COYY vs. ICOI

Last updated Aug 2, 2026

COYY (GraniteShares YieldBOOST COIN ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, COYY returned -56.54% vs -43.09% for ICOI. Their correlation of 0.87 means they have usually moved in the same direction. 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 -32.55% return, which is significantly lower than ICOI's -22.45% return.

COYY

• 1D: -3.58%
• 1M: -1.27%
• 6M: -19.84%
• YTD: -32.55%
• 1Y: -56.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -59.38%

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -13.91%
• YTD: -22.45%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
COYY GraniteShares YieldBOOST COIN ETF	$328.65K	$310.41K	$590.67K
ICOI Bitwise COIN Option Income Strategy ETF	$610.26K	$661.95K	$611.06K

COYY vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
COYY GraniteShares YieldBOOST COIN ETF	-32.55%	-40.04%
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-37.71%

Correlation

The correlation between COYY and ICOI is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Jul 29, 2025	0.87

The correlation between COYY and ICOI has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

COYY vs. ICOI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

COYY

COYY Risk / Return Rank: 0
COYY Sharpe Ratio Rank: 0
COYY Sortino Ratio Rank: 0
COYY Omega Ratio Rank: 0
COYY Calmar Ratio Rank: 0
COYY Martin Ratio Rank: 1

ICOI

ICOI Risk / Return Rank: 1
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 1
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 1
ICOI Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	COYY	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-1.77	-1.04	-0.73
Sortino ratio: Return per unit of downside risk	-3.10	-1.58	-1.52
Omega ratio: Gain probability vs. loss probability	0.63	0.81	-0.18
Calmar ratio: Return relative to maximum drawdown	-1.01	-0.95	-0.06
Martin ratio: Return relative to average drawdown	-1.42	-1.41	-0.01

COYY vs. ICOI - Sharpe Ratio Comparison

The current COYY Sharpe Ratio is -1.77, which is lower than the ICOI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of COYY and ICOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COYY vs. ICOI - Drawdown Comparison

The maximum COYY drawdown since its inception was -60.85%, roughly equal to the maximum ICOI drawdown of -59.32%. 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	-60.85%	-59.32%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-59.62%	-54.58%	-5.04%
Current Drawdown Current decline from peak	-60.29%	-55.37%	-4.92%
Average Drawdown Average peak-to-trough decline	-38.89%	-30.72%	-8.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.81%	38.57%	+5.24%

Volatility

COYY vs. ICOI - Volatility Comparison

The current volatility for GraniteShares YieldBOOST COIN ETF (COYY) is 5.36%, while Bitwise COIN Option Income Strategy ETF (ICOI) has a volatility of 8.35%. This indicates that COYY experiences smaller price fluctuations and is considered to be less risky than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COYY	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.36%	8.35%	-2.99%
Volatility (6M) Calculated over the trailing 6-month period	18.43%	35.53%	-17.10%
Volatility (1Y) Calculated over the trailing 1-year period	34.16%	49.80%	-15.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.10%	49.33%	-15.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.10%	49.33%	-15.23%

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 472.52%, more than ICOI's 202.94% yield.

Position	TTM	2025
COYY GraniteShares YieldBOOST COIN ETF	442.76%	132.14%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%

Frequently Asked Questions

Can I hold both COYY and ICOI in my portfolio?

COYY and ICOI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COYY or ICOI?

ICOI has higher volatility (8.35%) compared to COYY (5.36%). In terms of maximum drawdown, COYY dropped -60.85% vs ICOI's -59.32%.

Which ETF is better, COYY or ICOI?

On 1-year performance, ICOI leads with -43.09% vs -56.54% for COYY. On fees, ICOI is cheaper at 0.98% per year. On volatility, COYY has been the lower-risk option at 5.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COYY or ICOI?

Over the 1-year period, ICOI has performed better with a -43.09% return vs -56.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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 442.76%, compared with 202.94% 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.

Which has better risk-adjusted returns?

ICOI currently has the higher Sharpe Ratio (-1.04 vs -1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.