ICRC vs. USOY

Last updated Jun 4, 2026

ICRC (Bitwise CRCL Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. ICRC charges 0.98%/yr vs 1.22%/yr for USOY.

Performance

ICRC vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise CRCL Option Income Strategy ETF (ICRC) and Defiance Oil Enhanced Options Income ETF (USOY). 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 lower than USOY's 62.18% return.

ICRC

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

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ICRC vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
ICRC Bitwise CRCL Option Income Strategy ETF	-5.38%	-36.21%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-0.53%

Correlation

The correlation between ICRC and USOY is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.01

Return for Risk

ICRC vs. USOY — Risk / Return Rank

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

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise CRCL Option Income Strategy ETF (ICRC) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	0.99	-1.78

Drawdowns

ICRC vs. USOY - Drawdown Comparison

The maximum ICRC drawdown since its inception was -55.65%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for ICRC and USOY.

Drawdown Indicators

	ICRC	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-55.65%	-17.46%	-38.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.29%	—
Current Drawdown Current decline from peak	-41.04%	-5.11%	-35.93%
Average Drawdown Average peak-to-trough decline	-32.47%	-6.47%	-26.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.42%	—

Volatility

Volatility by Period

	ICRC	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.62%	—
Volatility (6M) Calculated over the trailing 6-month period	—	27.18%	—
Volatility (1Y) Calculated over the trailing 1-year period	67.59%	30.44%	+37.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.59%	26.13%	+41.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.59%	26.13%	+41.46%

ICRC vs. USOY - Expense Ratio Comparison

ICRC has a 0.98% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

ICRC vs. USOY - Dividend Comparison

ICRC's dividend yield for the trailing twelve months is around 42.62%, less than USOY's 54.16% yield.

Position	TTM	2025	2024
ICRC Bitwise CRCL Option Income Strategy ETF	42.62%	17.79%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both ICRC and USOY in my portfolio?

ICRC and USOY have a correlation of 0.01, 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 USOY?

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 USOY?

ICRC is cheaper with a 0.98% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 54.16%, compared with 42.62% for ICRC.

What is the main difference between ICRC and USOY?

They also come from different issuers: Bitwise and Defiance. Their fees differ too: 0.98% for ICRC and 1.22% for USOY.