COYY vs. ICOI

Last updated Jun 3, 2026

COYY (GraniteShares YieldBOOST COIN ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. COYY charges 1.07%/yr vs 0.98%/yr for ICOI.

Performance

COYY vs. ICOI - Performance Comparison

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

Returns By Period

In the year-to-date period, COYY achieves a -27.57% return, which is significantly lower than ICOI's -17.48% return.

COYY

• 1D: -1.08%
• 1M: -3.77%
• YTD: -27.57%
• 6M: -36.27%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -4.10%
• 1M: -0.70%
• YTD: -17.48%
• 6M: -25.85%
• 1Y: -36.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COYY vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
COYY GraniteShares YieldBOOST COIN ETF	-27.57%	-38.98%
ICOI Bitwise COIN Option Income Strategy ETF	-17.48%	-36.62%

Correlation

The correlation between COYY and ICOI is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 30, 2025	0.90

Return for Risk

COYY 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: 3
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 3
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 4

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.

COYY vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST COIN ETF (COYY) 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

	COYY	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.71	-0.42	-1.29

Drawdowns

COYY vs. ICOI - Drawdown Comparison

The maximum COYY drawdown since its inception was -58.26%, roughly equal to the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for COYY and ICOI.

Drawdown Indicators

	COYY	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-58.26%	-58.10%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-58.10%	—
Current Drawdown Current decline from peak	-57.36%	-52.51%	-4.85%
Average Drawdown Average peak-to-trough decline	-35.10%	-27.33%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	36.31%	—

Volatility

Volatility by Period

	COYY	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	36.37%	49.06%	-12.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.37%	50.20%	-13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.37%	50.20%	-13.83%

COYY vs. ICOI - Expense Ratio Comparison

COYY has a 1.07% expense ratio, which is higher than ICOI's 0.98% expense ratio.

Dividends

COYY vs. ICOI - Dividend Comparison

COYY's dividend yield for the trailing twelve months is around 375.37%, more than ICOI's 318.18% yield.

Position	TTM	2025
COYY GraniteShares YieldBOOST COIN ETF	375.37%	132.14%
ICOI Bitwise COIN Option Income Strategy ETF	318.18%	247.40%

Frequently Asked Questions

Can I hold both COYY and ICOI in my portfolio?

COYY and ICOI have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COYY or ICOI?

On fees, ICOI is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COYY or ICOI?

ICOI is cheaper with a 0.98% expense ratio, compared with 1.07% for COYY.

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

COYY has the higher dividend yield at 375.37%, compared with 318.18% for ICOI.

What is the main difference between COYY and ICOI?

They also come from different issuers: GraniteShares and Bitwise. Their fees differ too: 1.07% for COYY and 0.98% for ICOI.