ICRC vs. ICOI

Last updated Jun 5, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.68 correlation means they provide meaningful diversification when combined. Both charge a 0.98% expense ratio.

Performance

ICRC vs. ICOI - Performance Comparison

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

Returns By Period

In the year-to-date period, ICRC achieves a -4.96% return, which is significantly higher than ICOI's -21.96% return.

ICRC

• 1D: 0.44%
• 1M: -15.52%
• YTD: -4.96%
• 6M: -8.21%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: 0.47%
• 1M: -8.47%
• YTD: -21.96%
• 6M: -32.06%
• 1Y: -41.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-4.96%	-36.21%
ICOI Bitwise COIN Option Income Strategy ETF	-21.96%	-34.73%

Correlation

The correlation between ICRC and ICOI is 0.68, 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 3, 2025	0.68

Return for Risk

ICRC vs. ICOI — Risk / Return Rank

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

ICOI

ICOI Risk / Return Rank: 3
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 3
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 4

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. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise COIN Option Income Strategy ETF (ICOI). 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.

Sharpe Ratios by Period

	ICRC	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.49	-0.29

Drawdowns

ICRC vs. ICOI - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, roughly equal to the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for ICRC and ICOI.

Drawdown Indicators

	ICRC	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-58.10%	+2.45%
Max Drawdown (1Y) Largest decline over 1 year	—	-58.10%	—
Current Drawdown Current decline from peak	-40.78%	-55.09%	+14.31%
Average Drawdown Average peak-to-trough decline	-32.52%	-27.52%	-5.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	36.64%	—

Volatility

Volatility by Period

	ICRC	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.40%	49.23%	+18.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.40%	50.32%	+17.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.40%	50.32%	+17.08%

ICRC vs. ICOI - Expense Ratio Comparison

Both ICRC and ICOI have an expense ratio of 0.98%.

Dividends

ICRC vs. ICOI - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 42.44%, less than ICOI's 336.45% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	336.45%	247.40%
ICRC Bitwise CRCL Option Income Strategy ETF	42.44%	17.79%

Frequently Asked Questions

Can I hold both ICRC and ICOI in my portfolio?

ICRC and ICOI have a correlation of 0.68, 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 ICOI?

Both ETFs have the same 0.98% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or ICOI?

ICRC and ICOI have the same expense ratio: 0.98% per year.

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

ICOI has the higher dividend yield at 336.45%, compared with 42.44% for ICRC.