ICOI vs. BITI

Last updated Jul 17, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. ICOI is actively managed, while BITI is passively managed. Over the past year, ICOI returned -52.64% vs 64.61% for BITI. At a correlation of -0.69, they often move in opposite directions. ICOI charges 0.98%/yr vs 1.03%/yr for BITI.

Performance

ICOI vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -20.65% return, which is significantly lower than BITI's 24.48% return.

ICOI

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

BITI

• 1D: 1.13%
• 1M: 1.49%
• 6M: 35.86%
• YTD: 24.48%
• 1Y: 64.61%
• 3Y*: -31.62%
• 5Y*: —
• 10Y*: —

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

ICOI vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-20.65%	-6.51%
BITI ProShares Short Bitcoin ETF	24.48%	-5.55%

Correlation

The correlation between ICOI and BITI is -0.73, 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	-0.73
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.69

The correlation between ICOI and BITI has been stable across timeframes, ranging from -0.73 to -0.69 - a consistent structural relationship.

Return for Risk

ICOI vs. BITI — Risk / Return Rank

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

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

BITI

BITI Risk / Return Rank: 52
BITI Sharpe Ratio Rank: 53
BITI Sortino Ratio Rank: 50
BITI Omega Ratio Rank: 46
BITI Calmar Ratio Rank: 64
BITI Martin Ratio Rank: 48

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. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and ProShares Short Bitcoin ETF (BITI). 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.

	ICOI	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	1.47	-2.53
Sortino ratio: Return per unit of downside risk	-1.62	2.04	-3.66
Omega ratio: Gain probability vs. loss probability	0.80	1.25	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.89	2.57	-3.46
Martin ratio: Return relative to average drawdown	-1.28	6.38	-7.66

ICOI vs. BITI - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.06, which is lower than the BITI Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of ICOI and BITI, 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

ICOI vs. BITI - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for ICOI and BITI.

Drawdown Indicators

	ICOI	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-92.16%	+32.84%
Max Drawdown (1Y) Largest decline over 1 year	-59.32%	-25.28%	-34.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-54.34%	-86.41%	+32.07%
Average Drawdown Average peak-to-trough decline	-29.88%	-68.40%	+38.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.06%	10.16%	+30.90%

Volatility

ICOI vs. BITI - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) has a higher volatility of 13.61% compared to ProShares Short Bitcoin ETF (BITI) at 10.76%. This indicates that ICOI's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.61%	10.76%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	36.49%	34.28%	+2.21%
Volatility (1Y) Calculated over the trailing 1-year period	50.02%	44.15%	+5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	52.24%	-2.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	52.24%	-2.16%

ICOI vs. BITI - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

ICOI vs. BITI - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 285.48%, more than BITI's 15.62% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.62%	1.60%	3.91%	3.33%	0.06%
ICOI Bitwise COIN Option Income Strategy ETF	285.48%	247.40%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOI and BITI in my portfolio?

ICOI and BITI have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICOI or BITI?

ICOI has higher volatility (13.61%) compared to BITI (10.76%). In terms of maximum drawdown, ICOI dropped -59.32% vs BITI's -92.16%.

Which ETF is better, ICOI or BITI?

On 1-year performance, BITI leads with 64.61% vs -52.64% for ICOI. On fees, ICOI is cheaper at 0.98% per year. On volatility, BITI has been the lower-risk option at 10.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or BITI?

Over the 1-year period, BITI has performed better with a 64.61% return vs -52.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or BITI?

ICOI is cheaper with a 0.98% expense ratio, compared with 1.03% for BITI.

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

ICOI has the higher dividend yield at 285.48%, compared with 15.62% for BITI.

What is the main difference between ICOI and BITI?

ICOI is categorized as Derivative Income, while BITI is Cryptocurrency. They also come from different issuers: Bitwise and ProShares. Their fees differ too: 0.98% for ICOI and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.47 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.