ICOI vs. IBIT

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise COIN Option Income Strategy ETF (ICOI) and iShares Bitcoin Trust ETF (IBIT).

ICOI and IBIT 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. IBIT is a passively managed fund by iShares that tracks the performance of the CME CF Bitcoin Reference Rate - New York Variant. It was launched on Jan 5, 2024.

Performance

ICOI vs. IBIT - Performance Comparison

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

ICOI vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-7.98%
IBIT iShares Bitcoin Trust ETF	-22.62%	6.61%

Returns By Period

The year-to-date returns for both stocks are quite close, with ICOI having a -21.92% return and IBIT slightly lower at -22.62%.

ICOI

• 1D: 5.32%
• 1M: -7.30%
• YTD: -21.92%
• 6M: -47.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IBIT

• 1D: 1.96%
• 1M: 3.31%
• YTD: -22.62%
• 6M: -40.89%
• 1Y: -17.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. IBIT - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than IBIT's 0.25% expense ratio.

ICOI

Bitwise COIN Option Income Strategy ETF

IBIT

iShares Bitcoin Trust ETF

Return for Risk

ICOI vs. IBIT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IBIT

IBIT Risk / Return Rank: 6
IBIT Sharpe Ratio Rank: 5
IBIT Sortino Ratio Rank: 6
IBIT Omega Ratio Rank: 7
IBIT Calmar Ratio Rank: 6
IBIT Martin Ratio Rank: 6

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and iShares Bitcoin Trust ETF (IBIT). 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.

Sharpe Ratios by Period

	ICOI	IBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.35	-0.90

Correlation

The correlation between ICOI and IBIT is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ICOI vs. IBIT - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 373.22%, while IBIT has not paid dividends to shareholders.

	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%
IBIT iShares Bitcoin Trust ETF	0.00%	0.00%

Drawdowns

ICOI vs. IBIT - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than IBIT's maximum drawdown of -49.36%. Use the drawdown chart below to compare losses from any high point for ICOI and IBIT.

Drawdown Indicators

	ICOI	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-49.36%	-8.74%
Max Drawdown (1Y) Largest decline over 1 year	—	-49.36%	—
Current Drawdown Current decline from peak	-55.07%	-46.11%	-8.96%
Average Drawdown Average peak-to-trough decline	-23.12%	-14.13%	-8.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	23.09%	—

Volatility

Volatility by Period

	ICOI	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.99%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.11%	45.42%	+6.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.11%	51.26%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	51.26%	+0.85%