BITW vs. IMST

Last updated Jul 12, 2026

BITW (Bitwise 10 Crypto Index ETF) and IMST (Bitwise Funds Trust) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while IMST is a Derivative Income fund actively managed by Bitwise. BITW is passively managed, while IMST is actively managed. Over the past year, BITW returned -43.69% vs -71.89% for IMST. A 0.76 correlation means they provide meaningful diversification when combined. BITW charges 0.75%/yr vs 0.99%/yr for IMST.

Performance

BITW vs. IMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) and Bitwise Funds Trust (IMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BITW having a -30.14% return and IMST slightly lower at -30.32%.

BITW

• 1D: 1.36%
• 1M: 1.81%
• 6M: -32.94%
• YTD: -30.14%
• 1Y: -43.69%
• 3Y*: 51.89%
• 5Y*: 0.52%
• 10Y*: —

IMST

• 1D: 0.55%
• 1M: -17.21%
• 6M: -32.58%
• YTD: -30.32%
• 1Y: -71.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITW vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
BITW Bitwise 10 Crypto Index ETF	-30.14%	14.65%
IMST Bitwise Funds Trust	-30.32%	-46.36%

Correlation

The correlation between BITW and IMST is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.76

The correlation between BITW and IMST has been stable across timeframes, ranging from 0.76 to 0.80 - a consistent structural relationship.

Return for Risk

BITW vs. IMST — Risk / Return Rank

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

BITW

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

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 1
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.

BITW vs. IMST - Risk-Adjusted Trends Comparison

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

	BITW	IMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-1.19	+0.36
Sortino ratio: Return per unit of downside risk	-1.13	-2.38	+1.25
Omega ratio: Gain probability vs. loss probability	0.87	0.74	+0.13
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.95	+0.21
Martin ratio: Return relative to average drawdown	-1.19	-1.39	+0.20

BITW vs. IMST - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.83, which is higher than the IMST Sharpe Ratio of -1.19. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. IMST - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than IMST's maximum drawdown of -75.63%. Use the drawdown chart below to compare losses from any high point for BITW and IMST.

Drawdown Indicators

	BITW	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-75.63%	-20.83%
Max Drawdown (1Y) Largest decline over 1 year	-56.45%	-75.63%	+19.18%
Max Drawdown (3Y) Largest decline over 3 years	-56.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.47%	-72.74%	+2.27%
Average Drawdown Average peak-to-trough decline	-69.58%	-37.95%	-31.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.66%	51.28%	-16.62%

Volatility

BITW vs. IMST - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 12.11%, while Bitwise Funds Trust (IMST) has a volatility of 21.77%. This indicates that BITW 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

	BITW	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.11%	21.77%	-9.66%
Volatility (6M) Calculated over the trailing 6-month period	37.29%	47.29%	-10.00%
Volatility (1Y) Calculated over the trailing 1-year period	49.73%	60.20%	-10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.29%	60.92%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	107.95%	60.92%	+47.03%

BITW vs. IMST - Expense Ratio Comparison

BITW has a 0.75% expense ratio, which is lower than IMST's 0.99% expense ratio.

Dividends

BITW vs. IMST - Dividend Comparison

BITW has not paid dividends to shareholders, while IMST's dividend yield for the trailing twelve months is around 248.69%.

Position	TTM	2025
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%
IMST Bitwise Funds Trust	248.69%	195.93%

Frequently Asked Questions

Can I hold both BITW and IMST in my portfolio?

BITW and IMST have a correlation of 0.80, 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 IMST?

IMST has higher volatility (21.77%) compared to BITW (12.11%). In terms of maximum drawdown, BITW dropped -96.46% vs IMST's -75.63%.

Which ETF is better, BITW or IMST?

On 1-year performance, BITW leads with -43.69% vs -71.89% for IMST. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 12.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or IMST?

Over the 1-year period, BITW has performed better with a -43.69% return vs -71.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or IMST?

BITW is cheaper with a 0.75% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 248.69%, compared with 0.00% for BITW.

What is the main difference between BITW and IMST?

BITW is categorized as Cryptocurrency, while IMST is Derivative Income. Their fees differ too: 0.75% for BITW and 0.99% for IMST.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.83 vs -1.19), 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.