ICRC vs. FIYY

Last updated Jul 17, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. Both are actively managed. At a 0.35 correlation, their price movements are largely independent. ICRC charges 0.98%/yr vs 1.07%/yr for FIYY.

Performance

ICRC vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise CRCL Option Income Strategy ETF (ICRC) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ICRC

• 1D: -5.84%
• 1M: -17.98%
• 6M: -28.19%
• YTD: -29.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIYY

• 1D: 0.04%
• 1M: -0.45%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
ICRC Bitwise CRCL Option Income Strategy ETF	-37.60%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-1.79%

Correlation

The correlation between ICRC and FIYY is 0.35, 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 May 5, 2026	0.35

Return for Risk

ICRC vs. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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. FIYY - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.87%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for ICRC and FIYY.

Drawdown Indicators

	ICRC	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	-2.51%	-53.36%
Current Drawdown Current decline from peak	-55.87%	-1.91%	-53.96%
Average Drawdown Average peak-to-trough decline	-34.84%	-1.50%	-33.34%

Volatility

Volatility by Period

	ICRC	FIYY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	68.27%	4.95%	+63.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.27%	4.95%	+63.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.27%	4.95%	+63.32%

ICRC vs. FIYY - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is lower than FIYY's 1.07% expense ratio.

Dividends

ICRC vs. FIYY - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 60.19%, more than FIYY's 1.13% yield.

Position	TTM	2025
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%
ICRC Bitwise CRCL Option Income Strategy ETF	60.19%	17.79%

Frequently Asked Questions

Can I hold both ICRC and FIYY in my portfolio?

ICRC and FIYY have a correlation of 0.35, 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 FIYY?

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 FIYY?

ICRC is cheaper with a 0.98% expense ratio, compared with 1.07% for FIYY.

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

ICRC has the higher dividend yield at 60.19%, compared with 1.13% for FIYY.

What is the main difference between ICRC and FIYY?

They also come from different issuers: Bitwise and GraniteShares. Their fees differ too: 0.98% for ICRC and 1.07% for FIYY.