CLNK vs. IMRA

Last updated Jun 4, 2026

CLNK (Bitwise Chainlink ETF) and IMRA (Bitwise MARA Option Income Strategy ETF) are both exchange-traded funds - CLNK is a Cryptocurrency fund tracking the Chainlink (LINK) spot price, while IMRA is a Derivative Income fund actively managed by Bitwise. CLNK is passively managed, while IMRA is actively managed. A 0.54 correlation means they provide meaningful diversification when combined. CLNK charges 0.34%/yr vs 0.98%/yr for IMRA.

Performance

CLNK vs. IMRA - Performance Comparison

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

Returns By Period

CLNK

• 1D: -4.18%
• 1M: -12.86%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMRA

• 1D: -0.83%
• 1M: 9.36%
• YTD: 30.26%
• 6M: 0.68%
• 1Y: -32.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLNK vs. IMRA - Yearly Performance Comparison

	2026 (YTD)
CLNK Bitwise Chainlink ETF	-41.92%
IMRA Bitwise MARA Option Income Strategy ETF	8.33%

Correlation

The correlation between CLNK and IMRA is 0.54, 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 15, 2026	0.54

Return for Risk

CLNK vs. IMRA — Risk / Return Rank

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

IMRA

IMRA Risk / Return Rank: 5
IMRA Sharpe Ratio Rank: 4
IMRA Sortino Ratio Rank: 5
IMRA Omega Ratio Rank: 5
IMRA Calmar Ratio Rank: 4
IMRA Martin Ratio Rank: 5

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. IMRA - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	CLNK	IMRA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.14	-0.19	-0.95

Drawdowns

CLNK vs. IMRA - Drawdown Comparison

The maximum CLNK drawdown since its inception was -43.56%, smaller than the maximum IMRA drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for CLNK and IMRA.

Drawdown Indicators

	CLNK	IMRA	Difference
Max Drawdown Largest peak-to-trough decline	-43.56%	-61.55%	+17.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-61.55%	—
Current Drawdown Current decline from peak	-41.92%	-40.71%	-1.21%
Average Drawdown Average peak-to-trough decline	-32.34%	-28.21%	-4.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.93%	—

Volatility

Volatility by Period

	CLNK	IMRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.16%	59.89%	+7.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.16%	61.39%	+5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.16%	61.39%	+5.77%

CLNK vs. IMRA - Expense Ratio Comparison

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

Dividends

CLNK vs. IMRA - Dividend Comparison

CLNK has not paid dividends to shareholders, while IMRA's dividend yield for the trailing twelve months is around 108.66%.

Position	TTM	2025
CLNK Bitwise Chainlink ETF	0.00%	0.00%
IMRA Bitwise MARA Option Income Strategy ETF	108.66%	188.74%

Frequently Asked Questions

Can I hold both CLNK and IMRA in my portfolio?

CLNK 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.

Which ETF is better, CLNK or IMRA?

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 IMRA?

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

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

IMRA has the higher dividend yield at 108.66%, compared with 0.00% for CLNK.

What is the main difference between CLNK and IMRA?

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