BAVA vs. IMST

Last updated Jul 1, 2026

BAVA (Bitwise Avalanche ETF) and IMST (Bitwise Funds Trust) are both exchange-traded funds - BAVA is a Cryptocurrency fund actively managed by Bitwise, while IMST is a Derivative Income fund actively managed by Bitwise. Both are actively managed. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

BAVA vs. IMST - Performance Comparison

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

Returns By Period

BAVA

• 1D: -2.24%
• 1M: -25.27%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMST

• 1D: -5.85%
• 1M: -36.93%
• YTD: -35.12%
• 6M: -36.98%
• 1Y: -72.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BAVA vs. IMST - Yearly Performance Comparison

	2026 (YTD)
BAVA Bitwise Avalanche ETF	-29.45%
IMST Bitwise Funds Trust	-34.99%

Correlation

The correlation between BAVA and IMST is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 15, 2026	0.60

Return for Risk

BAVA vs. IMST — Risk / Return Rank

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

BAVA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 0
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 0
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.

BAVA vs. IMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Avalanche ETF (BAVA) 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.

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.

	BAVA	IMST	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.21	—
Sortino ratio: Return per unit of downside risk	—	-2.47	—
Omega ratio: Gain probability vs. loss probability	—	0.73	—
Calmar ratio: Return relative to maximum drawdown	—	-0.96	—
Martin ratio: Return relative to average drawdown	—	-1.46	—

Drawdowns

BAVA vs. IMST - Drawdown Comparison

The maximum BAVA drawdown since its inception was -40.15%, smaller than the maximum IMST drawdown of -75.63%. Use the drawdown chart below to compare losses from any high point for BAVA and IMST.

Drawdown Indicators

	BAVA	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-40.15%	-75.63%	+35.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-75.63%	—
Current Drawdown Current decline from peak	-35.39%	-74.62%	+39.23%
Average Drawdown Average peak-to-trough decline	-16.47%	-37.18%	+20.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	49.84%	—

Volatility

Volatility by Period

	BAVA	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	46.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	53.55%	60.10%	-6.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.55%	60.90%	-7.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.55%	60.90%	-7.35%

Dividends

BAVA vs. IMST - Dividend Comparison

BAVA has not paid dividends to shareholders, while IMST's dividend yield for the trailing twelve months is around 267.09%.

Position	TTM	2025
BAVA Bitwise Avalanche ETF	0.00%	0.00%
IMST Bitwise Funds Trust	267.09%	195.93%

Frequently Asked Questions

Can I hold both BAVA and IMST in my portfolio?

BAVA and IMST have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

IMST has the higher dividend yield at 267.09%, compared with 0.00% for BAVA.

What is the main difference between BAVA and IMST?

BAVA is categorized as Cryptocurrency, while IMST is Derivative Income.