ICOI vs. QQQQ.TO

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise COIN Option Income Strategy ETF (ICOI) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO).

ICOI and QQQQ.TO 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. QQQQ.TO is a passively managed fund by Mackenzie that tracks the performance of the NASDAQ-100 Index. It was launched on Aug 19, 2025.

Performance

ICOI vs. QQQQ.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). The values are adjusted to include any dividend payments, if applicable.

ICOI vs. QQQQ.TO - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-28.94%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	-7.35%	8.46%

Different Trading Currencies

ICOI is traded in USD, while QQQQ.TO is traded in CAD. To make them comparable, the QQQQ.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, ICOI achieves a -21.92% return, which is significantly lower than QQQQ.TO's -7.35% return.

ICOI

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

QQQQ.TO

• 1D: 2.13%
• 1M: -5.65%
• YTD: -7.35%
• 6M: -4.14%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. QQQQ.TO - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is higher than QQQQ.TO's 0.25% expense ratio.

ICOI

Bitwise COIN Option Income Strategy ETF

QQQQ.TO

Mackenzie NASDAQ 100 Index ETF

Return for Risk

ICOI vs. QQQQ.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Mackenzie NASDAQ 100 Index ETF (QQQQ.TO). 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	QQQQ.TO	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.06	-0.61

Correlation

The correlation between ICOI and QQQQ.TO is 0.45, 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. QQQQ.TO - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 373.22%, more than QQQQ.TO's 0.12% yield.

	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%
QQQQ.TO Mackenzie NASDAQ 100 Index ETF	0.12%	0.11%

Drawdowns

ICOI vs. QQQQ.TO - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than QQQQ.TO's maximum drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for ICOI and QQQQ.TO.

Drawdown Indicators

	ICOI	QQQQ.TO	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-11.95%	-46.15%
Current Drawdown Current decline from peak	-55.07%	-10.17%	-44.90%
Average Drawdown Average peak-to-trough decline	-23.12%	-3.94%	-19.18%

Volatility

Volatility by Period

	ICOI	QQQQ.TO	Difference
Volatility (1Y) Calculated over the trailing 1-year period	52.11%	17.07%	+35.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.11%	17.07%	+35.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	17.07%	+35.04%