ICOI vs. ARMW

Last updated Jun 4, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.41 correlation, their price movements are largely independent. ICOI charges 0.98%/yr vs 0.99%/yr for ARMW.

Performance

ICOI vs. ARMW - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -22.33% return, which is significantly lower than ARMW's 363.23% return.

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-26.32%
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%

Correlation

The correlation between ICOI and ARMW is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.41

Return for Risk

ICOI vs. ARMW — 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: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 3
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.

ICOI vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

	ICOI	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	—	—
Sortino ratio: Return per unit of downside risk	-1.15	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
Martin ratio: Return relative to average drawdown	-1.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ICOI	ARMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	4.96	-5.46

Drawdowns

ICOI vs. ARMW - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than ARMW's maximum drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for ICOI and ARMW.

Drawdown Indicators

	ICOI	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-48.47%	-9.63%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	—	—
Current Drawdown Current decline from peak	-55.30%	0.00%	-55.30%
Average Drawdown Average peak-to-trough decline	-27.43%	-26.55%	-0.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.48%	—	—

Volatility

Volatility by Period

	ICOI	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	88.46%	-39.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.41%	88.46%	-38.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.41%	88.46%	-38.05%

ICOI vs. ARMW - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

ICOI vs. ARMW - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.05%, more than ARMW's 15.20% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%

Frequently Asked Questions

Can I hold both ICOI and ARMW in my portfolio?

ICOI and ARMW have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICOI or ARMW?

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, ICOI or ARMW?

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

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

ICOI has the higher dividend yield at 338.05%, compared with 15.20% for ARMW.

What is the main difference between ICOI and ARMW?

They also come from different issuers: Bitwise and Roundhill Investments. Their fees differ too: 0.98% for ICOI and 0.99% for ARMW.