BITC vs. IMRA

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise MARA Option Income Strategy ETF (IMRA).

BITC and IMRA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BITC is an actively managed fund by Bitwise. It was launched on Mar 20, 2023. IMRA is an actively managed fund by Bitwise. It was launched on Apr 1, 2025.

Performance

BITC vs. IMRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) and Bitwise MARA Option Income Strategy ETF (IMRA). The values are adjusted to include any dividend payments, if applicable.

BITC vs. IMRA - Yearly Performance Comparison

	2026 (YTD)	2025
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-0.11%	-3.48%
IMRA Bitwise MARA Option Income Strategy ETF	-6.91%	-33.37%

Returns By Period

In the year-to-date period, BITC achieves a -0.11% return, which is significantly higher than IMRA's -6.91% return.

BITC

• 1D: 0.24%
• 1M: 0.20%
• YTD: -0.11%
• 6M: -16.94%
• 1Y: -9.37%
• 3Y*: 30.50%
• 5Y*: —
• 10Y*: —

IMRA

• 1D: 4.17%
• 1M: -11.74%
• YTD: -6.91%
• 6M: -50.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITC vs. IMRA - Expense Ratio Comparison

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

IMRA

Bitwise MARA Option Income Strategy ETF

BITC

Bitwise Bitcoin Strategy Optimum Roll ETF

Return for Risk

BITC vs. IMRA — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 6
BITC Sharpe Ratio Rank: 6
BITC Sortino Ratio Rank: 6
BITC Omega Ratio Rank: 5
BITC Calmar Ratio Rank: 6
BITC Martin Ratio Rank: 7

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.

BITC vs. IMRA - Risk-Adjusted Trends Comparison

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

	BITC	IMRA	Difference
Sharpe ratio Return per unit of total volatility	-0.35	—	—
Sortino ratio Return per unit of downside risk	-0.33	—	—
Omega ratio Gain probability vs. loss probability	0.95	—	—
Calmar ratio Return relative to maximum drawdown	-0.40	—	—
Martin ratio Return relative to average drawdown	-0.65	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	BITC	IMRA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.35	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	-0.60	+1.24

Correlation

The correlation between BITC and IMRA is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BITC vs. IMRA - Dividend Comparison

BITC's dividend yield for the trailing twelve months is around 3.37%, less than IMRA's 219.65% yield.

	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.37%	3.36%	42.68%	5.82%
IMRA Bitwise MARA Option Income Strategy ETF	219.65%	188.74%	0.00%	0.00%

Drawdowns

BITC vs. IMRA - Drawdown Comparison

The maximum BITC drawdown since its inception was -38.51%, smaller than the maximum IMRA drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for BITC and IMRA.

Drawdown Indicators

	BITC	IMRA	Difference
Max Drawdown Largest peak-to-trough decline	-38.51%	-61.55%	+23.04%
Max Drawdown (1Y) Largest decline over 1 year	-26.51%	—	—
Current Drawdown Current decline from peak	-31.35%	-57.63%	+26.28%
Average Drawdown Average peak-to-trough decline	-15.79%	-24.95%	+9.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.45%	—	—

Volatility

Volatility by Period

	BITC	IMRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.06%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.16%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.70%	64.63%	-37.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.63%	64.63%	-17.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.63%	64.63%	-17.00%