BTOP vs. ICOI

Last updated Jun 5, 2026

BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BTOP is a Cryptocurrency fund actively managed by Bitwise, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. Over the past year, BTOP returned -10.61% vs -41.77% for ICOI. At a 0.44 correlation, their price movements are largely independent. BTOP charges 0.90%/yr vs 0.98%/yr for ICOI.

Performance

BTOP vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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, BTOP achieves a -0.19% return, which is significantly higher than ICOI's -21.96% return.

BTOP

• 1D: 0.00%
• 1M: -8.38%
• YTD: -0.19%
• 6M: -7.22%
• 1Y: -10.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: 0.47%
• 1M: -8.47%
• YTD: -21.96%
• 6M: -32.06%
• 1Y: -41.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTOP vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	22.36%
ICOI Bitwise COIN Option Income Strategy ETF	-21.96%	-7.98%

Correlation

The correlation between BTOP and ICOI is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.44

Return for Risk

BTOP vs. ICOI — Risk / Return Rank

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

BTOP

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

ICOI

ICOI Risk / Return Rank: 3
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 3
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 4

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.

BTOP vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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.

	BTOP	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	-0.85	+0.43
Sortino ratio: Return per unit of downside risk	-0.41	-1.12	+0.71
Omega ratio: Gain probability vs. loss probability	0.94	0.86	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.44	-0.72	+0.28
Martin ratio: Return relative to average drawdown	-0.63	-1.14	+0.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTOP vs. ICOI - Sharpe Ratio Comparison

The current BTOP Sharpe Ratio is -0.42, which is higher than the ICOI Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of BTOP 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.

Sharpe Ratios by Period

	BTOP	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	-0.85	+0.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	-0.49	+1.11

Drawdowns

BTOP vs. ICOI - Drawdown Comparison

The maximum BTOP drawdown since its inception was -43.37%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for BTOP and ICOI.

Drawdown Indicators

	BTOP	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-58.10%	+14.73%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	-58.10%	+26.75%
Current Drawdown Current decline from peak	-29.59%	-55.09%	+25.50%
Average Drawdown Average peak-to-trough decline	-19.28%	-27.52%	+8.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.91%	36.64%	-14.73%

Volatility

BTOP vs. ICOI - Volatility Comparison

The current volatility for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) is 7.72%, while Bitwise COIN Option Income Strategy ETF (ICOI) has a volatility of 13.93%. This indicates that BTOP experiences smaller price fluctuations and is considered to be less risky than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTOP	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	13.93%	-6.21%
Volatility (6M) Calculated over the trailing 6-month period	23.63%	34.89%	-11.26%
Volatility (1Y) Calculated over the trailing 1-year period	32.72%	49.23%	-16.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.22%	50.32%	-4.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.22%	50.32%	-4.10%

BTOP vs. ICOI - Expense Ratio Comparison

BTOP has a 0.90% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BTOP vs. ICOI - Dividend Comparison

BTOP's dividend yield for the trailing twelve months is around 2.39%, less than ICOI's 336.45% yield.

Position	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%
ICOI Bitwise COIN Option Income Strategy ETF	336.45%	247.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTOP and ICOI in my portfolio?

BTOP and ICOI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTOP or ICOI?

ICOI has higher volatility (13.93%) compared to BTOP (7.72%). In terms of maximum drawdown, BTOP dropped -43.37% vs ICOI's -58.10%.

Which ETF is better, BTOP or ICOI?

On 1-year performance, BTOP leads with -10.61% vs -41.77% for ICOI. On fees, BTOP is cheaper at 0.90% per year. On volatility, BTOP has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTOP or ICOI?

Over the 1-year period, BTOP has performed better with a -10.61% return vs -41.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTOP or ICOI?

BTOP is cheaper with a 0.90% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 336.45%, compared with 2.39% for BTOP.

What is the main difference between BTOP and ICOI?

BTOP is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.90% for BTOP and 0.98% for ICOI.

Which has better risk-adjusted returns?

BTOP currently has the higher Sharpe Ratio (-0.42 vs -0.85), 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.