IETH vs. USFR

Last updated Jun 24, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - IETH is a Derivative Income fund actively managed by Bitwise, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. IETH is actively managed, while USFR is passively managed. At a correlation of -0.13, they often move in opposite directions. IETH charges 0.97%/yr vs 0.15%/yr for USFR.

Performance

IETH vs. USFR - Performance Comparison

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

Returns By Period

In the year-to-date period, IETH achieves a -38.45% return, which is significantly lower than USFR's 1.82% return.

IETH

• 1D: -3.27%
• 1M: -17.57%
• YTD: -38.45%
• 6M: -35.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.04%
• 1M: 0.33%
• YTD: 1.82%
• 6M: 1.92%
• 1Y: 3.99%
• 3Y*: 4.74%
• 5Y*: 3.71%
• 10Y*: 2.43%

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

IETH vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-38.45%	-27.34%
USFR WisdomTree Floating Rate Treasury Fund	1.82%	1.06%

Correlation

The correlation between IETH and USFR is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	-0.13

Return for Risk

IETH vs. USFR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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.

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	—	14.67	—
Sortino ratio: Return per unit of downside risk	—	50.13	—
Omega ratio: Gain probability vs. loss probability	—	13.31	—
Calmar ratio: Return relative to maximum drawdown	—	201.33	—
Martin ratio: Return relative to average drawdown	—	779.76	—

Drawdowns

IETH vs. USFR - Drawdown Comparison

The maximum IETH drawdown since its inception was -59.55%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for IETH and USFR.

Drawdown Indicators

	IETH	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-59.55%	-1.36%	-58.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-0.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-57.45%	0.00%	-57.45%
Average Drawdown Average peak-to-trough decline	-38.29%	-0.15%	-38.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	IETH	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.09%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.19%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.54%	0.27%	+60.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.54%	0.40%	+60.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.54%	0.78%	+59.76%

IETH vs. USFR - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

IETH vs. USFR - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 50.52%, more than USFR's 3.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IETH Bitwise Ethereum Option Income Strategy ETF	50.52%	18.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.90%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both IETH and USFR in my portfolio?

IETH and USFR have a correlation of -0.13, 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 USFR?

On fees, USFR is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.97% for IETH.

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

IETH has the higher dividend yield at 50.52%, compared with 3.90% for USFR.

What is the main difference between IETH and USFR?

IETH is categorized as Derivative Income, while USFR is Government Bonds. They also come from different issuers: Bitwise and WisdomTree. Their fees differ too: 0.97% for IETH and 0.15% for USFR.