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 -52.90% vs -59.34% 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 -23.05% return, which is significantly higher than COIN's -30.41% return.
ICOI
- 1D
- -2.19%
- 1M
- -0.36%
- 6M
- -28.76%
- YTD
- -23.05%
- 1Y
- -52.90%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- -1.07%
- 1M
- -1.51%
- 6M
- -35.23%
- YTD
- -30.41%
- 1Y
- -59.34%
- 3Y*
- 14.33%
- 5Y*
- -7.30%
- 10Y*
- —
ICOI vs. COIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | -23.05% | -6.51% |
COIN Coinbase Global, Inc. | -30.41% | 23.61% |
Correlation
The correlation between ICOI and COIN is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
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 0.95 - 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 | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.84 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.90 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.30 | -1.34 | +0.03 |
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Drawdowns
ICOI vs. COIN - Drawdown Comparison
The maximum ICOI drawdown since its inception was -59.32%, 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 | -59.32% | -91.46% | +32.14% |
Max Drawdown (1Y)Largest decline over 1 year | -59.32% | -66.39% | +7.07% |
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 | -55.71% | -62.51% | +6.80% |
Average DrawdownAverage peak-to-trough decline | -29.65% | -52.73% | +23.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.64% | 44.40% | -3.76% |
Volatility
ICOI vs. COIN - Volatility Comparison
The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 12.91%, while Coinbase Global, Inc. (COIN) has a volatility of 17.14%. 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 | 12.91% | 17.14% | -4.23% |
Volatility (6M)Calculated over the trailing 6-month period | 36.11% | 52.80% | -16.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.71% | 67.63% | -17.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 49.99% | 85.97% | -35.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.99% | 85.18% | -35.19% |
Dividends
ICOI vs. COIN - Dividend Comparison
ICOI's dividend yield for the trailing twelve months is around 294.36%, 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 | 294.36% | 247.40% |
Frequently Asked Questions
With a correlation of 0.95, 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 (17.14%) compared to ICOI (12.91%). In terms of maximum drawdown, ICOI dropped -59.32% vs COIN's -91.46%.
COIN currently has the higher Sharpe Ratio (-0.88 vs -1.07), 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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