ICOI vs. MSTY

Last updated Jul 14, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ICOI returned -52.90% vs -73.76% for MSTY. A 0.70 correlation means they provide meaningful diversification when combined. ICOI charges 0.98%/yr vs 0.99%/yr for MSTY.

Performance

ICOI vs. MSTY - Performance Comparison

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

Returns By Period

In the year-to-date period, ICOI achieves a -23.05% return, which is significantly higher than MSTY's -35.55% return.

ICOI

• 1D: -2.19%
• 1M: -0.36%
• 6M: -28.76%
• YTD: -23.05%
• 1Y: -52.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -2.03%
• 1M: -23.27%
• 6M: -39.01%
• YTD: -35.55%
• 1Y: -73.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-23.05%	-6.51%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-35.55%	-45.04%

Correlation

The correlation between ICOI and MSTY is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.70

The correlation between ICOI and MSTY has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

Return for Risk

ICOI vs. MSTY — Risk / Return Rank

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

ICOI

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	-1.15	+0.08
Sortino ratio: Return per unit of downside risk	-1.65	-2.35	+0.71
Omega ratio: Gain probability vs. loss probability	0.80	0.75	+0.05
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.95	+0.06
Martin ratio: Return relative to average drawdown	-1.30	-1.41	+0.11

ICOI vs. MSTY - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.07, which is comparable to the MSTY Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of ICOI and MSTY, 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. MSTY - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for ICOI and MSTY.

Drawdown Indicators

	ICOI	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-77.40%	+18.08%
Max Drawdown (1Y) Largest decline over 1 year	-59.32%	-77.40%	+18.08%
Current Drawdown Current decline from peak	-55.71%	-74.66%	+18.95%
Average Drawdown Average peak-to-trough decline	-29.65%	-28.01%	-1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.64%	52.19%	-11.55%

Volatility

ICOI vs. MSTY - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 12.91%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 23.76%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	23.76%	-10.85%
Volatility (6M) Calculated over the trailing 6-month period	36.11%	53.06%	-16.95%
Volatility (1Y) Calculated over the trailing 1-year period	49.71%	64.61%	-14.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.99%	72.32%	-22.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.99%	72.32%	-22.33%

ICOI vs. MSTY - Expense Ratio Comparison

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

Dividends

ICOI vs. MSTY - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 294.36%, more than MSTY's 289.43% yield.

Position	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	294.36%	247.40%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.43%	294.61%	104.56%

Frequently Asked Questions

Can I hold both ICOI and MSTY in my portfolio?

ICOI and MSTY have a correlation of 0.74, 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 MSTY?

MSTY has higher volatility (23.76%) compared to ICOI (12.91%). In terms of maximum drawdown, ICOI dropped -59.32% vs MSTY's -77.40%.

Which ETF is better, ICOI or MSTY?

On 1-year performance, ICOI leads with -52.90% vs -73.76% for MSTY. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 12.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or MSTY?

Over the 1-year period, ICOI has performed better with a -52.90% return vs -73.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or MSTY?

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

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

ICOI has the higher dividend yield at 294.36%, compared with 289.43% for MSTY.

What is the main difference between ICOI and MSTY?

They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for ICOI and 0.99% for MSTY.

Which has better risk-adjusted returns?

ICOI currently has the higher Sharpe Ratio (-1.07 vs -1.15), 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.