BHYP vs. ICOI

Last updated Jul 1, 2026

BHYP (Bitwise Hyperliquid ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BHYP is a Cryptocurrency fund actively managed by Bitwise, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. At a 0.43 correlation, their price movements are largely independent.

Performance

BHYP vs. ICOI - Performance Comparison

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

Returns By Period

BHYP

• 1D: -2.62%
• 1M: -1.24%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -2.51%
• 1M: -16.27%
• YTD: -27.46%
• 6M: -29.05%
• 1Y: -52.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BHYP vs. ICOI - Yearly Performance Comparison

	2026 (YTD)
BHYP Bitwise Hyperliquid ETF	51.42%
ICOI Bitwise COIN Option Income Strategy ETF	-21.23%

Correlation

The correlation between BHYP and ICOI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 15, 2026	0.43

Return for Risk

BHYP vs. ICOI — Risk / Return Rank

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

BHYP

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

ICOI

ICOI Risk / Return Rank: 2
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 1
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 2
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.

BHYP vs. ICOI - Risk-Adjusted Trends Comparison

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

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.

	BHYP	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.07	—
Sortino ratio: Return per unit of downside risk	—	-1.63	—
Omega ratio: Gain probability vs. loss probability	—	0.80	—
Calmar ratio: Return relative to maximum drawdown	—	-0.89	—
Martin ratio: Return relative to average drawdown	—	-1.33	—

Drawdowns

BHYP vs. ICOI - Drawdown Comparison

The maximum BHYP drawdown since its inception was -27.22%, smaller than the maximum ICOI drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for BHYP and ICOI.

Drawdown Indicators

	BHYP	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-27.22%	-59.32%	+32.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-59.32%	—
Current Drawdown Current decline from peak	-11.33%	-58.25%	+46.92%
Average Drawdown Average peak-to-trough decline	-8.09%	-29.01%	+20.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	39.45%	—

Volatility

Volatility by Period

	BHYP	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	105.30%	49.28%	+56.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.30%	50.14%	+55.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	105.30%	50.14%	+55.16%

Dividends

BHYP vs. ICOI - Dividend Comparison

BHYP has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 312.26%.

Position	TTM	2025
BHYP Bitwise Hyperliquid ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	312.26%	247.40%

Frequently Asked Questions

Can I hold both BHYP and ICOI in my portfolio?

BHYP and ICOI have a correlation of 0.43, 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, BHYP or ICOI?

ICOI has the higher dividend yield at 312.26%, compared with 0.00% for BHYP.

What is the main difference between BHYP and ICOI?

BHYP is categorized as Cryptocurrency, while ICOI is Derivative Income.