ICRC vs. IMRA

Last updated Jul 17, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and IMRA (Bitwise MARA Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. Both charge a 0.98% expense ratio.

Performance

ICRC vs. IMRA - Performance Comparison

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

Returns By Period

In the year-to-date period, ICRC achieves a -29.17% return, which is significantly lower than IMRA's 13.16% return.

ICRC

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

IMRA

• 1D: -5.14%
• 1M: -12.18%
• 6M: -3.16%
• YTD: 13.16%
• 1Y: -46.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. IMRA - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-29.17%	-32.14%
IMRA Bitwise MARA Option Income Strategy ETF	13.16%	-47.51%

Correlation

The correlation between ICRC and IMRA is 0.51, 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 2, 2025	0.51

Return for Risk

ICRC vs. IMRA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

IMRA

IMRA Risk / Return Rank: 3
IMRA Sharpe Ratio Rank: 3
IMRA Sortino Ratio Rank: 4
IMRA Omega Ratio Rank: 3
IMRA Calmar Ratio Rank: 3
IMRA 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. IMRA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise MARA Option Income Strategy ETF (IMRA). 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	IMRA	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.76	—
Sortino ratio: Return per unit of downside risk	—	-0.99	—
Omega ratio: Gain probability vs. loss probability	—	0.88	—
Calmar ratio: Return relative to maximum drawdown	—	-0.76	—
Martin ratio: Return relative to average drawdown	—	-1.15	—

Drawdowns

ICRC vs. IMRA - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.87%, smaller than the maximum IMRA drawdown of -61.55%. Use the drawdown chart below to compare losses from any high point for ICRC and IMRA.

Drawdown Indicators

	ICRC	IMRA	Difference
Max Drawdown Largest peak-to-trough decline	-55.87%	-61.55%	+5.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-61.55%	—
Current Drawdown Current decline from peak	-55.87%	-48.49%	-7.38%
Average Drawdown Average peak-to-trough decline	-34.84%	-29.52%	-5.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	40.69%	—

Volatility

Volatility by Period

	ICRC	IMRA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.73%	—
Volatility (1Y) Calculated over the trailing 1-year period	68.27%	61.21%	+7.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.27%	60.64%	+7.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.27%	60.64%	+7.63%

ICRC vs. IMRA - Expense Ratio Comparison

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

Dividends

ICRC vs. IMRA - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 60.19%, less than IMRA's 114.25% yield.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	60.19%	17.79%
IMRA Bitwise MARA Option Income Strategy ETF	114.25%	188.74%

Frequently Asked Questions

Can I hold both ICRC and IMRA in my portfolio?

ICRC and IMRA have a correlation of 0.51, 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 IMRA?

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 IMRA?

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

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

IMRA has the higher dividend yield at 114.25%, compared with 60.19% for ICRC.