ICRC vs. BITQ

Last updated Jun 24, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - ICRC is a Derivative Income fund actively managed by Bitwise, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. ICRC is actively managed, while BITQ is passively managed. A 0.67 correlation means they provide meaningful diversification when combined. ICRC charges 0.98%/yr vs 0.85%/yr for BITQ.

Performance

ICRC vs. BITQ - Performance Comparison

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

Returns By Period

In the year-to-date period, ICRC achieves a -16.48% return, which is significantly lower than BITQ's 34.62% return.

ICRC

• 1D: -3.44%
• 1M: -26.81%
• YTD: -16.48%
• 6M: -18.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -2.61%
• 1M: 0.04%
• YTD: 34.62%
• 6M: 25.61%
• 1Y: 49.39%
• 3Y*: 53.03%
• 5Y*: 4.41%
• 10Y*: —

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

ICRC vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-16.48%	-32.14%
BITQ Bitwise Crypto Industry Innovators ETF	34.62%	-21.72%

Correlation

The correlation between ICRC and BITQ is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.67

Return for Risk

ICRC vs. BITQ — Risk / Return Rank

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

ICRC

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

BITQ

BITQ Risk / Return Rank: 25
BITQ Sharpe Ratio Rank: 25
BITQ Sortino Ratio Rank: 28
BITQ Omega Ratio Rank: 25
BITQ Calmar Ratio Rank: 24
BITQ Martin Ratio Rank: 20

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.

ICRC vs. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	ICRC	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	—	0.87	—
Sortino ratio: Return per unit of downside risk	—	1.47	—
Omega ratio: Gain probability vs. loss probability	—	1.17	—
Calmar ratio: Return relative to maximum drawdown	—	1.10	—
Martin ratio: Return relative to average drawdown	—	2.30	—

Drawdowns

ICRC vs. BITQ - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for ICRC and BITQ.

Drawdown Indicators

	ICRC	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-90.32%	+34.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-44.99%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-47.96%	-17.24%	-30.72%
Average Drawdown Average peak-to-trough decline	-33.25%	-52.52%	+19.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	21.50%	—

Volatility

Volatility by Period

	ICRC	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.45%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.34%	56.94%	+10.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.34%	67.32%	+0.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.34%	67.24%	+0.10%

ICRC vs. BITQ - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is higher than BITQ's 0.85% expense ratio.

Dividends

ICRC vs. BITQ - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 48.29%, while BITQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
ICRC Bitwise CRCL Option Income Strategy ETF	48.29%	17.79%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ICRC and BITQ in my portfolio?

ICRC and BITQ have a correlation of 0.67, 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 BITQ?

On fees, BITQ is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or BITQ?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.98% for ICRC.

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

ICRC has the higher dividend yield at 48.29%, compared with 0.00% for BITQ.

What is the main difference between ICRC and BITQ?

ICRC is categorized as Derivative Income, while BITQ is Blockchain. Their fees differ too: 0.98% for ICRC and 0.85% for BITQ.