ICOI vs. USOY

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise COIN Option Income Strategy ETF (ICOI) and Defiance Oil Enhanced Options Income ETF (USOY).

ICOI and USOY 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. USOY is an actively managed fund by Defiance. It was launched on May 9, 2024.

Performance

ICOI vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

ICOI vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-7.98%
USOY Defiance Oil Enhanced Options Income ETF	60.22%	-4.40%

Returns By Period

In the year-to-date period, ICOI achieves a -21.92% return, which is significantly lower than USOY's 60.22% return.

ICOI

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

USOY

• 1D: -0.54%
• 1M: 34.04%
• YTD: 60.22%
• 6M: 55.39%
• 1Y: 44.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. USOY - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than USOY's 1.22% expense ratio.

USOY

Defiance Oil Enhanced Options Income ETF

ICOI

Bitwise COIN Option Income Strategy ETF

Return for Risk

ICOI vs. USOY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 80
USOY Sharpe Ratio Rank: 87
USOY Sortino Ratio Rank: 84
USOY Omega Ratio Rank: 83
USOY Calmar Ratio Rank: 89
USOY Martin Ratio Rank: 58

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	1.24	-1.79

Correlation

The correlation between ICOI and USOY is 0.05, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

ICOI vs. USOY - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 373.22%, more than USOY's 64.71% yield.

	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	64.71%	104.32%	48.60%

Drawdowns

ICOI vs. USOY - Drawdown Comparison

The maximum ICOI drawdown since its inception was -58.10%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for ICOI and USOY.

Drawdown Indicators

	ICOI	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-58.10%	-17.46%	-40.64%
Max Drawdown (1Y) Largest decline over 1 year	—	-15.70%	—
Current Drawdown Current decline from peak	-55.07%	-0.54%	-54.53%
Average Drawdown Average peak-to-trough decline	-23.12%	-6.56%	-16.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.34%	—

Volatility

Volatility by Period

	ICOI	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.94%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.11%	25.35%	+26.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.11%	22.37%	+29.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.11%	22.37%	+29.74%