BWOW vs. IMRA

Last updated Jun 24, 2026

BWOW (Bitwise Dogecoin ETF) and IMRA (Bitwise MARA Option Income Strategy ETF) are both exchange-traded funds - BWOW is a Cryptocurrency fund tracking the DOGE/USD Exchange Rate - Benchmark Price Return, while IMRA is a Derivative Income fund actively managed by Bitwise. BWOW is passively managed, while IMRA is actively managed. A 0.57 correlation means they provide meaningful diversification when combined. BWOW charges 0.34%/yr vs 0.98%/yr for IMRA.

Performance

BWOW vs. IMRA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) and Bitwise MARA Option Income Strategy ETF (IMRA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BWOW achieves a -33.12% return, which is significantly lower than IMRA's 30.57% return.

BWOW

• 1D: -5.22%
• 1M: -24.37%
• YTD: -33.12%
• 6M: -39.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMRA

• 1D: -0.32%
• 1M: 0.37%
• YTD: 30.57%
• 6M: 21.44%
• 1Y: -29.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BWOW vs. IMRA - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-33.12%	-22.26%
IMRA Bitwise MARA Option Income Strategy ETF	30.57%	-15.07%

Correlation

The correlation between BWOW and IMRA is 0.57, 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 26, 2025	0.57

Return for Risk

BWOW vs. IMRA — Risk / Return Rank

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

BWOW

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

IMRA

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

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. IMRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) and Bitwise MARA Option Income Strategy ETF (IMRA). 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.

	BWOW	IMRA	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.49	—
Sortino ratio: Return per unit of downside risk	—	-0.39	—
Omega ratio: Gain probability vs. loss probability	—	0.95	—
Calmar ratio: Return relative to maximum drawdown	—	-0.48	—
Martin ratio: Return relative to average drawdown	—	-0.75	—

Drawdowns

BWOW vs. IMRA - Drawdown Comparison

The maximum BWOW drawdown since its inception was -49.59%, smaller than the maximum IMRA drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for BWOW and IMRA.

Drawdown Indicators

	BWOW	IMRA	Difference
Max Drawdown Largest peak-to-trough decline	-49.59%	-61.55%	+11.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-61.55%	—
Current Drawdown Current decline from peak	-49.59%	-40.57%	-9.02%
Average Drawdown Average peak-to-trough decline	-30.13%	-28.74%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	39.12%	—

Volatility

Volatility by Period

	BWOW	IMRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.06%	60.22%	+12.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.06%	60.93%	+12.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.06%	60.93%	+12.13%

BWOW vs. IMRA - Expense Ratio Comparison

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

Dividends

BWOW vs. IMRA - Dividend Comparison

BWOW has not paid dividends to shareholders, while IMRA's dividend yield for the trailing twelve months is around 108.40%.

Position	TTM	2025
BWOW Bitwise Dogecoin ETF	0.00%	0.00%
IMRA Bitwise MARA Option Income Strategy ETF	108.40%	188.74%

Frequently Asked Questions

Can I hold both BWOW and IMRA in my portfolio?

BWOW and IMRA have a correlation of 0.57, 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 IMRA?

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 IMRA?

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

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

IMRA has the higher dividend yield at 108.40%, compared with 0.00% for BWOW.

What is the main difference between BWOW and IMRA?

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