ICRC vs. OWNB

Last updated Aug 2, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and OWNB (Bitwise Bitcoin Standard Corporations ETF) are both exchange-traded funds - ICRC is a Derivative Income fund actively managed by Bitwise, while OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde. ICRC is actively managed, while OWNB is passively managed. Their 0.66 correlation means they have sometimes moved together and sometimes differently. ICRC charges 0.98%/yr vs 0.85%/yr for OWNB.

Performance

ICRC vs. OWNB - Performance Comparison

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

Returns By Period

In the year-to-date period, ICRC achieves a -28.31% return, which is significantly lower than OWNB's -21.50% return.

ICRC

• 1D: -0.34%
• 1M: -3.85%
• 6M: -15.91%
• YTD: -28.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

OWNB

• 1D: -3.47%
• 1M: -5.79%
• 6M: -22.86%
• YTD: -21.50%
• 1Y: -43.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.72%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICRC Bitwise CRCL Option Income Strategy ETF	$21.94K	$14.71K	$12.75K
OWNB Bitwise Bitcoin Standard Corporations ETF	$41.97K	$39.40K	$156.27K

ICRC vs. OWNB - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-28.31%	-32.14%
OWNB Bitwise Bitcoin Standard Corporations ETF	-21.50%	-36.75%

Correlation

The correlation between ICRC and OWNB is 0.66, 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	0.66

Return for Risk

ICRC vs. OWNB — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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.

OWNB

OWNB Risk / Return Rank: 3
OWNB Sharpe Ratio Rank: 3
OWNB Sortino Ratio Rank: 3
OWNB Omega Ratio Rank: 3
OWNB Calmar Ratio Rank: 3
OWNB Martin Ratio Rank: 3

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ICRC vs. OWNB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Bitwise Bitcoin Standard Corporations ETF (OWNB). 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	OWNB	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.81	—
Sortino ratio: Return per unit of downside risk	—	-1.11	—
Omega ratio: Gain probability vs. loss probability	—	0.88	—
Calmar ratio: Return relative to maximum drawdown	—	-0.80	—
Martin ratio: Return relative to average drawdown	—	-1.21	—

Drawdowns

ICRC vs. OWNB - Drawdown Comparison

The maximum ICRC drawdown since its inception was -56.09%, smaller than the maximum OWNB drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for ICRC and OWNB.

Drawdown Indicators

	ICRC	OWNB	Difference
Max Drawdown Largest peak-to-trough decline	-56.09%	-59.47%	+3.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-59.47%	—
Current Drawdown Current decline from peak	-55.33%	-55.77%	+0.44%
Average Drawdown Average peak-to-trough decline	-35.92%	-27.87%	-8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	39.33%	—

Volatility

Volatility by Period

	ICRC	OWNB	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.88%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.86%	—
Volatility (1Y) Calculated over the trailing 1-year period	66.48%	59.31%	+7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.48%	62.08%	+4.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.48%	62.08%	+4.40%

ICRC vs. OWNB - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is higher than OWNB's 0.85% expense ratio.

Dividends

ICRC vs. OWNB - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 59.47%, more than OWNB's 1.11% yield.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	59.47%	17.79%
OWNB Bitwise Bitcoin Standard Corporations ETF	1.11%	0.87%

Frequently Asked Questions

Can I hold both ICRC and OWNB in my portfolio?

ICRC and OWNB have a correlation of 0.66, 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 OWNB?

On fees, OWNB is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ICRC or OWNB?

OWNB is cheaper with a 0.85% expense ratio, compared with 0.98% for ICRC.

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

ICRC has the higher dividend yield at 59.47%, compared with 1.11% for OWNB.

What is the main difference between ICRC and OWNB?

ICRC is categorized as Derivative Income, while OWNB is Blockchain. Their fees differ too: 0.98% for ICRC and 0.85% for OWNB.