ICOI vs. IMST

Last updated Jun 4, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and IMST (Bitwise Funds Trust) are both Derivative Income funds from Bitwise. Both are actively managed. Over the past year, ICOI returned -42.41% vs -62.31% for IMST. A 0.69 correlation means they provide meaningful diversification when combined. ICOI charges 0.98%/yr vs 0.99%/yr for IMST.

Performance

ICOI vs. IMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Funds Trust (IMST). 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 lower than IMST's -14.98% return.

ICOI

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

IMST

• 1D: -5.79%
• 1M: -25.22%
• YTD: -14.98%
• 6M: -28.07%
• 1Y: -62.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-7.98%
IMST Bitwise Funds Trust	-14.98%	-44.26%

Correlation

The correlation between ICOI and IMST 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 (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.69

The correlation between ICOI and IMST has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

ICOI vs. IMST — 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

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 1
IMST Sortino Ratio Rank: 1
IMST Omega Ratio Rank: 1
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

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. IMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Bitwise Funds Trust (IMST). 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	IMST	Difference
Sharpe ratio: Return per unit of total volatility	-0.86	-1.10	+0.24
Sortino ratio: Return per unit of downside risk	-1.15	-1.93	+0.78
Omega ratio: Gain probability vs. loss probability	0.86	0.78	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.89	+0.16
Martin ratio: Return relative to average drawdown	-1.16	-1.35	+0.18
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICOI vs. IMST - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -0.86, which is comparable to the IMST Sharpe Ratio of -1.10. The chart below compares the historical Sharpe Ratios of ICOI and IMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICOI	IMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	-1.10	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.80	+0.30

Drawdowns

ICOI vs. IMST - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum IMST drawdown of -69.86%. Use the drawdown chart below to compare losses from any high point for ICOI and IMST.

Drawdown Indicators

	ICOI	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-69.86%	+11.76%
Max Drawdown (1Y) Largest decline over 1 year	-58.10%	-69.86%	+11.76%
Current Drawdown Current decline from peak	-55.30%	-66.74%	+11.44%
Average Drawdown Average peak-to-trough decline	-27.43%	-35.27%	+7.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.48%	46.22%	-9.74%

Volatility

ICOI vs. IMST - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 13.92%, while Bitwise Funds Trust (IMST) has a volatility of 14.83%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than IMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.92%	14.83%	-0.91%
Volatility (6M) Calculated over the trailing 6-month period	34.93%	44.06%	-9.13%
Volatility (1Y) Calculated over the trailing 1-year period	49.40%	56.91%	-7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.41%	59.73%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.41%	59.73%	-9.32%

ICOI vs. IMST - Expense Ratio Comparison

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

Dividends

ICOI vs. IMST - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 338.05%, more than IMST's 221.80% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%
IMST Bitwise Funds Trust	221.80%	195.93%

Frequently Asked Questions

Can I hold both ICOI and IMST in my portfolio?

ICOI and IMST 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 is riskier, ICOI or IMST?

IMST has higher volatility (14.83%) compared to ICOI (13.92%). In terms of maximum drawdown, ICOI dropped -58.10% vs IMST's -69.86%.

Which ETF is better, ICOI or IMST?

On 1-year performance, ICOI leads with -42.41% vs -62.31% for IMST. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 13.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or IMST?

Over the 1-year period, ICOI has performed better with a -42.41% return vs -62.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or IMST?

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

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

ICOI has the higher dividend yield at 338.05%, compared with 221.80% for IMST.

What is the main difference between ICOI and IMST?

Their fees differ too: 0.98% for ICOI and 0.99% for IMST.

Which has better risk-adjusted returns?

ICOI currently has the higher Sharpe Ratio (-0.86 vs -1.10), 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.