BETH vs. ICOI

Last updated Jun 4, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BETH is a Cryptocurrency fund actively managed by ProShares, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. Over the past year, BETH returned -40.13% vs -42.41% for ICOI. A 0.70 correlation means they provide meaningful diversification when combined. BETH charges 0.95%/yr vs 0.98%/yr for ICOI.

Performance

BETH vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) and Bitwise COIN Option Income Strategy ETF (ICOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BETH achieves a -28.99% return, which is significantly lower than ICOI's -22.33% return.

BETH

• 1D: -3.09%
• 1M: -19.49%
• YTD: -28.99%
• 6M: -33.42%
• 1Y: -40.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BETH vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-28.99%	10.43%
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-7.98%

Correlation

The correlation between BETH and ICOI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.70

The correlation between BETH and ICOI has been stable across timeframes, ranging from 0.70 to 0.71 - a consistent structural relationship.

Return for Risk

BETH vs. ICOI — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 2
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 2
BETH Omega Ratio Rank: 3
BETH Calmar Ratio Rank: 2
BETH Martin Ratio Rank: 2

ICOI

ICOI Risk / Return Rank: 3
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 3

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.

BETH vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.

	BETH	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.86	0.00
Sortino ratio: Return per unit of downside risk	-1.17	-1.15	-0.02
Omega ratio: Gain probability vs. loss probability	0.87	0.86	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.73	-0.03
Martin ratio: Return relative to average drawdown	-1.31	-1.16	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BETH vs. ICOI - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.86, which is comparable to the ICOI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of BETH and ICOI, 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

	BETH	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-0.86	0.00
Sharpe Ratio (All Time) Calculated using the full available price history	0.41	-0.50	+0.91

Drawdowns

BETH vs. ICOI - Drawdown Comparison

The maximum BETH drawdown since its inception was -52.55%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for BETH and ICOI.

Drawdown Indicators

	BETH	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-52.55%	-58.10%	+5.55%
Max Drawdown (1Y) Largest decline over 1 year	-52.55%	-58.10%	+5.55%
Current Drawdown Current decline from peak	-52.01%	-55.30%	+3.29%
Average Drawdown Average peak-to-trough decline	-17.60%	-27.43%	+9.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.70%	36.48%	-5.78%

Volatility

BETH vs. ICOI - Volatility Comparison

The current volatility for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) is 9.53%, while Bitwise COIN Option Income Strategy ETF (ICOI) has a volatility of 13.92%. This indicates that BETH experiences smaller price fluctuations and is considered to be less risky than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BETH	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	13.92%	-4.39%
Volatility (6M) Calculated over the trailing 6-month period	36.39%	34.93%	+1.46%
Volatility (1Y) Calculated over the trailing 1-year period	46.81%	49.40%	-2.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.18%	50.41%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.18%	50.41%	+0.77%

BETH vs. ICOI - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BETH vs. ICOI - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 57.55%, less than ICOI's 338.05% yield.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	57.55%	57.68%	19.71%	0.36%
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BETH and ICOI in my portfolio?

BETH and ICOI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETH or ICOI?

ICOI has higher volatility (13.92%) compared to BETH (9.53%). In terms of maximum drawdown, BETH dropped -52.55% vs ICOI's -58.10%.

Which ETF is better, BETH or ICOI?

On 1-year performance, BETH leads with -40.13% vs -42.41% for ICOI. On fees, BETH is cheaper at 0.95% per year. On volatility, BETH has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BETH or ICOI?

Over the 1-year period, BETH has performed better with a -40.13% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or ICOI?

BETH is cheaper with a 0.95% expense ratio, compared with 0.98% for ICOI.

Which ETF pays a higher dividend yield, BETH or ICOI?

ICOI has the higher dividend yield at 338.05%, compared with 57.55% for BETH.

What is the main difference between BETH and ICOI?

BETH is categorized as Cryptocurrency, while ICOI is Derivative Income. They also come from different issuers: ProShares and Bitwise. Their fees differ too: 0.95% for BETH and 0.98% for ICOI.

Which has better risk-adjusted returns?

BETH currently has the higher Sharpe Ratio (-0.86 vs -0.86), 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.