AETH vs. IMST

Last updated Jun 4, 2026

AETH (Bitwise Ethereum Strategy ETF) and IMST (Bitwise Funds Trust) are both exchange-traded funds - AETH is a Cryptocurrency fund actively managed by Bitwise, while IMST is a Derivative Income fund actively managed by Bitwise. Both are actively managed. Over the past year, AETH returned -16.05% vs -62.31% for IMST. At a 0.38 correlation, their price movements are largely independent. AETH charges 0.90%/yr vs 0.99%/yr for IMST.

Performance

AETH vs. IMST - Performance Comparison

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

Returns By Period

In the year-to-date period, AETH achieves a -9.79% return, which is significantly higher than IMST's -14.98% return.

AETH

• 1D: -0.01%
• 1M: -4.98%
• YTD: -9.79%
• 6M: -15.30%
• 1Y: -16.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMST

• 1D: -5.79%
• 1M: -25.22%
• YTD: -14.98%
• 6M: -28.07%
• 1Y: -62.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AETH vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
AETH Bitwise Ethereum Strategy ETF	-9.79%	35.38%
IMST Bitwise Funds Trust	-14.98%	-44.26%

Correlation

The correlation between AETH and IMST is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.38

Return for Risk

AETH vs. IMST — Risk / Return Rank

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

AETH

AETH Risk / Return Rank: 6
AETH Sharpe Ratio Rank: 5
AETH Sortino Ratio Rank: 6
AETH Omega Ratio Rank: 5
AETH Calmar Ratio Rank: 5
AETH Martin Ratio Rank: 6

IMST

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

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. IMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Strategy ETF (AETH) and Bitwise Funds Trust (IMST). 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	IMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	-1.10	+0.74
Sortino ratio: Return per unit of downside risk	-0.26	-1.93	+1.67
Omega ratio: Gain probability vs. loss probability	0.96	0.78	+0.18
Calmar ratio: Return relative to maximum drawdown	-0.37	-0.89	+0.53
Martin ratio: Return relative to average drawdown	-0.52	-1.35	+0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AETH vs. IMST - Sharpe Ratio Comparison

The current AETH Sharpe Ratio is -0.36, which is higher than the IMST Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of AETH and IMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AETH	IMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	-1.10	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.80	+1.17

Drawdowns

AETH vs. IMST - Drawdown Comparison

The maximum AETH drawdown since its inception was -47.78%, smaller than the maximum IMST drawdown of -69.86%. Use the drawdown chart below to compare losses from any high point for AETH and IMST.

Drawdown Indicators

	AETH	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-47.78%	-69.86%	+22.08%
Max Drawdown (1Y) Largest decline over 1 year	-43.98%	-69.86%	+25.88%
Current Drawdown Current decline from peak	-43.85%	-66.74%	+22.89%
Average Drawdown Average peak-to-trough decline	-24.65%	-35.27%	+10.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	46.22%	-15.36%

Volatility

AETH vs. IMST - Volatility Comparison

The current volatility for Bitwise Ethereum Strategy ETF (AETH) is 4.02%, while Bitwise Funds Trust (IMST) has a volatility of 14.83%. This indicates that AETH experiences smaller price fluctuations and is considered to be less risky than IMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AETH	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	14.83%	-10.81%
Volatility (6M) Calculated over the trailing 6-month period	27.18%	44.06%	-16.88%
Volatility (1Y) Calculated over the trailing 1-year period	45.03%	56.91%	-11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.68%	59.73%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.68%	59.73%	-5.05%

AETH vs. IMST - Expense Ratio Comparison

AETH has a 0.90% expense ratio, which is lower than IMST's 0.99% expense ratio.

Dividends

AETH vs. IMST - Dividend Comparison

AETH's dividend yield for the trailing twelve months is around 2.67%, less than IMST's 221.80% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.67%	2.41%	14.73%	6.64%
IMST Bitwise Funds Trust	221.80%	195.93%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AETH and IMST in my portfolio?

AETH and IMST have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AETH or IMST?

IMST has higher volatility (14.83%) compared to AETH (4.02%). In terms of maximum drawdown, AETH dropped -47.78% vs IMST's -69.86%.

Which ETF is better, AETH or IMST?

On 1-year performance, AETH leads with -16.05% vs -62.31% for IMST. On fees, AETH is cheaper at 0.90% per year. On volatility, AETH has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AETH or IMST?

Over the 1-year period, AETH has performed better with a -16.05% return vs -62.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AETH or IMST?

AETH is cheaper with a 0.90% expense ratio, compared with 0.99% for IMST.

Which ETF pays a higher dividend yield, AETH or IMST?

IMST has the higher dividend yield at 221.80%, compared with 2.67% for AETH.

What is the main difference between AETH and IMST?

AETH is categorized as Cryptocurrency, while IMST is Derivative Income. Their fees differ too: 0.90% for AETH and 0.99% for IMST.

Which has better risk-adjusted returns?

AETH currently has the higher Sharpe Ratio (-0.36 vs -1.10), 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.