IETH vs. ARMW

Last updated Jun 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 0.99%/yr for ARMW.

Performance

IETH vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IETH achieves a -33.82% return, which is significantly lower than ARMW's 363.23% return.

IETH

• 1D: -5.08%
• 1M: -18.82%
• YTD: -33.82%
• 6M: -35.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IETH vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-33.82%	-17.90%
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%

Correlation

The correlation between IETH and ARMW is 0.34, 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 24, 2025	0.34

Return for Risk

IETH vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) and Roundhill ARM WeeklyPay ETF (ARMW). 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

	IETH	ARMW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	4.96	-6.09

Drawdowns

IETH vs. ARMW - Drawdown Comparison

The maximum IETH drawdown since its inception was -55.94%, which is greater than ARMW's maximum drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for IETH and ARMW.

Drawdown Indicators

	IETH	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-55.94%	-48.47%	-7.47%
Current Drawdown Current decline from peak	-54.25%	0.00%	-54.25%
Average Drawdown Average peak-to-trough decline	-37.10%	-26.55%	-10.55%

Volatility

Volatility by Period

	IETH	ARMW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	59.79%	88.46%	-28.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.79%	88.46%	-28.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.79%	88.46%	-28.67%

IETH vs. ARMW - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

IETH vs. ARMW - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.99%, more than ARMW's 15.20% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%
IETH Bitwise Ethereum Option Income Strategy ETF	46.99%	18.26%

Frequently Asked Questions

Can I hold both IETH and ARMW in my portfolio?

IETH and ARMW have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IETH or ARMW?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or ARMW?

IETH is cheaper with a 0.97% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, IETH or ARMW?

IETH has the higher dividend yield at 46.99%, compared with 15.20% for ARMW.

What is the main difference between IETH and ARMW?

They also come from different issuers: Bitwise and Roundhill Investments. Their fees differ too: 0.97% for IETH and 0.99% for ARMW.