ICOI vs. CLNK

Last updated Aug 2, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and CLNK (Bitwise Chainlink ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while CLNK is a Cryptocurrency fund tracking the Chainlink (LINK) spot price. ICOI is actively managed, while CLNK is passively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. ICOI charges 0.98%/yr vs 0.34%/yr for CLNK.

Performance

ICOI vs. CLNK - Performance Comparison

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

Returns By Period

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -13.91%
• YTD: -22.45%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

CLNK

• 1D: -2.38%
• 1M: 5.69%
• 6M: -24.31%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CLNK Bitwise Chainlink ETF	$188.67K	$165.58K	$320.06K
ICOI Bitwise COIN Option Income Strategy ETF	$610.26K	$661.95K	$611.06K

ICOI vs. CLNK - Yearly Performance Comparison

	2026 (YTD)
ICOI Bitwise COIN Option Income Strategy ETF	-30.49%
CLNK Bitwise Chainlink ETF	-41.66%

Correlation

The correlation between ICOI and CLNK is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 14, 2026	0.66

Return for Risk

ICOI vs. CLNK — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ICOI

ICOI Risk / Return Rank: 1
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 1
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 1
ICOI Martin Ratio Rank: 1

CLNK

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICOI vs. CLNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Chainlink ETF (CLNK). 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	CLNK	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	—	—
Sortino ratio: Return per unit of downside risk	-1.58	—	—
Omega ratio: Gain probability vs. loss probability	0.81	—	—
Calmar ratio: Return relative to maximum drawdown	-0.95	—	—
Martin ratio: Return relative to average drawdown	-1.41	—	—

Drawdowns

ICOI vs. CLNK - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, which is greater than CLNK's maximum drawdown of -49.00%. Use the drawdown chart below to compare losses from any high point for ICOI and CLNK.

Drawdown Indicators

	ICOI	CLNK	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-49.00%	-10.32%
Max Drawdown (1Y) Largest decline over 1 year	-54.58%	—	—
Current Drawdown Current decline from peak	-55.37%	-42.20%	-13.17%
Average Drawdown Average peak-to-trough decline	-30.72%	-35.33%	+4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	—	—

Volatility

Volatility by Period

	ICOI	CLNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.80%	63.85%	-14.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.33%	63.85%	-14.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.33%	63.85%	-14.52%

ICOI vs. CLNK - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than CLNK's 0.34% expense ratio.

Dividends

ICOI vs. CLNK - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 202.94%, while CLNK has not paid dividends to shareholders.

Position	TTM	2025
CLNK Bitwise Chainlink ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%

Frequently Asked Questions

Can I hold both ICOI and CLNK in my portfolio?

ICOI and CLNK have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICOI or CLNK?

On fees, CLNK is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICOI or CLNK?

CLNK is cheaper with a 0.34% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 202.94%, compared with 0.00% for CLNK.

What is the main difference between ICOI and CLNK?

ICOI is categorized as Derivative Income, while CLNK is Cryptocurrency. Their fees differ too: 0.98% for ICOI and 0.34% for CLNK.