ICOI vs. COIN
ICOI (Bitwise COIN Option Income Strategy ETF) is Derivative Income fund actively managed by Bitwise, while COIN (Coinbase Global, Inc.) is a stock. Over the past year, ICOI returned -46.01% vs -48.57% for COIN. Their correlation of 0.92 suggests significant overlap in exposure.
Performance
ICOI vs. COIN - Performance Comparison
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Returns By Period
In the year-to-date period, ICOI achieves a -22.48% return, which is significantly higher than COIN's -30.05% return.
ICOI
- 1D
- -2.85%
- 1M
- -9.13%
- YTD
- -22.48%
- 6M
- -27.43%
- 1Y
- -46.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- -4.04%
- 1M
- -14.49%
- YTD
- -30.05%
- 6M
- -34.72%
- 1Y
- -48.57%
- 3Y*
- 37.03%
- 5Y*
- -7.21%
- 10Y*
- —
ICOI vs. COIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | -22.48% | -6.51% |
COIN Coinbase Global, Inc. | -30.05% | 23.61% |
Correlation
The correlation between ICOI and COIN is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.92 |
The correlation between ICOI and COIN has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.
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Return for Risk
ICOI vs. COIN — Risk / Return Rank
ICOI
COIN
ICOI vs. COIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Coinbase Global, Inc. (COIN). 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 | COIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.90 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | -0.73 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.19 | -1.16 | -0.04 |
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Drawdowns
ICOI vs. COIN - Drawdown Comparison
The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum COIN drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for ICOI and COIN.
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Drawdown Indicators
| ICOI | COIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.10% | -91.46% | +33.36% |
Max Drawdown (1Y)Largest decline over 1 year | -58.10% | -66.39% | +8.29% |
Max Drawdown (3Y)Largest decline over 3 years | — | -66.39% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.90% | — |
Current DrawdownCurrent decline from peak | -55.39% | -62.32% | +6.93% |
Average DrawdownAverage peak-to-trough decline | -28.53% | -52.63% | +24.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.60% | 42.06% | -3.46% |
Volatility
ICOI vs. COIN - Volatility Comparison
The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 13.77%, while Coinbase Global, Inc. (COIN) has a volatility of 18.43%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than COIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ICOI | COIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.77% | 18.43% | -4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 35.52% | 51.90% | -16.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.30% | 68.40% | -19.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.01% | 85.99% | -35.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.01% | 85.37% | -35.36% |
Dividends
ICOI vs. COIN - Dividend Comparison
ICOI's dividend yield for the trailing twelve months is around 338.69%, while COIN has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
COIN Coinbase Global, Inc. | 0.00% | 0.00% |
ICOI Bitwise COIN Option Income Strategy ETF | 338.69% | 247.40% |
Frequently Asked Questions
With a correlation of 0.92, ICOI and COIN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
COIN has higher volatility (18.43%) compared to ICOI (13.77%). In terms of maximum drawdown, ICOI dropped -58.10% vs COIN's -91.46%.
COIN 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.
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