ICRC vs. CHPY
ICRC (Bitwise CRCL Option Income Strategy ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. ICRC charges 0.98%/yr vs 0.99%/yr for CHPY.
Performance
ICRC vs. CHPY - Performance Comparison
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Returns By Period
In the year-to-date period, ICRC achieves a -5.38% return, which is significantly lower than CHPY's 85.77% return.
ICRC
- 1D
- -8.76%
- 1M
- -16.63%
- YTD
- -5.38%
- 6M
- -7.35%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CHPY
- 1D
- 1.14%
- 1M
- 29.53%
- YTD
- 85.77%
- 6M
- 85.49%
- 1Y
- 149.72%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICRC vs. CHPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICRC Bitwise CRCL Option Income Strategy ETF | -5.38% | -36.21% |
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 85.77% | 7.71% |
Correlation
The correlation between ICRC and CHPY is 0.40, 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 3, 2025 | 0.40 |
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Return for Risk
ICRC vs. CHPY — Risk / Return Rank
ICRC
CHPY
ICRC vs. CHPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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.
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Sharpe Ratios by Period
| ICRC | CHPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 5.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 4.83 | -5.62 |
Drawdowns
ICRC vs. CHPY - Drawdown Comparison
The maximum ICRC drawdown since its inception was -55.65%, which is greater than CHPY's maximum drawdown of -12.17%. Use the drawdown chart below to compare losses from any high point for ICRC and CHPY.
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Drawdown Indicators
| ICRC | CHPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.65% | -12.17% | -43.48% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.17% | — |
Current DrawdownCurrent decline from peak | -41.04% | 0.00% | -41.04% |
Average DrawdownAverage peak-to-trough decline | -32.47% | -1.98% | -30.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.18% | — |
Volatility
ICRC vs. CHPY - Volatility Comparison
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Volatility by Period
| ICRC | CHPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 11.23% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 22.33% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 67.59% | 27.59% | +40.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.59% | 33.17% | +34.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 67.59% | 33.17% | +34.42% |
ICRC vs. CHPY - Expense Ratio Comparison
ICRC has a 0.98% expense ratio, which is lower than CHPY's 0.99% expense ratio.
Dividends
ICRC vs. CHPY - Dividend Comparison
ICRC's dividend yield for the trailing twelve months is around 42.62%, more than CHPY's 28.40% yield.
| Position | TTM | 2025 |
|---|---|---|
CHPY YieldMax Semiconductor Portfolio Option Income ETF | 28.40% | 28.19% |
ICRC Bitwise CRCL Option Income Strategy ETF | 42.62% | 17.79% |
Frequently Asked Questions
ICRC and CHPY have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ICRC is cheaper with a 0.98% expense ratio, compared with 0.99% for CHPY.
ICRC has the higher dividend yield at 42.62%, compared with 28.40% for CHPY.
They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for ICRC and 0.99% for CHPY.
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