ICOI vs. SOXY

Last updated Aug 2, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, ICOI returned -43.09% vs 93.60% for SOXY. Their 0.39 correlation means their historical movements had little consistent relationship. ICOI charges 0.98%/yr vs 1.06%/yr for SOXY.

Performance

ICOI vs. SOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). 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 SOXY's 58.34% return.

ICOI

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

SOXY

• 1D: 0.60%
• 1M: -12.01%
• 6M: 42.45%
• YTD: 58.34%
• 1Y: 93.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 58.65%

*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
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	$2.13M	$2.44M	$2.09M

ICOI vs. SOXY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	58.34%	51.94%

Correlation

The correlation between ICOI and SOXY is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.39

Return for Risk

ICOI vs. SOXY — 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

SOXY

SOXY Risk / Return Rank: 87
SOXY Sharpe Ratio Rank: 91
SOXY Sortino Ratio Rank: 83
SOXY Omega Ratio Rank: 85
SOXY Calmar Ratio Rank: 85
SOXY Martin Ratio Rank: 90

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. SOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). 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	SOXY	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	2.30	-3.34
Sortino ratio: Return per unit of downside risk	-1.58	2.73	-4.31
Omega ratio: Gain probability vs. loss probability	0.81	1.37	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.95	3.21	-4.16
Martin ratio: Return relative to average drawdown	-1.41	14.50	-15.91

ICOI vs. SOXY - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.04, which is lower than the SOXY Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of ICOI and SOXY, 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. SOXY - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, which is greater than SOXY's maximum drawdown of -30.22%. Use the drawdown chart below to compare losses from any high point for ICOI and SOXY.

Drawdown Indicators

	ICOI	SOXY	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-30.22%	-29.10%
Max Drawdown (1Y) Largest decline over 1 year	-54.58%	-28.56%	-26.02%
Current Drawdown Current decline from peak	-55.37%	-21.71%	-33.66%
Average Drawdown Average peak-to-trough decline	-30.72%	-5.49%	-25.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	6.31%	+32.26%

Volatility

ICOI vs. SOXY - Volatility Comparison

The current volatility for Bitwise COIN Option Income Strategy ETF (ICOI) is 8.35%, while YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a volatility of 18.62%. This indicates that ICOI experiences smaller price fluctuations and is considered to be less risky than SOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	SOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.35%	18.62%	-10.27%
Volatility (6M) Calculated over the trailing 6-month period	35.53%	35.73%	-0.20%
Volatility (1Y) Calculated over the trailing 1-year period	49.80%	39.94%	+9.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.33%	39.31%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.33%	39.31%	+10.02%

ICOI vs. SOXY - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than SOXY's 1.06% expense ratio.

Dividends

ICOI vs. SOXY - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 202.94%, more than SOXY's 9.41% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	9.41%	11.47%

Frequently Asked Questions

Can I hold both ICOI and SOXY in my portfolio?

ICOI and SOXY have a correlation of 0.38, 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 SOXY?

SOXY has higher volatility (18.62%) compared to ICOI (8.35%). In terms of maximum drawdown, ICOI dropped -59.32% vs SOXY's -30.22%.

Which ETF is better, ICOI or SOXY?

On 1-year performance, SOXY leads with 93.60% vs -43.09% for ICOI. 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 SOXY?

Over the 1-year period, SOXY has performed better with a 93.60% 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 SOXY?

ICOI is cheaper with a 0.98% expense ratio, compared with 1.06% for SOXY.

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

ICOI has the higher dividend yield at 202.94%, compared with 9.41% for SOXY.

What is the main difference between ICOI and SOXY?

They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for ICOI and 1.06% for SOXY.

Which has better risk-adjusted returns?

SOXY currently has the higher Sharpe Ratio (2.30 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.