ICRC vs. ARMW

Last updated Jul 12, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. ICRC charges 0.98%/yr vs 0.99%/yr for ARMW.

Performance

ICRC vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise CRCL Option Income Strategy ETF (ICRC) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICRC achieves a -24.21% return, which is significantly lower than ARMW's 239.89% return.

ICRC

• 1D: 4.04%
• 1M: -10.39%
• 6M: -27.44%
• YTD: -24.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: -1.62%
• 1M: -19.16%
• 6M: 230.92%
• YTD: 239.89%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-24.21%	-29.05%
ARMW Roundhill ARM WeeklyPay ETF	239.89%	-41.28%

Correlation

The correlation between ICRC and ARMW is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.33

Return for Risk

ICRC vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

ICRC vs. ARMW - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, which is greater than ARMW's maximum drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for ICRC and ARMW.

Drawdown Indicators

	ICRC	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-48.47%	-7.18%
Current Drawdown Current decline from peak	-52.77%	-31.59%	-21.18%
Average Drawdown Average peak-to-trough decline	-34.43%	-25.58%	-8.85%

Volatility

Volatility by Period

	ICRC	ARMW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	68.44%	94.61%	-26.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.44%	94.61%	-26.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.44%	94.61%	-26.17%

ICRC vs. ARMW - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

ICRC vs. ARMW - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 56.25%, more than ARMW's 36.72% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	36.72%	16.38%
ICRC Bitwise CRCL Option Income Strategy ETF	56.25%	17.79%

Frequently Asked Questions

Can I hold both ICRC and ARMW in my portfolio?

ICRC and ARMW have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ICRC or ARMW?

On fees, ICRC is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or ARMW?

ICRC is cheaper with a 0.98% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, ICRC or ARMW?

ICRC has the higher dividend yield at 56.25%, compared with 36.72% for ARMW.

What is the main difference between ICRC and ARMW?

They also come from different issuers: Bitwise and Roundhill Investments. Their fees differ too: 0.98% for ICRC and 0.99% for ARMW.