BSOL vs. ICOI

Last updated Jul 17, 2026

BSOL (Bitwise Solana Staking ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BSOL is a Cryptocurrency fund tracking the Solana (SOL) spot price, while ICOI is a Derivative Income fund actively managed by Bitwise. BSOL is passively managed, while ICOI is actively managed. A 0.72 correlation means they provide meaningful diversification when combined. BSOL charges 0.20%/yr vs 0.98%/yr for ICOI.

Performance

BSOL vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Solana Staking ETF (BSOL) 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, BSOL achieves a -37.20% return, which is significantly lower than ICOI's -20.65% return.

BSOL

• 1D: -1.90%
• 1M: 3.00%
• 6M: -44.95%
• YTD: -37.20%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -3.89%
• 1M: -0.93%
• 6M: -26.21%
• YTD: -20.65%
• 1Y: -52.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSOL vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BSOL Bitwise Solana Staking ETF	-37.20%	-38.11%
ICOI Bitwise COIN Option Income Strategy ETF	-20.65%	-32.90%

Correlation

The correlation between BSOL and ICOI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 28, 2025	0.72

Return for Risk

BSOL vs. ICOI — Risk / Return Rank

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

BSOL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ICOI

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

BSOL vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Solana Staking ETF (BSOL) 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.

	BSOL	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.06	—
Sortino ratio: Return per unit of downside risk	—	-1.62	—
Omega ratio: Gain probability vs. loss probability	—	0.80	—
Calmar ratio: Return relative to maximum drawdown	—	-0.89	—
Martin ratio: Return relative to average drawdown	—	-1.28	—

Drawdowns

BSOL vs. ICOI - Drawdown Comparison

The maximum BSOL drawdown since its inception was -67.62%, which is greater than ICOI's maximum drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for BSOL and ICOI.

Drawdown Indicators

	BSOL	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-67.62%	-59.32%	-8.30%
Max Drawdown (1Y) Largest decline over 1 year	—	-59.32%	—
Current Drawdown Current decline from peak	-61.13%	-54.34%	-6.79%
Average Drawdown Average peak-to-trough decline	-48.21%	-29.88%	-18.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.06%	—

Volatility

Volatility by Period

	BSOL	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.49%	—
Volatility (1Y) Calculated over the trailing 1-year period	75.33%	50.02%	+25.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.33%	50.08%	+25.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.33%	50.08%	+25.25%

BSOL vs. ICOI - Expense Ratio Comparison

BSOL has a 0.20% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BSOL vs. ICOI - Dividend Comparison

BSOL has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 285.48%.

Position	TTM	2025
BSOL Bitwise Solana Staking ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	285.48%	247.40%

Frequently Asked Questions

Can I hold both BSOL and ICOI in my portfolio?

BSOL and ICOI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BSOL or ICOI?

On fees, BSOL is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BSOL or ICOI?

BSOL is cheaper with a 0.20% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 285.48%, compared with 0.00% for BSOL.

What is the main difference between BSOL and ICOI?

BSOL is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.20% for BSOL and 0.98% for ICOI.