BITQ vs. ICOI

Last updated Aug 4, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while ICOI is a Derivative Income fund actively managed by Bitwise. BITQ is passively managed, while ICOI is actively managed. Over the past year, BITQ returned 24.60% vs -43.09% for ICOI. Their 0.67 correlation means they have sometimes moved together and sometimes differently. BITQ charges 0.85%/yr vs 0.98%/yr for ICOI.

Performance

BITQ vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) 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, BITQ achieves a 18.16% return, which is significantly higher than ICOI's -22.45% return.

BITQ

• 1D: 3.33%
• 1M: -1.01%
• 6M: 14.26%
• YTD: 18.16%
• 1Y: 24.60%
• 3Y*: 39.21%
• 5Y*: 0.93%
• 10Y*: —
• ALL TIME*: 0.18%

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -12.60%
• 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)
BITQ Bitwise Crypto Industry Innovators ETF	$2.37M	$2.10M	$2.97M
ICOI Bitwise COIN Option Income Strategy ETF	$611.49K	$662.54K	$611.26K

BITQ vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BITQ Bitwise Crypto Industry Innovators ETF	18.16%	52.37%
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%

Correlation

The correlation between BITQ and ICOI is 0.66, 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.	0.66
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.67

The correlation between BITQ and ICOI has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

BITQ vs. ICOI — Risk / Return Rank

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

BITQ

BITQ Risk / Return Rank: 22
BITQ Sharpe Ratio Rank: 21
BITQ Sortino Ratio Rank: 27
BITQ Omega Ratio Rank: 25
BITQ Calmar Ratio Rank: 21
BITQ Martin Ratio Rank: 19

ICOI

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

BITQ vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.

	BITQ	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-1.04	+1.46
Sortino ratio: Return per unit of downside risk	0.99	-1.58	+2.56
Omega ratio: Gain probability vs. loss probability	1.11	0.81	+0.30
Calmar ratio: Return relative to maximum drawdown	0.55	-0.95	+1.50
Martin ratio: Return relative to average drawdown	1.10	-1.41	+2.51

BITQ vs. ICOI - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 0.42, which is higher than the ICOI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of BITQ 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

BITQ vs. ICOI - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, which is greater than ICOI's maximum drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for BITQ and ICOI.

Drawdown Indicators

	BITQ	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-59.32%	-31.00%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-54.58%	+9.59%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	—	—
Current Drawdown Current decline from peak	-27.36%	-55.37%	+28.01%
Average Drawdown Average peak-to-trough decline	-51.97%	-30.72%	-21.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.43%	38.57%	-16.14%

Volatility

BITQ vs. ICOI - Volatility Comparison

Bitwise Crypto Industry Innovators ETF (BITQ) has a higher volatility of 19.86% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 8.35%. This indicates that BITQ'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

	BITQ	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.86%	8.35%	+11.51%
Volatility (6M) Calculated over the trailing 6-month period	44.31%	35.53%	+8.78%
Volatility (1Y) Calculated over the trailing 1-year period	59.03%	49.80%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.26%	49.33%	+17.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.15%	49.33%	+17.82%

BITQ vs. ICOI - Expense Ratio Comparison

BITQ has a 0.85% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BITQ vs. ICOI - Dividend Comparison

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

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITQ and ICOI in my portfolio?

BITQ and ICOI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITQ or ICOI?

BITQ has higher volatility (19.86%) compared to ICOI (8.35%). In terms of maximum drawdown, BITQ dropped -90.32% vs ICOI's -59.32%.

Which ETF is better, BITQ or ICOI?

On 1-year performance, BITQ leads with 24.60% vs -43.09% for ICOI. On fees, BITQ is cheaper at 0.85% 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, BITQ or ICOI?

Over the 1-year period, BITQ has performed better with a 24.60% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITQ or ICOI?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.98% for ICOI.

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

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

What is the main difference between BITQ and ICOI?

BITQ is categorized as Blockchain, while ICOI is Derivative Income. Their fees differ too: 0.85% for BITQ and 0.98% for ICOI.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.42 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.