BWOW vs. IMRA
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. Their 0.54 correlation means they have sometimes moved together and sometimes differently. BWOW charges 0.34%/yr vs 0.98%/yr for IMRA.
Performance
BWOW vs. IMRA - Performance Comparison
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Returns By Period
In the year-to-date period, BWOW achieves a -39.90% return, which is significantly lower than IMRA's 9.09% return.
BWOW
- 1D
- 0.24%
- 1M
- -5.27%
- 6M
- -35.54%
- YTD
- -39.90%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
IMRA
- 1D
- 0.48%
- 1M
- -7.44%
- 6M
- 3.34%
- YTD
- 9.09%
- 1Y
- -38.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -22.65%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.17K | $4.15K | $4.88K | |
| $41.82K | $40.21K | $63.26K |
BWOW vs. IMRA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BWOW Bitwise Dogecoin ETF | -39.90% | -22.26% |
IMRA Bitwise MARA Option Income Strategy ETF | 9.09% | -15.07% |
Correlation
The correlation between BWOW and IMRA is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 26, 2025 | 0.54 |
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Return for Risk
BWOW vs. IMRA — Risk / Return Rank
BWOW
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IMRA
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.91 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.64 | — |
| Martin ratioReturn relative to average drawdown | — | -0.94 | — |
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Drawdowns
BWOW vs. IMRA - Drawdown Comparison
The maximum BWOW drawdown since its inception was -55.66%, 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.
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Drawdown Indicators
| BWOW | IMRA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.66% | -61.55% | +5.89% |
Max Drawdown (1Y)Largest decline over 1 year | — | -61.55% | — |
Current DrawdownCurrent decline from peak | -54.70% | -50.35% | -4.35% |
Average DrawdownAverage peak-to-trough decline | -34.07% | -30.22% | -3.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 41.38% | — |
Volatility
BWOW vs. IMRA - Volatility Comparison
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Volatility by Period
| BWOW | IMRA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 14.05% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 42.56% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 68.39% | 59.97% | +8.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.39% | 59.81% | +8.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.39% | 59.81% | +8.58% |
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 92.02%.
| Position | TTM | 2025 |
|---|---|---|
BWOW Bitwise Dogecoin ETF | 0.00% | 0.00% |
IMRA Bitwise MARA Option Income Strategy ETF | 92.02% | 188.74% |
Frequently Asked Questions
BWOW and IMRA have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
BWOW is cheaper with a 0.34% expense ratio, compared with 0.98% for IMRA.
IMRA has the higher dividend yield at 92.02%, compared with 0.00% for BWOW.
BWOW is categorized as Cryptocurrency, while IMRA is Derivative Income. Their fees differ too: 0.34% for BWOW and 0.98% for IMRA.
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