IETH vs. BITC

Last updated Jun 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both exchange-traded funds - IETH is a Derivative Income fund actively managed by Bitwise, while BITC is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 0.88%/yr for BITC.

Performance

IETH vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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 BITC's 6.98% return.

IETH

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

BITC

• 1D: -0.00%
• 1M: -4.31%
• YTD: 6.98%
• 6M: -1.22%
• 1Y: -15.09%
• 3Y*: 36.02%
• 5Y*: —
• 10Y*: —

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

IETH vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-33.82%	-28.43%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	6.98%	-16.84%

Correlation

The correlation between IETH and BITC is 0.42, 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 3, 2025	0.42

Return for Risk

IETH vs. BITC — Risk / Return Rank

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

BITC

BITC Risk / Return Rank: 4
BITC Sharpe Ratio Rank: 4
BITC Sortino Ratio Rank: 4
BITC Omega Ratio Rank: 3
BITC Calmar Ratio Rank: 4
BITC Martin Ratio Rank: 5

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.

IETH vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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	BITC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	0.68	-1.81

Drawdowns

IETH vs. BITC - Drawdown Comparison

The maximum IETH drawdown since its inception was -55.94%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for IETH and BITC.

Drawdown Indicators

	IETH	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-55.94%	-38.51%	-17.43%
Max Drawdown (1Y) Largest decline over 1 year	—	-26.51%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-38.51%	—
Current Drawdown Current decline from peak	-54.25%	-26.48%	-27.77%
Average Drawdown Average peak-to-trough decline	-37.10%	-16.37%	-20.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	18.37%	—

Volatility

Volatility by Period

	IETH	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	19.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.79%	25.54%	+34.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.79%	46.65%	+13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.79%	46.65%	+13.14%

IETH vs. BITC - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is higher than BITC's 0.88% expense ratio.

Dividends

IETH vs. BITC - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.99%, more than BITC's 3.14% yield.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.14%	3.36%	42.68%	5.82%
IETH Bitwise Ethereum Option Income Strategy ETF	46.99%	18.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IETH and BITC in my portfolio?

IETH and BITC have a correlation of 0.42, 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 BITC?

On fees, BITC is cheaper at 0.88% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or BITC?

BITC is cheaper with a 0.88% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 46.99%, compared with 3.14% for BITC.

What is the main difference between IETH and BITC?

IETH is categorized as Derivative Income, while BITC is Cryptocurrency. Their fees differ too: 0.97% for IETH and 0.88% for BITC.