ICOI vs. BITQ
ICOI (Bitwise COIN Option Income Strategy ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. ICOI is actively managed, while BITQ is passively managed. Over the past year, ICOI returned -43.09% vs 20.58% for BITQ. Their 0.67 correlation means they have sometimes moved together and sometimes differently. ICOI charges 0.98%/yr vs 0.85%/yr for BITQ.
Performance
ICOI vs. BITQ - Performance Comparison
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Returns By Period
In the year-to-date period, ICOI achieves a -22.45% return, which is significantly lower than BITQ's 14.35% return.
ICOI
- 1D
- 0.10%
- 1M
- -1.71%
- 6M
- -13.91%
- YTD
- -22.45%
- 1Y
- -43.09%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -21.55%
BITQ
- 1D
- -3.47%
- 1M
- -4.20%
- 6M
- 7.60%
- YTD
- 14.35%
- 1Y
- 20.58%
- 3Y*
- 33.54%
- 5Y*
- 1.06%
- 10Y*
- —
- ALL TIME*
- -0.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.41M | $2.10M | $3.18M | |
| $610.26K | $661.95K | $611.06K |
ICOI vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | -22.45% | -6.51% |
BITQ Bitwise Crypto Industry Innovators ETF | 14.35% | 52.37% |
Correlation
The correlation between ICOI and BITQ is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.67 |
The correlation between ICOI and BITQ has been stable across timeframes, ranging from 0.67 to 0.67 - a consistent structural relationship.
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Return for Risk
ICOI vs. BITQ — Risk / Return Rank
ICOI
BITQ
ICOI vs. BITQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Crypto Industry Innovators ETF (BITQ). 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 | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.08 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.26 | -1.21 |
| Martin ratioReturn relative to average drawdown | -1.41 | 0.53 | -1.94 |
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Drawdowns
ICOI vs. BITQ - Drawdown Comparison
The maximum ICOI drawdown since its inception was -59.32%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for ICOI and BITQ.
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Drawdown Indicators
| ICOI | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.32% | -90.32% | +31.00% |
Max Drawdown (1Y)Largest decline over 1 year | -54.58% | -44.99% | -9.59% |
Max Drawdown (3Y)Largest decline over 3 years | — | -51.22% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.32% | — |
Current DrawdownCurrent decline from peak | -55.37% | -29.70% | -25.67% |
Average DrawdownAverage peak-to-trough decline | -30.72% | -51.99% | +21.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.57% | 22.41% | +16.16% |
Volatility
ICOI vs. BITQ - Volatility Comparison
The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 8.35%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 19.68%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOI | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 19.68% | -11.33% |
Volatility (6M)Calculated over the trailing 6-month period | 35.53% | 44.50% | -8.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.80% | 59.30% | -9.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.33% | 67.22% | -17.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.33% | 67.16% | -17.83% |
ICOI vs. BITQ - Expense Ratio Comparison
ICOI has a 0.98% expense ratio, which is higher than BITQ's 0.85% expense ratio.
Dividends
ICOI vs. BITQ - Dividend Comparison
ICOI's dividend yield for the trailing twelve months is around 202.94%, while BITQ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
ICOI Bitwise COIN Option Income Strategy ETF | 202.94% | 247.40% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ICOI and BITQ have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (19.68%) compared to ICOI (8.35%). In terms of maximum drawdown, ICOI dropped -59.32% vs BITQ's -90.32%.
On 1-year performance, BITQ leads with 20.58% vs -43.09% for ICOI. On fees, BITQ is cheaper at 0.85% per year. On volatility, ICOI has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BITQ has performed better with a 20.58% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITQ is cheaper with a 0.85% expense ratio, compared with 0.98% for ICOI.
ICOI has the higher dividend yield at 202.94%, compared with 0.00% for BITQ.
ICOI is categorized as Derivative Income, while BITQ is Blockchain. Their fees differ too: 0.98% for ICOI and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (0.20 vs -1.04), 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.
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