjusted to include any dividend payments, if applicable.

AETH vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
AETH Bitwise Ethereum Strategy ETF	-5.52%	35.38%
ICOI Bitwise COIN Option Income Strategy ETF	-22.13%	-7.98%

Returns By Period

In the year-to-date period, AETH achieves a -5.52% return, which is significantly higher than ICOI's -22.13% return.

AETH

• 1D: 0.01%
• 1M: -2.71%
• YTD: -5.52%
• 6M: -27.06%
• 1Y: 27.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -0.27%
• 1M: -9.24%
• YTD: -22.13%
• 6M: -47.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AETH vs. ICOI - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is lower than ICOI's 0.98% expense ratio.

ICOI

Bitwise COIN Option Income Strategy ETF

AETH

Bitwise Ethereum Strategy ETF

Return for Risk

AETH vs. ICOI — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 32
AETH Sharpe Ratio Rank: 28
AETH Sortino Ratio Rank: 43
AETH Omega Ratio Rank: 45
AETH Calmar Ratio Rank: 27
AETH Martin Ratio Rank: 19

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.

AETH vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Bitwise COIN Option Income Strategy ETF (ICOI). 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.

	AETH	ICOI	Difference
Sharpe ratio Return per unit of total volatility	0.55	—	—
Sortino ratio Return per unit of downside risk	1.25	—	—
Omega ratio Gain probability vs. loss probability	1.18	—	—
Calmar ratio Return relative to maximum drawdown	0.67	—	—
Martin ratio Return relative to average drawdown	1.07	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	AETH	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	-0.55	+0.98

Correlation

The correlation between AETH and ICOI is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AETH vs. ICOI - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.55%, less than ICOI's 374.24% yield.

	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.55%	2.41%	14.73%	6.64%
ICOI Bitwise COIN Option Income Strategy ETF	374.24%	247.40%	0.00%	0.00%

Drawdowns

AETH vs. ICOI - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for AETH and ICOI.

Drawdown Indicators

	AETH	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-58.10%	+10.32%
Max Drawdown (1Y) Largest decline over 1 year	-41.40%	—	—
Current Drawdown Current decline from peak	-41.19%	-55.19%	+14.00%
Average Drawdown Average peak-to-trough decline	-23.51%	-23.25%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.81%	—	—

Volatility

Volatility by Period

	AETH	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.66%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	51.00%	52.00%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.15%	52.00%	+4.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.15%	52.00%	+4.15%