IETH vs. MRNY
IETH (Bitwise Ethereum Option Income Strategy ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.21 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 0.99%/yr for MRNY.
Performance
IETH vs. MRNY - Performance Comparison
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Returns By Period
In the year-to-date period, IETH achieves a -34.74% return, which is significantly lower than MRNY's 55.67% return.
IETH
- 1D
- -1.39%
- 1M
- -20.40%
- YTD
- -34.74%
- 6M
- -36.49%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MRNY
- 1D
- 2.69%
- 1M
- 7.98%
- YTD
- 55.67%
- 6M
- 64.78%
- 1Y
- 53.27%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH vs. MRNY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | -34.74% | -28.43% |
MRNY YieldMax MRNA Option Income Strategy ETF | 55.67% | 0.57% |
Correlation
The correlation between IETH and MRNY is 0.21, 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 | 0.21 |
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Return for Risk
IETH vs. MRNY — Risk / Return Rank
IETH
MRNY
IETH vs. MRNY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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.
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Sharpe Ratios by Period
| IETH | MRNY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 1.08 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.15 | -0.48 | -0.67 |
Drawdowns
IETH vs. MRNY - Drawdown Comparison
The maximum IETH drawdown since its inception was -55.94%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for IETH and MRNY.
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Drawdown Indicators
| IETH | MRNY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.94% | -82.15% | +26.21% |
Max Drawdown (1Y)Largest decline over 1 year | — | -31.53% | — |
Current DrawdownCurrent decline from peak | -54.89% | -67.23% | +12.34% |
Average DrawdownAverage peak-to-trough decline | -37.21% | -52.64% | +15.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 16.15% | — |
Volatility
IETH vs. MRNY - Volatility Comparison
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Volatility by Period
| IETH | MRNY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.53% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 37.11% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.62% | 49.38% | +10.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.62% | 50.75% | +8.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.62% | 50.75% | +8.87% |
IETH vs. MRNY - Expense Ratio Comparison
IETH has a 0.97% expense ratio, which is lower than MRNY's 0.99% expense ratio.
Dividends
IETH vs. MRNY - Dividend Comparison
IETH's dividend yield for the trailing twelve months is around 47.65%, less than MRNY's 100.06% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 47.65% | 18.26% | 0.00% | 0.00% |
MRNY YieldMax MRNA Option Income Strategy ETF | 100.06% | 145.98% | 178.49% | 1.75% |
Frequently Asked Questions
IETH and MRNY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IETH is cheaper with a 0.97% expense ratio, compared with 0.99% for MRNY.
MRNY has the higher dividend yield at 100.06%, compared with 47.65% for IETH.
They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.97% for IETH and 0.99% for MRNY.
Find the right allocation for IETH and MRNY
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