ICRC vs. IETH
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. Their 0.63 correlation means they have sometimes moved together and sometimes differently. ICRC charges 0.98%/yr vs 0.97%/yr for IETH.
Performance
ICRC vs. IETH - Performance Comparison
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Returns By Period
In the year-to-date period, ICRC achieves a -28.31% return, which is significantly higher than IETH's -32.43% return.
ICRC
- 1D
- -0.34%
- 1M
- -3.85%
- 6M
- -15.91%
- YTD
- -28.31%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
IETH
- 1D
- 0.43%
- 1M
- 7.22%
- 6M
- -25.89%
- YTD
- -32.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.94K | $14.71K | $12.75K | |
| $5.90K | $4.22K | $6.65K |
ICRC vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICRC Bitwise CRCL Option Income Strategy ETF | -28.31% | -32.14% |
IETH Bitwise Ethereum Option Income Strategy ETF | -32.43% | -27.34% |
Correlation
The correlation between ICRC and IETH is 0.63, 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 | 0.63 |
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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.
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.
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Drawdowns
ICRC vs. IETH - Drawdown Comparison
The maximum ICRC drawdown since its inception was -56.09%, smaller than the maximum IETH drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for ICRC and IETH.
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Drawdown Indicators
| ICRC | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.09% | -59.76% | +3.67% |
Current DrawdownCurrent decline from peak | -55.33% | -53.29% | -2.04% |
Average DrawdownAverage peak-to-trough decline | -35.92% | -40.45% | +4.53% |
Volatility
ICRC vs. IETH - Volatility Comparison
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Volatility by Period
| ICRC | IETH | Difference | |
|---|---|---|---|
Volatility (1Y)Calculated over the trailing 1-year period | 66.48% | 57.92% | +8.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.48% | 57.92% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.48% | 57.92% | +8.56% |
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 59.47%, more than IETH's 46.82% yield.
| Position | TTM | 2025 |
|---|---|---|
ICRC Bitwise CRCL Option Income Strategy ETF | 59.47% | 17.79% |
IETH Bitwise Ethereum Option Income Strategy ETF | 46.82% | 18.26% |
Frequently Asked Questions
ICRC and IETH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IETH is cheaper with a 0.97% expense ratio, compared with 0.98% for ICRC.
ICRC has the higher dividend yield at 59.47%, compared with 46.82% for IETH.
Their fees differ too: 0.98% for ICRC and 0.97% for IETH.
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