BWOW vs. ICOI

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return, while ICOI is a Derivative Income fund actively managed by Bitwise. BWOW is passively managed, while ICOI is actively managed. A 0.59 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.98%/yr for ICOI.

Performance

BWOW vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and Bitwise COIN Option Income Strategy ETF (ICOI). 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 BWOW having a -21.75% return and ICOI slightly lower at -22.33%.

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-11.13%

Correlation

The correlation between BWOW and ICOI is 0.59, 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 Nov 28, 2025	0.59

Return for Risk

BWOW vs. ICOI — Risk / Return Rank

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

ICOI

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

BWOW vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) 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.

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

Sharpe Ratios by Period

	BWOW	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	-0.50	-0.37

Drawdowns

BWOW vs. ICOI - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for BWOW and ICOI.

Drawdown Indicators

	BWOW	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-58.10%	+15.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-58.10%	—
Current Drawdown Current decline from peak	-41.02%	-55.30%	+14.28%
Average Drawdown Average peak-to-trough decline	-28.82%	-27.43%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	36.48%	—

Volatility

Volatility by Period

	BWOW	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.92%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	49.40%	+24.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	50.41%	+23.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	50.41%	+23.90%

BWOW vs. ICOI - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

BWOW vs. ICOI - Dividend Comparison

BWOW has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 338.05%.

Position	TTM	2025
BWOW Bitwise Dogecoin ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%

Frequently Asked Questions

Can I hold both BWOW and ICOI in my portfolio?

BWOW and ICOI have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or ICOI?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or ICOI?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 338.05%, compared with 0.00% for BWOW.

What is the main difference between BWOW and ICOI?

BWOW is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.34% for BWOW and 0.98% for ICOI.