IETH vs. ETHW

Last updated Aug 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and ETHW (Bitwise Ethereum ETF) are both exchange-traded funds - IETH is a Derivative Income fund actively managed by Bitwise, while ETHW is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. Their 0.96 correlation means they have historically moved very closely together. IETH charges 0.97%/yr vs 0.20%/yr for ETHW.

Performance

IETH vs. ETHW - Performance Comparison

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

Returns By Period

In the year-to-date period, IETH achieves a -32.43% return, which is significantly higher than ETHW's -37.19% return.

IETH

• 1D: 0.43%
• 1M: 7.22%
• 6M: -14.64%
• YTD: -32.43%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ETHW

• 1D: 0.15%
• 1M: 9.78%
• 6M: -19.61%
• YTD: -37.19%
• 1Y: -46.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.82%

*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)
ETHW Bitwise Ethereum ETF	$13.85M	$11.83M	$10.74M
IETH Bitwise Ethereum Option Income Strategy ETF	$5.90K	$4.22K	$6.65K

IETH vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-32.43%	-27.34%
ETHW Bitwise Ethereum ETF	-37.19%	-31.54%

Correlation

The correlation between IETH and ETHW is 0.96 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.96

Return for Risk

IETH vs. ETHW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IETH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ETHW

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

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.

IETH vs. ETHW - Risk-Adjusted Trends Comparison

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

	IETH	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.70	—
Sortino ratio: Return per unit of downside risk	—	-0.86	—
Omega ratio: Gain probability vs. loss probability	—	0.90	—
Calmar ratio: Return relative to maximum drawdown	—	-0.69	—
Martin ratio: Return relative to average drawdown	—	-1.03	—

Drawdowns

IETH vs. ETHW - Drawdown Comparison

The maximum IETH drawdown since its inception was -59.76%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for IETH and ETHW.

Drawdown Indicators

	IETH	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-59.76%	-67.89%	+8.13%
Max Drawdown (1Y) Largest decline over 1 year	—	-67.89%	—
Current Drawdown Current decline from peak	-53.29%	-61.49%	+8.20%
Average Drawdown Average peak-to-trough decline	-40.45%	-35.25%	-5.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	45.54%	—

Volatility

Volatility by Period

	IETH	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.27%	—
Volatility (6M) Calculated over the trailing 6-month period	—	45.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	57.92%	67.02%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.92%	71.06%	-13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.92%	71.06%	-13.14%

IETH vs. ETHW - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

IETH vs. ETHW - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.82%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025
ETHW Bitwise Ethereum ETF	0.00%	0.00%
IETH Bitwise Ethereum Option Income Strategy ETF	46.82%	18.26%

Frequently Asked Questions

Can I hold both IETH and ETHW in my portfolio?

With a correlation of 0.96, IETH and ETHW move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, IETH or ETHW?

On fees, ETHW is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 46.82%, compared with 0.00% for ETHW.

What is the main difference between IETH and ETHW?

IETH is categorized as Derivative Income, while ETHW is Cryptocurrency. Their fees differ too: 0.97% for IETH and 0.20% for ETHW.