ICRC vs. IMST

Last updated Jun 4, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and IMST (Bitwise Funds Trust) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.61 correlation means they provide meaningful diversification when combined. ICRC charges 0.98%/yr vs 0.99%/yr for IMST.

Performance

ICRC vs. IMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Funds Trust (IMST). 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 IMST's -14.98% return.

ICRC

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

IMST

• 1D: -5.79%
• 1M: -25.22%
• YTD: -14.98%
• 6M: -28.07%
• 1Y: -62.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-5.38%	-36.21%
IMST Bitwise Funds Trust	-14.98%	-51.61%

Correlation

The correlation between ICRC and IMST is 0.61, 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	0.61

Return for Risk

ICRC vs. IMST — Risk / Return Rank

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

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 1
IMST Sortino Ratio Rank: 1
IMST Omega Ratio Rank: 1
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

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. IMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Funds Trust (IMST). 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	IMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.80	+0.01

Drawdowns

ICRC vs. IMST - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, smaller than the maximum IMST drawdown of -69.86%. Use the drawdown chart below to compare losses from any high point for ICRC and IMST.

Drawdown Indicators

	ICRC	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-69.86%	+14.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-69.86%	—
Current Drawdown Current decline from peak	-41.04%	-66.74%	+25.70%
Average Drawdown Average peak-to-trough decline	-32.47%	-35.27%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	46.22%	—

Volatility

Volatility by Period

	ICRC	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.83%	—
Volatility (6M) Calculated over the trailing 6-month period	—	44.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.59%	56.91%	+10.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.59%	59.73%	+7.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.59%	59.73%	+7.86%

ICRC vs. IMST - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is lower than IMST's 0.99% expense ratio.

Dividends

ICRC vs. IMST - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 42.62%, less than IMST's 221.80% yield.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	42.62%	17.79%
IMST Bitwise Funds Trust	221.80%	195.93%

Frequently Asked Questions

Can I hold both ICRC and IMST in my portfolio?

ICRC and IMST have a correlation of 0.61, 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 IMST?

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 IMST?

ICRC is cheaper with a 0.98% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 221.80%, compared with 42.62% for ICRC.

What is the main difference between ICRC and IMST?

Their fees differ too: 0.98% for ICRC and 0.99% for IMST.