FIAT vs. ICOI

Last updated Jun 3, 2026

FIAT (YieldMax Short COIN Option Income Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, FIAT returned -7.95% vs -36.44% for ICOI. At a correlation of -0.91, they often move in opposite directions. FIAT charges 0.99%/yr vs 0.98%/yr for ICOI.

Performance

FIAT vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short COIN Option Income Strategy ETF (FIAT) 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, FIAT achieves a 9.13% return, which is significantly higher than ICOI's -17.48% return.

FIAT

• 1D: 3.52%
• 1M: 6.41%
• YTD: 9.13%
• 6M: 22.96%
• 1Y: -7.95%
• 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)

FIAT vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
FIAT YieldMax Short COIN Option Income Strategy ETF	9.13%	-41.60%
ICOI Bitwise COIN Option Income Strategy ETF	-17.48%	-7.98%

Correlation

The correlation between FIAT and ICOI is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.91
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.91

The correlation between FIAT and ICOI has been stable across timeframes, ranging from -0.91 to -0.91 - a consistent structural relationship.

Return for Risk

FIAT vs. ICOI — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 8
FIAT Sharpe Ratio Rank: 7
FIAT Sortino Ratio Rank: 9
FIAT Omega Ratio Rank: 9
FIAT Calmar Ratio Rank: 7
FIAT Martin Ratio Rank: 7

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.

FIAT vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) 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.

	FIAT	ICOI	Difference
Sharpe ratio Return per unit of total volatility	-0.14	-0.75	+0.60
Sortino ratio Return per unit of downside risk	0.17	-0.90	+1.07
Omega ratio Gain probability vs. loss probability	1.02	0.89	+0.14
Calmar ratio Return relative to maximum drawdown	-0.18	-0.63	+0.45
Martin ratio Return relative to average drawdown	-0.28	-1.01	+0.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIAT vs. ICOI - Sharpe Ratio Comparison

The current FIAT Sharpe Ratio is -0.14, which is higher than the ICOI Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of FIAT 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.

Sharpe Ratios by Period

	FIAT	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.14	-0.75	+0.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	-0.42	+0.02

Drawdowns

FIAT vs. ICOI - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, which is greater than ICOI's maximum drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for FIAT and ICOI.

Drawdown Indicators

	FIAT	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-58.10%	-12.40%
Max Drawdown (1Y) Largest decline over 1 year	-42.26%	-58.10%	+15.84%
Current Drawdown Current decline from peak	-52.97%	-52.51%	-0.46%
Average Drawdown Average peak-to-trough decline	-45.34%	-27.33%	-18.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.30%	36.31%	-9.01%

Volatility

FIAT vs. ICOI - Volatility Comparison

YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 16.00% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 13.27%. This indicates that FIAT'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

	FIAT	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.00%	13.27%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	42.07%	34.64%	+7.43%
Volatility (1Y) Calculated over the trailing 1-year period	55.32%	49.06%	+6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.54%	50.20%	+10.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.54%	50.20%	+10.34%

FIAT vs. ICOI - Expense Ratio Comparison

FIAT has a 0.99% expense ratio, which is higher than ICOI's 0.98% expense ratio.

Dividends

FIAT vs. ICOI - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 97.31%, less than ICOI's 318.18% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	97.31%	178.11%	70.99%
ICOI Bitwise COIN Option Income Strategy ETF	318.18%	247.40%	0.00%

Frequently Asked Questions

Can I hold both FIAT and ICOI in my portfolio?

FIAT and ICOI have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAT or ICOI?

FIAT has higher volatility (16.00%) compared to ICOI (13.27%). In terms of maximum drawdown, FIAT dropped -70.50% vs ICOI's -58.10%.

Which ETF is better, FIAT or ICOI?

On 1-year performance, FIAT leads with -7.95% vs -36.44% for ICOI. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAT or ICOI?

Over the 1-year period, FIAT has performed better with a -7.95% return vs -36.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAT or ICOI?

ICOI is cheaper with a 0.98% expense ratio, compared with 0.99% for FIAT.

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

ICOI has the higher dividend yield at 318.18%, compared with 97.31% for FIAT.

What is the main difference between FIAT and ICOI?

They also come from different issuers: YieldMax and Bitwise. Their fees differ too: 0.99% for FIAT and 0.98% for ICOI.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (-0.14 vs -0.74), 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.