ICOI vs. MSTY

Last updated Aug 2, 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 -43.09% vs -68.40% for MSTY. Their 0.68 correlation means they have sometimes moved together and sometimes differently. 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 -22.45% return, which is significantly higher than MSTY's -33.29% return.

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -13.91%
• YTD: -22.45%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

MSTY

• 1D: -2.60%
• 1M: -2.63%
• 6M: -31.98%
• YTD: -33.29%
• 1Y: -68.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.52%

*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)
ICOI Bitwise COIN Option Income Strategy ETF	$610.26K	$661.95K	$611.06K
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.71M	$13.42M	$28.94M

ICOI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-33.29%	-45.04%

Correlation

The correlation between ICOI and MSTY is 0.73, 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.	0.73
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.68

The correlation between ICOI and MSTY has been stable across timeframes, ranging from 0.68 to 0.73 - a consistent structural relationship.

Return for Risk

ICOI vs. MSTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 1

MSTY

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

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. 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	-1.04	-1.09	+0.05
Sortino ratio: Return per unit of downside risk	-1.58	-2.13	+0.55
Omega ratio: Gain probability vs. loss probability	0.81	0.77	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.95	0.00
Martin ratio: Return relative to average drawdown	-1.41	-1.40	-0.01

ICOI vs. MSTY - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.04, which is comparable to the MSTY Sharpe Ratio of -1.09. 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	-54.58%	-74.91%	+20.33%
Current Drawdown Current decline from peak	-55.37%	-73.77%	+18.40%
Average Drawdown Average peak-to-trough decline	-30.72%	-29.05%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	50.99%	-12.42%

Volatility

ICOI vs. MSTY - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 8.35%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 14.46%. 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	8.35%	14.46%	-6.11%
Volatility (6M) Calculated over the trailing 6-month period	35.53%	52.28%	-16.75%
Volatility (1Y) Calculated over the trailing 1-year period	49.80%	65.31%	-15.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.33%	71.91%	-22.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.33%	71.91%	-22.58%

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 202.94%, less than MSTY's 251.54% yield.

Position	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.54%	294.61%	104.56%

Frequently Asked Questions

Can I hold both ICOI and MSTY in my portfolio?

ICOI and MSTY have a correlation of 0.73, 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 (14.46%) compared to ICOI (8.35%). 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 -43.09% vs -68.40% for MSTY. 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 MSTY?

Over the 1-year period, ICOI has performed better with a -43.09% return vs -68.40%. 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?

MSTY has the higher dividend yield at 251.54%, compared with 202.94% for ICOI.

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 (-1.04 vs -1.09), 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.