ICOI vs. HOOW

Last updated Jun 4, 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. A 0.70 correlation means they provide meaningful diversification when combined. 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 -22.33% return, which is significantly higher than HOOW's -34.08% return.

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOW

• 1D: -7.51%
• 1M: 8.18%
• YTD: -34.08%
• 6M: -46.41%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. HOOW - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-28.11%
HOOW Roundhill HOOD WeeklyPay ETF	-34.08%	46.56%

Correlation

The correlation between ICOI and HOOW is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 20, 2025	0.70

Return for Risk

ICOI vs. HOOW — 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: 3

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. 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.

	ICOI	HOOW	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	—	—
Sortino ratio: Return per unit of downside risk	-1.15	—	—
Omega ratio: Gain probability vs. loss probability	0.86	—	—
Calmar ratio: Return relative to maximum drawdown	-0.73	—	—
Martin ratio: Return relative to average drawdown	-1.16	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	ICOI	HOOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.04	-0.46

Drawdowns

ICOI vs. HOOW - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, 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	-58.10%	-65.74%	+7.64%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	—	—
Current Drawdown Current decline from peak	-55.30%	-55.23%	-0.07%
Average Drawdown Average peak-to-trough decline	-27.43%	-29.13%	+1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.48%	—	—

Volatility

Volatility by Period

	ICOI	HOOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.92%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.93%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	83.86%	-34.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.41%	83.86%	-33.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.41%	83.86%	-33.45%

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's dividend yield for the trailing twelve months is around 338.05%, more than HOOW's 163.90% yield.

Position	TTM	2025
HOOW Roundhill HOOD WeeklyPay ETF	163.90%	67.92%
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%

Frequently Asked Questions

Can I hold both ICOI and HOOW in my portfolio?

ICOI and HOOW have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICOI or HOOW?

On fees, ICOI is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 338.05%, compared with 163.90% 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.