ICOI vs. MSTY

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY).

ICOI and MSTY 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. MSTY is an actively managed fund by YieldMax. It was launched on Feb 21, 2024.

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.

ICOI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-7.98%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-13.58%	-39.94%

Returns By Period

In the year-to-date period, ICOI achieves a -21.92% return, which is significantly lower than MSTY's -13.58% return.

ICOI

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

MSTY

• 1D: 2.45%
• 1M: -1.67%
• YTD: -13.58%
• 6M: -54.23%
• 1Y: -48.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. MSTY - Expense Ratio Comparison

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

MSTY

YieldMax™ MSTR Option Income Strategy ETF

ICOI

Bitwise COIN Option Income Strategy ETF

Return for Risk

ICOI vs. MSTY — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 2
MSTY Sortino Ratio Rank: 2
MSTY Omega Ratio Rank: 2
MSTY Calmar Ratio Rank: 2
MSTY 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. 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ICOI	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.29	-0.84

Correlation

The correlation between ICOI and MSTY is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ICOI vs. MSTY - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 373.22%, more than MSTY's 298.73% yield.

	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	298.73%	294.61%	104.56%

Drawdowns

ICOI vs. MSTY - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, smaller than the maximum MSTY drawdown of -71.79%. 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	-58.10%	-71.79%	+13.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-71.79%	—
Current Drawdown Current decline from peak	-55.07%	-66.02%	+10.95%
Average Drawdown Average peak-to-trough decline	-23.12%	-23.37%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	40.02%	—

Volatility

Volatility by Period

	ICOI	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.90%	—
Volatility (6M) Calculated over the trailing 6-month period	—	48.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.11%	63.88%	-11.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.11%	72.67%	-20.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	72.67%	-20.56%