IGME vs. AETH

Last updated Jul 17, 2026

IGME (Bitwise GME Option Income Strategy ETF) and AETH (Bitwise Ethereum Strategy ETF) are both exchange-traded funds - IGME is a Derivative Income fund actively managed by Bitwise, while AETH is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. Over the past year, IGME returned 3.60% vs -32.05% for AETH. At a 0.14 correlation, their price movements are largely independent. IGME charges 0.96%/yr vs 0.90%/yr for AETH.

Performance

IGME vs. AETH - Performance Comparison

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

Returns By Period

In the year-to-date period, IGME achieves a 16.18% return, which is significantly higher than AETH's -15.44% return.

IGME

• 1D: -1.26%
• 1M: 3.48%
• 6M: 9.69%
• YTD: 16.18%
• 1Y: 3.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AETH

• 1D: -2.59%
• 1M: -6.35%
• 6M: -19.73%
• YTD: -15.44%
• 1Y: -32.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IGME vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025
IGME Bitwise GME Option Income Strategy ETF	16.18%	-24.20%
AETH Bitwise Ethereum Strategy ETF	-15.44%	-5.32%

Correlation

The correlation between IGME and AETH is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.14

Return for Risk

IGME vs. AETH — Risk / Return Rank

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

IGME

IGME Risk / Return Rank: 12
IGME Sharpe Ratio Rank: 12
IGME Sortino Ratio Rank: 12
IGME Omega Ratio Rank: 11
IGME Calmar Ratio Rank: 12
IGME Martin Ratio Rank: 11

AETH

AETH Risk / Return Rank: 4
AETH Sharpe Ratio Rank: 3
AETH Sortino Ratio Rank: 3
AETH Omega Ratio Rank: 2
AETH Calmar Ratio Rank: 4
AETH 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.

IGME vs. AETH - Risk-Adjusted Trends Comparison

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

	IGME	AETH	Difference
Sharpe ratio: Return per unit of total volatility	0.13	-0.77	+0.90
Sortino ratio: Return per unit of downside risk	0.39	-1.04	+1.43
Omega ratio: Gain probability vs. loss probability	1.04	0.84	+0.20
Calmar ratio: Return relative to maximum drawdown	0.14	-0.63	+0.77
Martin ratio: Return relative to average drawdown	0.28	-0.93	+1.21

IGME vs. AETH - Sharpe Ratio Comparison

The current IGME Sharpe Ratio is 0.13, which is higher than the AETH Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of IGME and AETH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IGME vs. AETH - Drawdown Comparison

The maximum IGME drawdown since its inception was -26.33%, smaller than the maximum AETH drawdown of -51.08%. Use the drawdown chart below to compare losses from any high point for IGME and AETH.

Drawdown Indicators

	IGME	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-26.33%	-51.08%	+24.75%
Max Drawdown (1Y) Largest decline over 1 year	-25.70%	-51.08%	+25.38%
Current Drawdown Current decline from peak	-12.51%	-47.37%	+34.86%
Average Drawdown Average peak-to-trough decline	-14.32%	-25.61%	+11.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.77%	34.63%	-21.86%

Volatility

IGME vs. AETH - Volatility Comparison

The current volatility for Bitwise GME Option Income Strategy ETF (IGME) is 6.57%, while Bitwise Ethereum Strategy ETF (AETH) has a volatility of 10.54%. This indicates that IGME experiences smaller price fluctuations and is considered to be less risky than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGME	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	10.54%	-3.97%
Volatility (6M) Calculated over the trailing 6-month period	19.08%	26.03%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	27.03%	43.36%	-16.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.31%	53.90%	-19.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.31%	53.90%	-19.59%

IGME vs. AETH - Expense Ratio Comparison

IGME has a 0.96% expense ratio, which is higher than AETH's 0.90% expense ratio.

Dividends

IGME vs. AETH - Dividend Comparison

IGME's dividend yield for the trailing twelve months is around 88.66%, more than AETH's 2.85% yield.

Position	TTM	2025	2024	2023
AETH Bitwise Ethereum Strategy ETF	2.85%	2.41%	14.73%	6.64%
IGME Bitwise GME Option Income Strategy ETF	88.66%	69.25%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IGME and AETH in my portfolio?

IGME and AETH have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IGME or AETH?

AETH has higher volatility (10.54%) compared to IGME (6.57%). In terms of maximum drawdown, IGME dropped -26.33% vs AETH's -51.08%.

Which ETF is better, IGME or AETH?

On 1-year performance, IGME leads with 3.60% vs -32.05% for AETH. On fees, AETH is cheaper at 0.90% per year. On volatility, IGME has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGME or AETH?

Over the 1-year period, IGME has performed better with a 3.60% return vs -32.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGME or AETH?

AETH is cheaper with a 0.90% expense ratio, compared with 0.96% for IGME.

Which ETF pays a higher dividend yield, IGME or AETH?

IGME has the higher dividend yield at 88.66%, compared with 2.85% for AETH.

What is the main difference between IGME and AETH?

IGME is categorized as Derivative Income, while AETH is Cryptocurrency. Their fees differ too: 0.96% for IGME and 0.90% for AETH.

Which has better risk-adjusted returns?

IGME currently has the higher Sharpe Ratio (0.13 vs -0.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.