ICOI vs. BITW

Last updated Jun 24, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and BITW (Bitwise 10 Crypto Index ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index. ICOI is actively managed, while BITW is passively managed. Over the past year, ICOI returned -46.01% vs -35.22% for BITW. A 0.69 correlation means they provide meaningful diversification when combined. ICOI charges 0.98%/yr vs 0.75%/yr for BITW.

Performance

ICOI vs. BITW - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -22.48% return, which is significantly higher than BITW's -32.35% return.

ICOI

• 1D: -2.85%
• 1M: -9.13%
• YTD: -22.48%
• 6M: -27.43%
• 1Y: -46.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 10Y*: —

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

ICOI vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.48%	-6.51%
BITW Bitwise 10 Crypto Index ETF	-32.35%	14.65%

Correlation

The correlation between ICOI and BITW 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	0.69

The correlation between ICOI and BITW has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW 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.

ICOI vs. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise 10 Crypto Index ETF (BITW). 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	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.71	-0.23
Sortino ratio: Return per unit of downside risk	-1.31	-0.86	-0.45
Omega ratio: Gain probability vs. loss probability	0.84	0.90	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.79	-0.64	-0.16
Martin ratio: Return relative to average drawdown	-1.19	-1.08	-0.11

ICOI vs. BITW - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.94, which is lower than the BITW Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of ICOI and BITW, 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. BITW - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for ICOI and BITW.

Drawdown Indicators

	ICOI	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-96.46%	+38.36%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-55.51%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-55.51%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-91.93%	—
Current Drawdown Current decline from peak	-55.39%	-71.40%	+16.01%
Average Drawdown Average peak-to-trough decline	-28.53%	-69.56%	+41.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.60%	32.56%	+6.04%

Volatility

ICOI vs. BITW - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise 10 Crypto Index ETF (BITW) have volatilities of 13.77% and 14.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.77%	14.10%	-0.33%
Volatility (6M) Calculated over the trailing 6-month period	35.52%	37.34%	-1.82%
Volatility (1Y) Calculated over the trailing 1-year period	49.30%	49.87%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.01%	65.59%	-15.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.01%	108.35%	-58.34%

ICOI vs. BITW - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than BITW's 0.75% expense ratio.

Dividends

ICOI vs. BITW - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.69%, while BITW has not paid dividends to shareholders.

Position	TTM	2025
BITW Bitwise 10 Crypto Index ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	338.69%	247.40%

Frequently Asked Questions

Can I hold both ICOI and BITW in my portfolio?

ICOI and BITW 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, ICOI or BITW?

BITW has higher volatility (14.10%) compared to ICOI (13.77%). In terms of maximum drawdown, ICOI dropped -58.10% vs BITW's -96.46%.

Which ETF is better, ICOI or BITW?

On 1-year performance, BITW leads with -35.22% vs -46.01% for ICOI. On fees, BITW is cheaper at 0.75% per year. On volatility, ICOI has been the lower-risk option at 13.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or BITW?

Over the 1-year period, BITW has performed better with a -35.22% return vs -46.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or BITW?

BITW is cheaper with a 0.75% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 338.69%, compared with 0.00% for BITW.

What is the main difference between ICOI and BITW?

ICOI is categorized as Derivative Income, while BITW is Cryptocurrency. Their fees differ too: 0.98% for ICOI and 0.75% for BITW.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.71 vs -0.94), 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.