ICOI vs. BTOP

Last updated Jun 4, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while BTOP is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. Over the past year, ICOI returned -42.41% vs -10.58% for BTOP. At a 0.44 correlation, their price movements are largely independent. ICOI charges 0.98%/yr vs 0.90%/yr for BTOP.

Performance

ICOI vs. BTOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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 BTOP's -0.19% return.

ICOI

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

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-7.98%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	22.36%

Correlation

The correlation between ICOI and BTOP is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.44

Return for Risk

ICOI vs. BTOP — 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

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP Martin Ratio Rank: 6

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. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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	BTOP	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-0.42	-0.44
Sortino ratio: Return per unit of downside risk	-1.15	-0.41	-0.74
Omega ratio: Gain probability vs. loss probability	0.86	0.94	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.44	-0.29
Martin ratio: Return relative to average drawdown	-1.16	-0.63	-0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICOI vs. BTOP - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.86, which is lower than the BTOP Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of ICOI and BTOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICOI	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-0.42	-0.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.61	-1.11

Drawdowns

ICOI vs. BTOP - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for ICOI and BTOP.

Drawdown Indicators

	ICOI	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-43.37%	-14.73%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-31.35%	-26.75%
Current Drawdown Current decline from peak	-55.30%	-29.59%	-25.71%
Average Drawdown Average peak-to-trough decline	-27.43%	-19.28%	-8.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.48%	21.91%	+14.57%

Volatility

ICOI vs. BTOP - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) has a higher volatility of 13.92% compared to Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) at 7.72%. This indicates that ICOI's price experiences larger fluctuations and is considered to be riskier than BTOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.92%	7.72%	+6.20%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	23.63%	+11.30%
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	32.72%	+16.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.41%	46.22%	+4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.41%	46.22%	+4.19%

ICOI vs. BTOP - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than BTOP's 0.90% expense ratio.

Dividends

ICOI vs. BTOP - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.05%, more than BTOP's 2.39% yield.

Position	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOI and BTOP in my portfolio?

ICOI and BTOP have a correlation of 0.43, 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 BTOP?

ICOI has higher volatility (13.92%) compared to BTOP (7.72%). In terms of maximum drawdown, ICOI dropped -58.10% vs BTOP's -43.37%.

Which ETF is better, ICOI or BTOP?

On 1-year performance, BTOP leads with -10.58% vs -42.41% for ICOI. On fees, BTOP is cheaper at 0.90% per year. On volatility, BTOP has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or BTOP?

Over the 1-year period, BTOP has performed better with a -10.58% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or BTOP?

BTOP is cheaper with a 0.90% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 338.05%, compared with 2.39% for BTOP.

What is the main difference between ICOI and BTOP?

ICOI is categorized as Derivative Income, while BTOP is Cryptocurrency. Their fees differ too: 0.98% for ICOI and 0.90% for BTOP.

Which has better risk-adjusted returns?

BTOP currently has the higher Sharpe Ratio (-0.42 vs -0.86), 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.