ICOI vs. ETHW
Compare and contrast key facts about Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Ethereum ETF (ETHW).
ICOI and ETHW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ICOI is an actively managed fund by Bitwise. It was launched on Apr 1, 2025. ETHW is an actively managed fund by Bitwise. It was launched on Jul 22, 2024.
Performance
ICOI vs. ETHW - Performance Comparison
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ICOI vs. ETHW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | -21.92% | -7.98% |
ETHW Bitwise Ethereum ETF | -29.48% | 66.56% |
Returns By Period
In the year-to-date period, ICOI achieves a -21.92% return, which is significantly higher than ETHW's -29.48% return.
ICOI
- 1D
- 5.32%
- 1M
- -7.30%
- YTD
- -21.92%
- 6M
- -47.03%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ETHW
- 1D
- 3.66%
- 1M
- 8.93%
- YTD
- -29.48%
- 6M
- -49.70%
- 1Y
- 14.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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ICOI vs. ETHW - Expense Ratio Comparison
ICOI has a 0.98% expense ratio, which is higher than ETHW's 0.20% expense ratio.
Return for Risk
ICOI vs. ETHW — Risk / Return Rank
ICOI
ETHW
ICOI vs. ETHW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Ethereum ETF (ETHW). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ICOI | ETHW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.19 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.35 | -0.20 |
Correlation
The correlation between ICOI and ETHW is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ICOI vs. ETHW - Dividend Comparison
ICOI's dividend yield for the trailing twelve months is around 373.22%, while ETHW has not paid dividends to shareholders.
| TTM | 2025 | |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | 373.22% | 247.40% |
ETHW Bitwise Ethereum ETF | 0.00% | 0.00% |
Drawdowns
ICOI vs. ETHW - Drawdown Comparison
The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum ETHW drawdown of -64.04%. Use the drawdown chart below to compare losses from any high point for ICOI and ETHW.
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Drawdown Indicators
| ICOI | ETHW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.10% | -64.04% | +5.94% |
Max Drawdown (1Y)Largest decline over 1 year | — | -61.69% | — |
Current DrawdownCurrent decline from peak | -55.07% | -56.76% | +1.69% |
Average DrawdownAverage peak-to-trough decline | -23.12% | -30.40% | +7.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 30.42% | — |
Volatility
ICOI vs. ETHW - Volatility Comparison
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Volatility by Period
| ICOI | ETHW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 19.15% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 53.54% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.11% | 75.79% | -23.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.11% | 74.70% | -22.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.11% | 74.70% | -22.59% |