ICRC vs. PBP
ICRC (Bitwise CRCL Option Income Strategy ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. ICRC is actively managed, while PBP is passively managed. At a 0.44 correlation, their price movements are largely independent. ICRC charges 0.98%/yr vs 0.29%/yr for PBP.
Performance
ICRC vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, ICRC achieves a -29.17% return, which is significantly lower than PBP's 7.22% return.
ICRC
- 1D
- -5.84%
- 1M
- -17.98%
- 6M
- -28.19%
- YTD
- -29.17%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBP
- 1D
- -0.04%
- 1M
- 1.86%
- 6M
- 6.34%
- YTD
- 7.22%
- 1Y
- 17.66%
- 3Y*
- 11.78%
- 5Y*
- 8.42%
- 10Y*
- 7.23%
ICRC vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ICRC Bitwise CRCL Option Income Strategy ETF | -29.17% | -32.14% |
PBP Invesco S&P 500 BuyWrite ETF | 7.22% | 6.34% |
Correlation
The correlation between ICRC and PBP is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.44 |
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Return for Risk
ICRC vs. PBP — Risk / Return Rank
ICRC
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBP
ICRC vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Invesco S&P 500 BuyWrite ETF (PBP). 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 | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.53 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.40 | — |
| Martin ratioReturn relative to average drawdown | — | 17.50 | — |
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Drawdowns
ICRC vs. PBP - Drawdown Comparison
The maximum ICRC drawdown since its inception was -55.87%, which is greater than PBP's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for ICRC and PBP.
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Drawdown Indicators
| ICRC | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.87% | -43.43% | -12.44% |
Max Drawdown (1Y)Largest decline over 1 year | — | -5.22% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -15.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.31% | — |
Current DrawdownCurrent decline from peak | -55.87% | -0.04% | -55.83% |
Average DrawdownAverage peak-to-trough decline | -34.84% | -6.65% | -28.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.01% | — |
Volatility
ICRC vs. PBP - Volatility Comparison
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Volatility by Period
| ICRC | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.59% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.04% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 68.27% | 7.23% | +61.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.27% | 11.86% | +56.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.27% | 13.65% | +54.62% |
ICRC vs. PBP - Expense Ratio Comparison
ICRC has a 0.98% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
ICRC vs. PBP - Dividend Comparison
ICRC's dividend yield for the trailing twelve months is around 60.19%, more than PBP's 11.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ICRC Bitwise CRCL Option Income Strategy ETF | 60.19% | 17.79% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBP Invesco S&P 500 BuyWrite ETF | 11.06% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
Frequently Asked Questions
ICRC and PBP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, PBP is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
PBP is cheaper with a 0.29% expense ratio, compared with 0.98% for ICRC.
ICRC has the higher dividend yield at 60.19%, compared with 11.06% for PBP.
They also come from different issuers: Bitwise and Invesco. Their fees differ too: 0.98% for ICRC and 0.29% for PBP.
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