ICOI vs. DHSB

Last updated Jun 19, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and DHSB (Day Hagan Smart Buffer ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ICOI returned -43.21% vs 9.82% for DHSB. At a 0.50 correlation, their price movements are largely independent. ICOI charges 0.98%/yr vs 0.68%/yr for DHSB.

Performance

ICOI vs. DHSB - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -21.01% return, which is significantly lower than DHSB's 4.37% return.

ICOI

• 1D: -0.09%
• 1M: -9.58%
• YTD: -21.01%
• 6M: -23.94%
• 1Y: -43.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DHSB

• 1D: 0.11%
• 1M: 0.96%
• YTD: 4.37%
• 6M: 5.25%
• 1Y: 9.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. DHSB - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-21.01%	-6.51%
DHSB Day Hagan Smart Buffer ETF	4.37%	7.00%

Correlation

The correlation between ICOI and DHSB is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.50

Return for Risk

ICOI vs. DHSB — 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: 4

DHSB

DHSB Risk / Return Rank: 63
DHSB Sharpe Ratio Rank: 49
DHSB Sortino Ratio Rank: 54
DHSB Omega Ratio Rank: 68
DHSB Calmar Ratio Rank: 63
DHSB Martin Ratio Rank: 80

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. DHSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Day Hagan Smart Buffer ETF (DHSB). 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	DHSB	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	1.63	-2.51
Sortino ratio: Return per unit of downside risk	-1.18	2.48	-3.66
Omega ratio: Gain probability vs. loss probability	0.85	1.38	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.75	2.97	-3.72
Martin ratio: Return relative to average drawdown	-1.13	15.05	-16.18

ICOI vs. DHSB - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.88, which is lower than the DHSB Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of ICOI and DHSB, 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. DHSB - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than DHSB's maximum drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for ICOI and DHSB.

Drawdown Indicators

	ICOI	DHSB	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-7.65%	-50.45%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-3.32%	-54.78%
Current Drawdown Current decline from peak	-54.54%	-0.35%	-54.19%
Average Drawdown Average peak-to-trough decline	-28.36%	-0.87%	-27.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.29%	0.65%	+37.64%

Volatility

ICOI vs. DHSB - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) has a higher volatility of 13.60% compared to Day Hagan Smart Buffer ETF (DHSB) at 4.22%. This indicates that ICOI's price experiences larger fluctuations and is considered to be riskier than DHSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	DHSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.60%	4.22%	+9.38%
Volatility (6M) Calculated over the trailing 6-month period	35.53%	5.51%	+30.02%
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	6.05%	+43.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.10%	8.68%	+41.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.10%	8.68%	+41.42%

ICOI vs. DHSB - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than DHSB's 0.68% expense ratio.

Dividends

ICOI vs. DHSB - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 332.39%, more than DHSB's 1.20% yield.

Position	TTM	2025
DHSB Day Hagan Smart Buffer ETF	1.20%	1.25%
ICOI Bitwise COIN Option Income Strategy ETF	332.39%	247.40%

Frequently Asked Questions

Can I hold both ICOI and DHSB in my portfolio?

ICOI and DHSB have a correlation of 0.47, 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 DHSB?

ICOI has higher volatility (13.60%) compared to DHSB (4.22%). In terms of maximum drawdown, ICOI dropped -58.10% vs DHSB's -7.65%.

Which ETF is better, ICOI or DHSB?

On 1-year performance, DHSB leads with 9.82% vs -43.21% for ICOI. On fees, DHSB is cheaper at 0.68% per year. On volatility, DHSB has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or DHSB?

Over the 1-year period, DHSB has performed better with a 9.82% return vs -43.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or DHSB?

DHSB is cheaper with a 0.68% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 332.39%, compared with 1.20% for DHSB.

What is the main difference between ICOI and DHSB?

They also come from different issuers: Bitwise and Day Hagan. Their fees differ too: 0.98% for ICOI and 0.68% for DHSB.

Which has better risk-adjusted returns?

DHSB currently has the higher Sharpe Ratio (1.63 vs -0.88), 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.