ICOI vs. HOOW

Last updated Aug 6, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and HOOW (Roundhill HOOD WeeklyPay ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while HOOW is a Leveraged Equities fund actively managed by Roundhill. Both are actively managed. Over the past year, ICOI returned -40.23% vs -22.67% for HOOW. Their 0.70 correlation means they have sometimes moved together and sometimes differently. ICOI charges 0.98%/yr vs 0.99%/yr for HOOW.

Performance

ICOI vs. HOOW - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -22.45% return, which is significantly higher than HOOW's -25.60% return.

ICOI

• 1D: 0.10%
• 1M: -3.36%
• 6M: -5.34%
• YTD: -22.45%
• 1Y: -40.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

HOOW

• 1D: -0.70%
• 1M: -24.89%
• 6M: 13.10%
• YTD: -25.60%
• 1Y: -22.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.88%

*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)
HOOW Roundhill HOOD WeeklyPay ETF	$4.72M	$5.09M	$5.28M
ICOI Bitwise COIN Option Income Strategy ETF	$611.49K	$662.54K	$611.26K

ICOI vs. HOOW - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-25.38%
HOOW Roundhill HOOD WeeklyPay ETF	-25.60%	52.60%

Correlation

The correlation between ICOI and HOOW is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Jun 18, 2025	0.70

The correlation between ICOI and HOOW has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

ICOI vs. HOOW — Risk / Return Rank

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

ICOI

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

HOOW

HOOW Risk / Return Rank: 8
HOOW Sharpe Ratio Rank: 7
HOOW Sortino Ratio Rank: 10
HOOW Omega Ratio Rank: 10
HOOW Calmar Ratio Rank: 6
HOOW Martin Ratio Rank: 7

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. HOOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Roundhill HOOD WeeklyPay ETF (HOOW). 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	HOOW	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.27	-0.77
Sortino ratio: Return per unit of downside risk	-1.58	0.17	-1.75
Omega ratio: Gain probability vs. loss probability	0.81	1.02	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.35	-0.60
Martin ratio: Return relative to average drawdown	-1.41	-0.56	-0.85

ICOI vs. HOOW - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.04, which is lower than the HOOW Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of ICOI and HOOW, 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. HOOW - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, smaller than the maximum HOOW drawdown of -65.74%. Use the drawdown chart below to compare losses from any high point for ICOI and HOOW.

Drawdown Indicators

	ICOI	HOOW	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-65.74%	+6.42%
Max Drawdown (1Y) Largest decline over 1 year	-54.58%	-65.74%	+11.16%
Current Drawdown Current decline from peak	-55.37%	-49.47%	-5.90%
Average Drawdown Average peak-to-trough decline	-30.72%	-31.35%	+0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	40.88%	-2.31%

Volatility

ICOI vs. HOOW - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 8.35%, while Roundhill HOOD WeeklyPay ETF (HOOW) has a volatility of 20.92%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than HOOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	HOOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	20.92%	-12.57%
Volatility (6M) Calculated over the trailing 6-month period	35.53%	64.51%	-28.98%
Volatility (1Y) Calculated over the trailing 1-year period	49.80%	84.70%	-34.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.33%	83.52%	-34.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.33%	83.52%	-34.19%

ICOI vs. HOOW - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than HOOW's 0.99% expense ratio.

Dividends

ICOI vs. HOOW - Dividend Comparison

ICOI has not paid dividends to shareholders, while HOOW's dividend yield for the trailing twelve months is around 153.58%.

Position	TTM	2025
HOOW Roundhill HOOD WeeklyPay ETF	153.58%	67.92%
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%

Frequently Asked Questions

Can I hold both ICOI and HOOW in my portfolio?

ICOI and HOOW have a correlation of 0.72, 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 HOOW?

HOOW has higher volatility (20.92%) compared to ICOI (8.35%). In terms of maximum drawdown, ICOI dropped -59.32% vs HOOW's -65.74%.

Which ETF is better, ICOI or HOOW?

On 1-year performance, HOOW leads with -22.67% vs -40.23% for ICOI. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or HOOW?

Over the 1-year period, HOOW has performed better with a -22.67% return vs -40.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or HOOW?

ICOI is cheaper with a 0.98% expense ratio, compared with 0.99% for HOOW.

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

ICOI has the higher dividend yield at 202.94%, compared with 153.58% for HOOW.

What is the main difference between ICOI and HOOW?

ICOI is categorized as Derivative Income, while HOOW is Leveraged Equities. They also come from different issuers: Bitwise and Roundhill. Their fees differ too: 0.98% for ICOI and 0.99% for HOOW.

Which has better risk-adjusted returns?

HOOW currently has the higher Sharpe Ratio (-0.27 vs -1.04), 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.