ICOI vs. QQQI

Last updated Aug 2, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - ICOI is a Derivative Income fund actively managed by Bitwise, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, ICOI returned -43.09% vs 17.94% for QQQI. Their 0.52 correlation means they have sometimes moved together and sometimes differently. ICOI charges 0.98%/yr vs 0.68%/yr for QQQI.

Performance

ICOI vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and NEOS Nasdaq-100 High Income ETF (QQQI). 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 lower than QQQI's 6.90% return.

ICOI

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

QQQI

• 1D: 0.68%
• 1M: -3.08%
• 6M: 5.69%
• YTD: 6.90%
• 1Y: 17.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.07%

*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
QQQI NEOS Nasdaq-100 High Income ETF	$341.25M	$334.46M	$358.36M

ICOI vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%
QQQI NEOS Nasdaq-100 High Income ETF	6.90%	24.92%

Correlation

The correlation between ICOI and QQQI is 0.51, 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.	0.51
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.52

The correlation between ICOI and QQQI has been stable across timeframes, ranging from 0.51 to 0.52 - a consistent structural relationship.

Return for Risk

ICOI vs. QQQI — 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

QQQI

QQQI Risk / Return Rank: 43
QQQI Sharpe Ratio Rank: 40
QQQI Sortino Ratio Rank: 38
QQQI Omega Ratio Rank: 39
QQQI Calmar Ratio Rank: 47
QQQI Martin Ratio Rank: 52

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	0.98	-2.02
Sortino ratio: Return per unit of downside risk	-1.58	1.42	-2.99
Omega ratio: Gain probability vs. loss probability	0.81	1.18	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.95	1.67	-2.62
Martin ratio: Return relative to average drawdown	-1.41	6.03	-7.44

ICOI vs. QQQI - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.04, which is lower than the QQQI Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of ICOI and QQQI, 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. QQQI - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for ICOI and QQQI.

Drawdown Indicators

	ICOI	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-20.00%	-39.32%
Max Drawdown (1Y) Largest decline over 1 year	-54.58%	-9.61%	-44.97%
Current Drawdown Current decline from peak	-55.37%	-5.92%	-49.45%
Average Drawdown Average peak-to-trough decline	-30.72%	-2.27%	-28.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	2.67%	+35.90%

Volatility

ICOI vs. QQQI - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) has a higher volatility of 8.35% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 6.53%. This indicates that ICOI's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	6.53%	+1.82%
Volatility (6M) Calculated over the trailing 6-month period	35.53%	13.66%	+21.87%
Volatility (1Y) Calculated over the trailing 1-year period	49.80%	16.35%	+33.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.33%	17.75%	+31.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.33%	17.75%	+31.58%

ICOI vs. QQQI - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

ICOI vs. QQQI - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 202.94%, more than QQQI's 14.38% yield.

Position	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%	0.00%
QQQI NEOS Nasdaq-100 High Income ETF	14.38%	13.82%	12.85%

Frequently Asked Questions

Can I hold both ICOI and QQQI in my portfolio?

ICOI and QQQI have a correlation of 0.51, 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 QQQI?

ICOI has higher volatility (8.35%) compared to QQQI (6.53%). In terms of maximum drawdown, ICOI dropped -59.32% vs QQQI's -20.00%.

Which ETF is better, ICOI or QQQI?

On 1-year performance, QQQI leads with 17.94% vs -43.09% for ICOI. On fees, QQQI is cheaper at 0.68% per year. On volatility, QQQI has been the lower-risk option at 6.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or QQQI?

Over the 1-year period, QQQI has performed better with a 17.94% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or QQQI?

QQQI is cheaper with a 0.68% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 202.94%, compared with 14.38% for QQQI.

What is the main difference between ICOI and QQQI?

ICOI is categorized as Derivative Income, while QQQI is Nasdaq-100. They also come from different issuers: Bitwise and Neos. Their fees differ too: 0.98% for ICOI and 0.68% for QQQI.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (0.98 vs -1.04), 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.