IETH vs. ICRC

Last updated Jun 4, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and ICRC (Bitwise CRCL Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. IETH charges 0.97%/yr vs 0.98%/yr for ICRC.

Performance

IETH vs. ICRC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) and Bitwise CRCL Option Income Strategy ETF (ICRC). 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 ICRC's -5.38% return.

IETH

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

ICRC

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

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

IETH vs. ICRC - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-33.82%	-28.43%
ICRC Bitwise CRCL Option Income Strategy ETF	-5.38%	-36.21%

Correlation

The correlation between IETH and ICRC is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.62

Return for Risk

IETH vs. ICRC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) and Bitwise CRCL Option Income Strategy ETF (ICRC). 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	ICRC	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	-0.79	-0.34

Drawdowns

IETH vs. ICRC - Drawdown Comparison

The maximum IETH drawdown since its inception was -55.94%, roughly equal to the maximum ICRC drawdown of -55.65%. Use the drawdown chart below to compare losses from any high point for IETH and ICRC.

Drawdown Indicators

	IETH	ICRC	Difference
Max Drawdown Largest peak-to-trough decline	-55.94%	-55.65%	-0.29%
Current Drawdown Current decline from peak	-54.25%	-41.04%	-13.21%
Average Drawdown Average peak-to-trough decline	-37.10%	-32.47%	-4.63%

Volatility

Volatility by Period

	IETH	ICRC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	59.79%	67.59%	-7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.79%	67.59%	-7.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.79%	67.59%	-7.80%

IETH vs. ICRC - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is lower than ICRC's 0.98% expense ratio.

Dividends

IETH vs. ICRC - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 46.99%, more than ICRC's 42.62% yield.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	42.62%	17.79%
IETH Bitwise Ethereum Option Income Strategy ETF	46.99%	18.26%

Frequently Asked Questions

Can I hold both IETH and ICRC in my portfolio?

IETH and ICRC have a correlation of 0.62, 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 ICRC?

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 ICRC?

IETH is cheaper with a 0.97% expense ratio, compared with 0.98% for ICRC.

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

IETH has the higher dividend yield at 46.99%, compared with 42.62% for ICRC.

What is the main difference between IETH and ICRC?

Their fees differ too: 0.97% for IETH and 0.98% for ICRC.