BITW vs. ICOI

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while ICOI is a Derivative Income fund actively managed by Bitwise. BITW is passively managed, while ICOI is actively managed. Over the past year, BITW returned -33.61% vs -43.44% for ICOI. A 0.69 correlation means they provide meaningful diversification when combined. BITW charges 0.75%/yr vs 0.98%/yr for ICOI.

Performance

BITW vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.09% return, which is significantly lower than ICOI's -20.20% return.

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 10Y*: —

ICOI

• 1D: 1.02%
• 1M: -6.46%
• YTD: -20.20%
• 6M: -26.73%
• 1Y: -43.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BITW Bitwise 10 Crypto Index ETF	-30.09%	14.65%
ICOI Bitwise COIN Option Income Strategy ETF	-20.20%	-6.51%

Correlation

The correlation between BITW and ICOI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.71
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.69

The correlation between BITW and ICOI has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

Return for Risk

BITW vs. ICOI — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 4
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

ICOI

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

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.

BITW vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	-0.89	+0.21
Sortino ratio: Return per unit of downside risk	-0.80	-1.19	+0.39
Omega ratio: Gain probability vs. loss probability	0.91	0.85	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.61	-0.75	+0.14
Martin ratio: Return relative to average drawdown	-1.04	-1.13	+0.09

BITW vs. ICOI - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.68, which is comparable to the ICOI Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. ICOI - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than ICOI's maximum drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for BITW and ICOI.

Drawdown Indicators

	BITW	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-58.10%	-38.36%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-58.10%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-54.08%	-16.37%
Average Drawdown Average peak-to-trough decline	-69.56%	-28.44%	-41.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	38.44%	-6.06%

Volatility

BITW vs. ICOI - Volatility Comparison

Bitwise 10 Crypto Index ETF (BITW) and Bitwise COIN Option Income Strategy ETF (ICOI) have volatilities of 13.95% and 13.68%, 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

	BITW	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	13.68%	+0.27%
Volatility (6M) Calculated over the trailing 6-month period	37.24%	35.48%	+1.76%
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	49.32%	+0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	50.03%	+15.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	50.03%	+58.34%

BITW vs. ICOI - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BITW vs. ICOI - Dividend Comparison

BITW has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 329.02%.

Position	TTM	2025
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	329.02%	247.40%

Frequently Asked Questions

Can I hold both BITW and ICOI in my portfolio?

BITW and ICOI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or ICOI?

BITW has higher volatility (13.95%) compared to ICOI (13.68%). In terms of maximum drawdown, BITW dropped -96.46% vs ICOI's -58.10%.

Which ETF is better, BITW or ICOI?

On 1-year performance, BITW leads with -33.61% vs -43.44% for ICOI. On fees, BITW is cheaper at 0.75% per year. On volatility, ICOI has been the lower-risk option at 13.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or ICOI?

Over the 1-year period, BITW has performed better with a -33.61% return vs -43.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or ICOI?

BITW is cheaper with a 0.75% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 329.02%, compared with 0.00% for BITW.

What is the main difference between BITW and ICOI?

BITW is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.75% for BITW and 0.98% for ICOI.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.68 vs -0.89), 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.