BITB vs. ICOI

Last updated Aug 2, 2026

BITB (Bitwise Bitcoin ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while ICOI is a Derivative Income fund actively managed by Bitwise. BITB is passively managed, while ICOI is actively managed. Over the past year, BITB returned -44.51% vs -43.09% for ICOI. Their 0.68 correlation means they have sometimes moved together and sometimes differently. BITB charges 0.20%/yr vs 0.98%/yr for ICOI.

Performance

BITB vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) 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, BITB achieves a -28.24% return, which is significantly lower than ICOI's -22.45% return.

BITB

• 1D: -2.87%
• 1M: 2.34%
• 6M: -25.01%
• YTD: -28.24%
• 1Y: -44.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.94%

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -13.91%
• YTD: -22.45%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITB Bitwise Bitcoin ETF	$37.99M	$39.08M	$56.07M
ICOI Bitwise COIN Option Income Strategy ETF	$610.26K	$661.95K	$611.06K

BITB vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BITB Bitwise Bitcoin ETF	-28.24%	0.49%
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%

Correlation

The correlation between BITB and ICOI is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.68

The correlation between BITB and ICOI has been stable across timeframes, ranging from 0.68 to 0.74 - a consistent structural relationship.

Return for Risk

BITB vs. ICOI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BITB

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

ICOI

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BITB vs. ICOI - Risk-Adjusted Trends Comparison

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

	BITB	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-1.04	0.00
Sortino ratio: Return per unit of downside risk	-1.58	-1.58	0.00
Omega ratio: Gain probability vs. loss probability	0.83	0.81	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.87	-0.95	+0.08
Martin ratio: Return relative to average drawdown	-1.34	-1.41	+0.07

BITB vs. ICOI - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.05, which is comparable to the ICOI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of BITB 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.

Drawdowns

BITB vs. ICOI - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum ICOI drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for BITB and ICOI.

Drawdown Indicators

	BITB	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-59.32%	+5.99%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-54.58%	+1.25%
Current Drawdown Current decline from peak	-50.01%	-55.37%	+5.36%
Average Drawdown Average peak-to-trough decline	-18.25%	-30.72%	+12.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.64%	38.57%	-3.93%

Volatility

BITB vs. ICOI - Volatility Comparison

Bitwise Bitcoin ETF (BITB) has a higher volatility of 9.04% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 8.35%. This indicates that BITB's price experiences larger fluctuations and is considered to be riskier than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITB	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	8.35%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	35.53%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	49.80%	-5.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.38%	49.33%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.38%	49.33%	+0.05%

BITB vs. ICOI - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BITB vs. ICOI - Dividend Comparison

BITB has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 202.94%.

Position	TTM	2025
BITB Bitwise Bitcoin ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%

Frequently Asked Questions

Can I hold both BITB and ICOI in my portfolio?

BITB and ICOI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITB or ICOI?

BITB has higher volatility (9.04%) compared to ICOI (8.35%). In terms of maximum drawdown, BITB dropped -53.33% vs ICOI's -59.32%.

Which ETF is better, BITB or ICOI?

On 1-year performance, ICOI leads with -43.09% vs -44.51% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, ICOI has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or ICOI?

Over the 1-year period, ICOI has performed better with a -43.09% return vs -44.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or ICOI?

BITB is cheaper with a 0.20% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 202.94%, compared with 0.00% for BITB.

What is the main difference between BITB and ICOI?

BITB is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.20% for BITB and 0.98% for ICOI.

Which has better risk-adjusted returns?

ICOI currently has the higher Sharpe Ratio (-1.04 vs -1.05), 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.