CLNK vs. ICOI

Last updated Jun 24, 2026

CLNK (Bitwise Chainlink ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - CLNK is a Cryptocurrency fund tracking the Chainlink (LINK) spot price, while ICOI is a Derivative Income fund actively managed by Bitwise. CLNK is passively managed, while ICOI is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. CLNK charges 0.34%/yr vs 0.98%/yr for ICOI.

Performance

CLNK vs. ICOI - Performance Comparison

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

Returns By Period

CLNK

• 1D: -4.58%
• 1M: -20.30%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -2.85%
• 1M: -9.13%
• YTD: -22.48%
• 6M: -27.43%
• 1Y: -46.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLNK vs. ICOI - Yearly Performance Comparison

	2026 (YTD)
CLNK Bitwise Chainlink ETF	-45.91%
ICOI Bitwise COIN Option Income Strategy ETF	-30.52%

Correlation

The correlation between CLNK and ICOI is 0.66, 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 Jan 14, 2026	0.66

Return for Risk

CLNK vs. ICOI — Risk / Return Rank

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

CLNK

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: 2
ICOI Sortino Ratio Rank: 2
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 2
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.

CLNK vs. ICOI - Risk-Adjusted Trends Comparison

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

	CLNK	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.94	—
Sortino ratio: Return per unit of downside risk	—	-1.31	—
Omega ratio: Gain probability vs. loss probability	—	0.84	—
Calmar ratio: Return relative to maximum drawdown	—	-0.79	—
Martin ratio: Return relative to average drawdown	—	-1.19	—

Drawdowns

CLNK vs. ICOI - Drawdown Comparison

The maximum CLNK drawdown since its inception was -48.04%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for CLNK and ICOI.

Drawdown Indicators

	CLNK	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-48.04%	-58.10%	+10.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-58.10%	—
Current Drawdown Current decline from peak	-46.41%	-55.39%	+8.98%
Average Drawdown Average peak-to-trough decline	-33.42%	-28.53%	-4.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	38.60%	—

Volatility

Volatility by Period

	CLNK	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	35.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.99%	49.30%	+18.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.99%	50.01%	+17.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.99%	50.01%	+17.98%

CLNK vs. ICOI - Expense Ratio Comparison

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

Dividends

CLNK vs. ICOI - Dividend Comparison

CLNK has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 338.69%.

Position	TTM	2025
CLNK Bitwise Chainlink ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	338.69%	247.40%

Frequently Asked Questions

Can I hold both CLNK and ICOI in my portfolio?

CLNK and ICOI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CLNK or ICOI?

On fees, CLNK 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, CLNK or ICOI?

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

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

ICOI has the higher dividend yield at 338.69%, compared with 0.00% for CLNK.

What is the main difference between CLNK and ICOI?

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