ICOI vs. MSTZ

Last updated Jul 17, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, ICOI returned -52.64% vs 299.04% for MSTZ. At a correlation of -0.70, they often move in opposite directions. ICOI charges 0.98%/yr vs 1.05%/yr for MSTZ.

Performance

ICOI vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOI achieves a -20.65% return, which is significantly higher than MSTZ's -27.52% return.

ICOI

• 1D: -3.89%
• 1M: -0.93%
• 6M: -26.21%
• YTD: -20.65%
• 1Y: -52.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTZ

• 1D: 6.51%
• 1M: 38.88%
• 6M: -2.59%
• YTD: -27.52%
• 1Y: 299.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-20.65%	-6.51%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-27.52%	45.59%

Correlation

The correlation between ICOI and MSTZ is -0.74, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 MSTZ has been stable across timeframes, ranging from -0.74 to -0.70 - a consistent structural relationship.

Return for Risk

ICOI vs. MSTZ — Risk / Return Rank

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

ICOI

ICOI Risk / Return Rank: 2
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 1
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 1
ICOI Martin Ratio Rank: 3

MSTZ

MSTZ Risk / Return Rank: 70
MSTZ Sharpe Ratio Rank: 80
MSTZ Sortino Ratio Rank: 69
MSTZ Omega Ratio Rank: 69
MSTZ Calmar Ratio Rank: 83
MSTZ Martin Ratio Rank: 51

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	2.03	-3.09
Sortino ratio: Return per unit of downside risk	-1.62	2.49	-4.11
Omega ratio: Gain probability vs. loss probability	0.80	1.33	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.89	3.55	-4.44
Martin ratio: Return relative to average drawdown	-1.28	6.84	-8.12

ICOI vs. MSTZ - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.06, which is lower than the MSTZ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of ICOI and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for ICOI and MSTZ.

Drawdown Indicators

	ICOI	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-99.38%	+40.06%
Max Drawdown (1Y) Largest decline over 1 year	-59.32%	-84.89%	+25.57%
Current Drawdown Current decline from peak	-54.34%	-97.53%	+43.19%
Average Drawdown Average peak-to-trough decline	-29.88%	-94.55%	+64.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.06%	43.95%	-2.89%

Volatility

ICOI vs. MSTZ - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 13.61%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 55.03%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.61%	55.03%	-41.42%
Volatility (6M) Calculated over the trailing 6-month period	36.49%	134.45%	-97.96%
Volatility (1Y) Calculated over the trailing 1-year period	50.02%	148.58%	-98.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	170.73%	-120.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	170.73%	-120.65%

ICOI vs. MSTZ - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

ICOI vs. MSTZ - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 285.48%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	285.48%	247.40%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICOI and MSTZ in my portfolio?

ICOI and MSTZ 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 MSTZ?

MSTZ has higher volatility (55.03%) compared to ICOI (13.61%). In terms of maximum drawdown, ICOI dropped -59.32% vs MSTZ's -99.38%.

Which ETF is better, ICOI or MSTZ?

On 1-year performance, MSTZ leads with 299.04% vs -52.64% for ICOI. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 13.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or MSTZ?

Over the 1-year period, MSTZ has performed better with a 299.04% return vs -52.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or MSTZ?

ICOI is cheaper with a 0.98% expense ratio, compared with 1.05% for MSTZ.

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

ICOI has the higher dividend yield at 285.48%, compared with 0.00% for MSTZ.

What is the main difference between ICOI and MSTZ?

ICOI is categorized as Derivative Income, while MSTZ is Inverse Equities. They also come from different issuers: Bitwise and REX. Their fees differ too: 0.98% for ICOI and 1.05% for MSTZ.

Which has better risk-adjusted returns?

MSTZ currently has the higher Sharpe Ratio (2.03 vs -1.06), 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.