BITB vs. IMST

Last updated Jul 14, 2026

BITB (Bitwise Bitcoin ETF) and IMST (Bitwise Funds Trust) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while IMST is a Derivative Income fund actively managed by Bitwise. BITB is passively managed, while IMST is actively managed. Over the past year, BITB returned -47.47% vs -72.39% for IMST. Their correlation of 0.80 suggests significant overlap in exposure. BITB charges 0.20%/yr vs 0.99%/yr for IMST.

Performance

BITB vs. IMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) 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, BITB achieves a -28.97% return, which is significantly higher than IMST's -31.57% return.

BITB

• 1D: -2.65%
• 1M: -2.14%
• 6M: -32.02%
• YTD: -28.97%
• 1Y: -47.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMST

• 1D: -1.79%
• 1M: -18.69%
• 6M: -35.66%
• YTD: -31.57%
• 1Y: -72.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITB vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
BITB Bitwise Bitcoin ETF	-28.97%	0.49%
IMST Bitwise Funds Trust	-31.57%	-46.36%

Correlation

The correlation between BITB and IMST is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.80

The correlation between BITB and IMST has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

Return for Risk

BITB vs. IMST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
BITB Calmar Ratio Rank: 1
BITB Martin Ratio Rank: 1

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.

BITB vs. IMST - Risk-Adjusted Trends Comparison

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

	BITB	IMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	-1.21	+0.13
Sortino ratio: Return per unit of downside risk	-1.65	-2.46	+0.80
Omega ratio: Gain probability vs. loss probability	0.82	0.74	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.96	+0.07
Martin ratio: Return relative to average drawdown	-1.45	-1.41	-0.05

BITB vs. IMST - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.08, which is comparable to the IMST Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of BITB 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.

Drawdowns

BITB vs. IMST - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, smaller than the maximum IMST drawdown of -75.63%. Use the drawdown chart below to compare losses from any high point for BITB and IMST.

Drawdown Indicators

	BITB	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-75.63%	+22.30%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-75.63%	+22.30%
Current Drawdown Current decline from peak	-50.52%	-73.23%	+22.71%
Average Drawdown Average peak-to-trough decline	-17.57%	-38.06%	+20.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.70%	51.48%	-18.78%

Volatility

BITB vs. IMST - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 11.44%, while Bitwise Funds Trust (IMST) has a volatility of 21.80%. This indicates that BITB 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

	BITB	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.44%	21.80%	-10.36%
Volatility (6M) Calculated over the trailing 6-month period	34.73%	47.22%	-12.49%
Volatility (1Y) Calculated over the trailing 1-year period	44.29%	60.28%	-15.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.76%	60.84%	-11.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.76%	60.84%	-11.08%

BITB vs. IMST - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than IMST's 0.99% expense ratio.

Dividends

BITB vs. IMST - Dividend Comparison

BITB has not paid dividends to shareholders, while IMST's dividend yield for the trailing twelve months is around 253.23%.

Position	TTM	2025
BITB Bitwise Bitcoin ETF	0.00%	0.00%
IMST Bitwise Funds Trust	253.23%	195.93%

Frequently Asked Questions

Can I hold both BITB and IMST in my portfolio?

BITB and IMST have a correlation of 0.82, 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 IMST?

IMST has higher volatility (21.80%) compared to BITB (11.44%). In terms of maximum drawdown, BITB dropped -53.33% vs IMST's -75.63%.

Which ETF is better, BITB or IMST?

On 1-year performance, BITB leads with -47.47% vs -72.39% for IMST. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 11.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or IMST?

Over the 1-year period, BITB has performed better with a -47.47% return vs -72.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or IMST?

BITB is cheaper with a 0.20% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 253.23%, compared with 0.00% for BITB.

What is the main difference between BITB and IMST?

BITB is categorized as Cryptocurrency, while IMST is Derivative Income. They also come from different issuers: Bitwise Asset Management and Bitwise. Their fees differ too: 0.20% for BITB and 0.99% for IMST.

Which has better risk-adjusted returns?

BITB currently has the higher Sharpe Ratio (-1.08 vs -1.21), 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.