ETHW vs. ICOI

Last updated Jul 17, 2026

ETHW (Bitwise Ethereum ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - ETHW is a Cryptocurrency fund actively managed by Bitwise, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. Over the past year, ETHW returned -44.79% vs -52.64% for ICOI. A 0.67 correlation means they provide meaningful diversification when combined. ETHW charges 0.20%/yr vs 0.98%/yr for ICOI.

Performance

ETHW vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum ETF (ETHW) 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, ETHW achieves a -36.95% return, which is significantly lower than ICOI's -20.65% return.

ETHW

• 1D: -2.54%
• 1M: 4.52%
• 6M: -43.01%
• YTD: -36.95%
• 1Y: -44.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -3.89%
• 1M: -0.93%
• 6M: -26.21%
• YTD: -20.65%
• 1Y: -52.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHW vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
ETHW Bitwise Ethereum ETF	-36.95%	54.92%
ICOI Bitwise COIN Option Income Strategy ETF	-20.65%	-6.51%

Correlation

The correlation between ETHW and ICOI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.67

The correlation between ETHW and ICOI has been stable across timeframes, ranging from 0.67 to 0.72 - a consistent structural relationship.

Return for Risk

ETHW vs. ICOI — Risk / Return Rank

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

ETHW

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

ICOI

ICOI Risk / Return Rank: 2
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 1
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 1
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.

ETHW vs. ICOI - Risk-Adjusted Trends Comparison

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

	ETHW	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	-1.06	+0.39
Sortino ratio: Return per unit of downside risk	-0.77	-1.62	+0.85
Omega ratio: Gain probability vs. loss probability	0.92	0.80	+0.11
Calmar ratio: Return relative to maximum drawdown	-0.66	-0.89	+0.23
Martin ratio: Return relative to average drawdown	-1.03	-1.28	+0.25

ETHW vs. ICOI - Sharpe Ratio Comparison

The current ETHW Sharpe Ratio is -0.67, which is higher than the ICOI Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of ETHW 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

ETHW vs. ICOI - Drawdown Comparison

The maximum ETHW drawdown since its inception was -67.89%, which is greater than ICOI's maximum drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for ETHW and ICOI.

Drawdown Indicators

	ETHW	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-59.32%	-8.57%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-59.32%	-8.57%
Current Drawdown Current decline from peak	-61.34%	-54.34%	-7.00%
Average Drawdown Average peak-to-trough decline	-34.63%	-29.88%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.56%	41.06%	+2.50%

Volatility

ETHW vs. ICOI - Volatility Comparison

Bitwise Ethereum ETF (ETHW) has a higher volatility of 14.58% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 13.61%. This indicates that ETHW's price experiences larger fluctuations and is considered to be riskier than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHW	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.58%	13.61%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	47.46%	36.49%	+10.97%
Volatility (1Y) Calculated over the trailing 1-year period	68.41%	50.02%	+18.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.71%	50.08%	+21.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.71%	50.08%	+21.63%

ETHW vs. ICOI - Expense Ratio Comparison

ETHW has a 0.20% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

ETHW vs. ICOI - Dividend Comparison

ETHW has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 285.48%.

Position	TTM	2025
ETHW Bitwise Ethereum ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	285.48%	247.40%

Frequently Asked Questions

Can I hold both ETHW and ICOI in my portfolio?

ETHW and ICOI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHW or ICOI?

ETHW has higher volatility (14.58%) compared to ICOI (13.61%). In terms of maximum drawdown, ETHW dropped -67.89% vs ICOI's -59.32%.

Which ETF is better, ETHW or ICOI?

On 1-year performance, ETHW leads with -44.79% vs -52.64% for ICOI. On fees, ETHW is cheaper at 0.20% per year. On volatility, ICOI has been the lower-risk option at 13.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHW or ICOI?

Over the 1-year period, ETHW has performed better with a -44.79% return vs -52.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHW or ICOI?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 285.48%, compared with 0.00% for ETHW.

What is the main difference between ETHW and ICOI?

ETHW is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.20% for ETHW and 0.98% for ICOI.

Which has better risk-adjusted returns?

ETHW currently has the higher Sharpe Ratio (-0.67 vs -1.06), 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.