BITC vs. ICOI

Last updated Aug 2, 2026

BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BITC is a Cryptocurrency fund actively managed by Bitwise, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. Over the past year, BITC returned -24.54% vs -43.09% for ICOI. Their 0.37 correlation means their historical movements had little consistent relationship. BITC charges 0.88%/yr vs 0.98%/yr for ICOI.

Performance

BITC vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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, BITC achieves a -1.76% return, which is significantly higher than ICOI's -22.45% return.

BITC

• 1D: -2.97%
• 1M: -1.31%
• 6M: -1.00%
• YTD: -1.76%
• 1Y: -24.54%
• 3Y*: 29.84%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.54%

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)
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	$51.18K	$64.98K	$91.15K
ICOI Bitwise COIN Option Income Strategy ETF	$610.26K	$661.95K	$611.06K

BITC vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-1.76%	-9.13%
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%

Correlation

The correlation between BITC and ICOI is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.37

Return for Risk

BITC vs. ICOI — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 2
BITC Sharpe Ratio Rank: 2
BITC Sortino Ratio Rank: 2
BITC Omega Ratio Rank: 1
BITC Calmar Ratio Rank: 1
BITC Martin Ratio Rank: 3

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.

BITC vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) 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.

	BITC	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-1.04	+0.06
Sortino ratio: Return per unit of downside risk	-1.33	-1.58	+0.25
Omega ratio: Gain probability vs. loss probability	0.80	0.81	0.00
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.95	+0.06
Martin ratio: Return relative to average drawdown	-1.19	-1.41	+0.22

BITC vs. ICOI - Sharpe Ratio Comparison

The current BITC Sharpe Ratio is -0.98, which is comparable to the ICOI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of BITC 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

BITC vs. ICOI - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum ICOI drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for BITC and ICOI.

Drawdown Indicators

	BITC	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-59.32%	+20.81%
Max Drawdown (1Y) Largest decline over 1 year	-27.89%	-54.58%	+26.69%
Max Drawdown (3Y) Largest decline over 3 years	-38.51%	—	—
Current Drawdown Current decline from peak	-32.48%	-55.37%	+22.89%
Average Drawdown Average peak-to-trough decline	-16.98%	-30.72%	+13.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	38.57%	-17.85%

Volatility

BITC vs. ICOI - Volatility Comparison

Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise COIN Option Income Strategy ETF (ICOI) have volatilities of 8.07% and 8.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITC	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.07%	8.35%	-0.28%
Volatility (6M) Calculated over the trailing 6-month period	18.32%	35.53%	-17.21%
Volatility (1Y) Calculated over the trailing 1-year period	25.11%	49.80%	-24.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.81%	49.33%	-3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.81%	49.33%	-3.52%

BITC vs. ICOI - Expense Ratio Comparison

BITC has a 0.88% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BITC vs. ICOI - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.42%, less than ICOI's 202.94% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.42%	3.36%	42.68%	5.82%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITC and ICOI in my portfolio?

BITC and ICOI have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITC or ICOI?

ICOI has higher volatility (8.35%) compared to BITC (8.07%). In terms of maximum drawdown, BITC dropped -38.51% vs ICOI's -59.32%.

Which ETF is better, BITC or ICOI?

On 1-year performance, BITC leads with -24.54% vs -43.09% for ICOI. On fees, BITC is cheaper at 0.88% per year. On volatility, BITC has been the lower-risk option at 8.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITC or ICOI?

Over the 1-year period, BITC has performed better with a -24.54% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITC or ICOI?

BITC is cheaper with a 0.88% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 202.94%, compared with 3.42% for BITC.

What is the main difference between BITC and ICOI?

BITC is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.88% for BITC and 0.98% for ICOI.

Which has better risk-adjusted returns?

BITC currently has the higher Sharpe Ratio (-0.98 vs -1.04), 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.