ICRC vs. ETHW

Last updated Aug 2, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and ETHW (Bitwise Ethereum ETF) are both exchange-traded funds - ICRC is a Derivative Income fund actively managed by Bitwise, while ETHW is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. ICRC charges 0.98%/yr vs 0.20%/yr for ETHW.

Performance

ICRC vs. ETHW - Performance Comparison

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

Returns By Period

In the year-to-date period, ICRC achieves a -28.31% return, which is significantly higher than ETHW's -37.28% return.

ICRC

• 1D: -0.34%
• 1M: -3.85%
• 6M: -15.91%
• YTD: -28.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ETHW

• 1D: -3.05%
• 1M: 9.61%
• 6M: -30.30%
• YTD: -37.28%
• 1Y: -46.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHW Bitwise Ethereum ETF	$14.26M	$11.82M	$10.86M
ICRC Bitwise CRCL Option Income Strategy ETF	$21.94K	$14.71K	$12.75K

ICRC vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-28.31%	-32.14%
ETHW Bitwise Ethereum ETF	-37.28%	-31.54%

Correlation

The correlation between ICRC and ETHW is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.64

Return for Risk

ICRC vs. ETHW — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

ETHW

ETHW Risk / Return Rank: 3
ETHW Sharpe Ratio Rank: 3
ETHW Sortino Ratio Rank: 3
ETHW Omega Ratio Rank: 4
ETHW Calmar Ratio Rank: 3
ETHW Martin Ratio Rank: 4

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICRC vs. ETHW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Ethereum ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.75	—
Sortino ratio: Return per unit of downside risk	—	-0.98	—
Omega ratio: Gain probability vs. loss probability	—	0.89	—
Calmar ratio: Return relative to maximum drawdown	—	-0.74	—
Martin ratio: Return relative to average drawdown	—	-1.11	—

Drawdowns

ICRC vs. ETHW - Drawdown Comparison

The maximum ICRC drawdown since its inception was -56.09%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for ICRC and ETHW.

Drawdown Indicators

	ICRC	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-56.09%	-67.89%	+11.80%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.89%	—
Current Drawdown Current decline from peak	-55.33%	-61.55%	+6.22%
Average Drawdown Average peak-to-trough decline	-35.92%	-35.20%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	45.37%	—

Volatility

Volatility by Period

	ICRC	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.97%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.48%	67.15%	-0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.48%	71.13%	-4.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.48%	71.13%	-4.65%

ICRC vs. ETHW - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

ICRC vs. ETHW - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 59.47%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025
ETHW Bitwise Ethereum ETF	0.00%	0.00%
ICRC Bitwise CRCL Option Income Strategy ETF	59.47%	17.79%

Frequently Asked Questions

Can I hold both ICRC and ETHW in my portfolio?

ICRC and ETHW have a correlation of 0.64, 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 ETHW?

On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.98% for ICRC.

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

ICRC has the higher dividend yield at 59.47%, compared with 0.00% for ETHW.

What is the main difference between ICRC and ETHW?

ICRC is categorized as Derivative Income, while ETHW is Cryptocurrency. Their fees differ too: 0.98% for ICRC and 0.20% for ETHW.