ICOI vs. BLOX

Last updated Jun 24, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and BLOX (Nicholas Crypto Income ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while BLOX is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. Over the past year, ICOI returned -46.01% vs 25.91% for BLOX. A 0.72 correlation means they provide meaningful diversification when combined. ICOI charges 0.98%/yr vs 1.03%/yr for BLOX.

Performance

ICOI vs. BLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and Nicholas Crypto Income ETF (BLOX). 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 lower than BLOX's 14.14% return.

ICOI

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

BLOX

• 1D: -2.16%
• 1M: 1.81%
• YTD: 14.14%
• 6M: 8.96%
• 1Y: 25.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. BLOX - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.48%	-26.40%
BLOX Nicholas Crypto Income ETF	14.14%	8.17%

Correlation

The correlation between ICOI and BLOX 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 Jun 17, 2025	0.72

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

Return for Risk

ICOI vs. BLOX — 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

BLOX

BLOX Risk / Return Rank: 16
BLOX Sharpe Ratio Rank: 16
BLOX Sortino Ratio Rank: 19
BLOX Omega Ratio Rank: 18
BLOX Calmar Ratio Rank: 15
BLOX Martin Ratio Rank: 14

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. BLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Nicholas Crypto Income ETF (BLOX). 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	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	0.48	-1.42
Sortino ratio: Return per unit of downside risk	-1.31	1.00	-2.31
Omega ratio: Gain probability vs. loss probability	0.84	1.12	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.79	0.55	-1.35
Martin ratio: Return relative to average drawdown	-1.19	1.11	-2.30

ICOI vs. BLOX - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.94, which is lower than the BLOX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of ICOI and BLOX, 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. BLOX - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than BLOX's maximum drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for ICOI and BLOX.

Drawdown Indicators

	ICOI	BLOX	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-47.09%	-11.01%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-47.09%	-11.01%
Current Drawdown Current decline from peak	-55.39%	-21.10%	-34.29%
Average Drawdown Average peak-to-trough decline	-28.53%	-18.66%	-9.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.60%	23.45%	+15.15%

Volatility

ICOI vs. BLOX - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 13.77%, while Nicholas Crypto Income ETF (BLOX) has a volatility of 15.68%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than BLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.77%	15.68%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	35.52%	41.09%	-5.57%
Volatility (1Y) Calculated over the trailing 1-year period	49.30%	54.17%	-4.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.01%	53.89%	-3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.01%	53.89%	-3.88%

ICOI vs. BLOX - Expense Ratio Comparison

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

Dividends

ICOI vs. BLOX - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.69%, more than BLOX's 40.47% yield.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	40.47%	22.69%
ICOI Bitwise COIN Option Income Strategy ETF	338.69%	247.40%

Frequently Asked Questions

Can I hold both ICOI and BLOX in my portfolio?

ICOI and BLOX 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 BLOX?

BLOX has higher volatility (15.68%) compared to ICOI (13.77%). In terms of maximum drawdown, ICOI dropped -58.10% vs BLOX's -47.09%.

Which ETF is better, ICOI or BLOX?

On 1-year performance, BLOX leads with 25.91% vs -46.01% for ICOI. On fees, ICOI is cheaper at 0.98% 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 BLOX?

Over the 1-year period, BLOX has performed better with a 25.91% 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 BLOX?

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

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

ICOI has the higher dividend yield at 338.69%, compared with 40.47% for BLOX.

What is the main difference between ICOI and BLOX?

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

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (0.48 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.