ICOI vs. YMAG

Last updated Jul 14, 2026

ICOI (Bitwise COIN Option Income Strategy ETF) and YMAG (YieldMax Magnificent 7 Fund of Option Income ETFs) are both Derivative Income funds. Both are actively managed. Over the past year, ICOI returned -52.90% vs 17.51% for YMAG. A 0.51 correlation means they provide meaningful diversification when combined. ICOI charges 0.98%/yr vs 1.28%/yr for YMAG.

Performance

ICOI vs. YMAG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax Magnificent 7 Fund of Option Income ETFs (YMAG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICOI achieves a -23.05% return, which is significantly lower than YMAG's 1.13% return.

ICOI

• 1D: -2.19%
• 1M: -0.36%
• 6M: -28.76%
• YTD: -23.05%
• 1Y: -52.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YMAG

• 1D: -0.93%
• 1M: 2.28%
• 6M: 1.34%
• YTD: 1.13%
• 1Y: 17.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICOI vs. YMAG - Yearly Performance Comparison

	2026 (YTD)	2025
ICOI Bitwise COIN Option Income Strategy ETF	-23.05%	-6.51%
YMAG YieldMax Magnificent 7 Fund of Option Income ETFs	1.13%	34.39%

Correlation

The correlation between ICOI and YMAG is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.51

The correlation between ICOI and YMAG has been stable across timeframes, ranging from 0.48 to 0.51 - a consistent structural relationship.

Return for Risk

ICOI vs. YMAG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 2

YMAG

YMAG Risk / Return Rank: 32
YMAG Sharpe Ratio Rank: 35
YMAG Sortino Ratio Rank: 33
YMAG Omega Ratio Rank: 32
YMAG Calmar Ratio Rank: 30
YMAG Martin Ratio Rank: 32

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. YMAG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise COIN Option Income Strategy ETF (ICOI) and YieldMax Magnificent 7 Fund of Option Income ETFs (YMAG). 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	YMAG	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	1.02	-2.09
Sortino ratio: Return per unit of downside risk	-1.65	1.45	-3.10
Omega ratio: Gain probability vs. loss probability	0.80	1.18	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.89	1.22	-2.12
Martin ratio: Return relative to average drawdown	-1.30	3.73	-5.04

ICOI vs. YMAG - Sharpe Ratio Comparison

The current ICOI Sharpe Ratio is -1.07, which is lower than the YMAG Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of ICOI and YMAG, 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. YMAG - Drawdown Comparison

The maximum ICOI drawdown since its inception was -59.32%, which is greater than YMAG's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for ICOI and YMAG.

Drawdown Indicators

	ICOI	YMAG	Difference
Max Drawdown Largest peak-to-trough decline	-59.32%	-25.96%	-33.36%
Max Drawdown (1Y) Largest decline over 1 year	-59.32%	-14.38%	-44.94%
Current Drawdown Current decline from peak	-55.71%	-5.21%	-50.50%
Average Drawdown Average peak-to-trough decline	-29.65%	-4.62%	-25.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.64%	4.70%	+35.94%

Volatility

ICOI vs. YMAG - Volatility Comparison

Bitwise COIN Option Income Strategy ETF (ICOI) has a higher volatility of 12.91% compared to YieldMax Magnificent 7 Fund of Option Income ETFs (YMAG) at 6.35%. This indicates that ICOI's price experiences larger fluctuations and is considered to be riskier than YMAG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICOI	YMAG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.91%	6.35%	+6.56%
Volatility (6M) Calculated over the trailing 6-month period	36.11%	13.44%	+22.67%
Volatility (1Y) Calculated over the trailing 1-year period	49.71%	17.27%	+32.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.99%	20.99%	+29.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.99%	20.99%	+29.00%

ICOI vs. YMAG - Expense Ratio Comparison

ICOI has a 0.98% expense ratio, which is lower than YMAG's 1.28% expense ratio.

Dividends

ICOI vs. YMAG - Dividend Comparison

ICOI's dividend yield for the trailing twelve months is around 294.36%, more than YMAG's 51.40% yield.

Position	TTM	2025	2024
ICOI Bitwise COIN Option Income Strategy ETF	294.36%	247.40%	0.00%
YMAG YieldMax Magnificent 7 Fund of Option Income ETFs	51.40%	52.27%	35.22%

Frequently Asked Questions

Can I hold both ICOI and YMAG in my portfolio?

ICOI and YMAG have a correlation of 0.48, 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 YMAG?

ICOI has higher volatility (12.91%) compared to YMAG (6.35%). In terms of maximum drawdown, ICOI dropped -59.32% vs YMAG's -25.96%.

Which ETF is better, ICOI or YMAG?

On 1-year performance, YMAG leads with 17.51% vs -52.90% for ICOI. On fees, ICOI is cheaper at 0.98% per year. On volatility, YMAG has been the lower-risk option at 6.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICOI or YMAG?

Over the 1-year period, YMAG has performed better with a 17.51% return vs -52.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICOI or YMAG?

ICOI is cheaper with a 0.98% expense ratio, compared with 1.28% for YMAG.

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

ICOI has the higher dividend yield at 294.36%, compared with 51.40% for YMAG.

What is the main difference between ICOI and YMAG?

They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for ICOI and 1.28% for YMAG.

Which has better risk-adjusted returns?

YMAG currently has the higher Sharpe Ratio (1.02 vs -1.07), 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.