ICRC vs. IETH

Last updated Jun 4, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. ICRC charges 0.98%/yr vs 0.97%/yr for IETH.

Performance

ICRC vs. IETH - 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 Option Income Strategy ETF (IETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICRC achieves a -5.38% return, which is significantly higher than IETH's -34.74% return.

ICRC

• 1D: -8.76%
• 1M: -16.63%
• YTD: -5.38%
• 6M: -7.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IETH

• 1D: -1.39%
• 1M: -20.40%
• YTD: -34.74%
• 6M: -36.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. IETH - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-5.38%	-36.21%
IETH Bitwise Ethereum Option Income Strategy ETF	-34.74%	-28.43%

Correlation

The correlation between ICRC and IETH is 0.62, 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	0.62

Return for Risk

ICRC vs. IETH - 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 Option Income Strategy ETF (IETH). 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	IETH	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-1.15	+0.35

Drawdowns

ICRC vs. IETH - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, roughly equal to the maximum IETH drawdown of -55.94%. Use the drawdown chart below to compare losses from any high point for ICRC and IETH.

Drawdown Indicators

	ICRC	IETH	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-55.94%	+0.29%
Current Drawdown Current decline from peak	-41.04%	-54.89%	+13.85%
Average Drawdown Average peak-to-trough decline	-32.47%	-37.21%	+4.74%

Volatility

Volatility by Period

	ICRC	IETH	Difference
Volatility (1Y) Calculated over the trailing 1-year period	67.59%	59.62%	+7.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.59%	59.62%	+7.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.59%	59.62%	+7.97%

ICRC vs. IETH - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is higher than IETH's 0.97% expense ratio.

Dividends

ICRC vs. IETH - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 42.62%, less than IETH's 47.65% yield.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	42.62%	17.79%
IETH Bitwise Ethereum Option Income Strategy ETF	47.65%	18.26%

Frequently Asked Questions

Can I hold both ICRC and IETH in my portfolio?

ICRC and IETH have a correlation of 0.62, 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 IETH?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or IETH?

IETH is cheaper with a 0.97% expense ratio, compared with 0.98% for ICRC.

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

IETH has the higher dividend yield at 47.65%, compared with 42.62% for ICRC.

What is the main difference between ICRC and IETH?

Their fees differ too: 0.98% for ICRC and 0.97% for IETH.