IGME vs. EIPI

Last updated Jun 13, 2026

IGME (Bitwise GME Option Income Strategy ETF) and EIPI (FT Energy Income Partners Enhanced Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IGME returned 10.17% vs 20.32% for EIPI. At a correlation of -0.07, they often move in opposite directions. IGME charges 0.96%/yr vs 1.11%/yr for EIPI.

Performance

IGME vs. EIPI - Performance Comparison

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

Returns By Period

In the year-to-date period, IGME achieves a 13.80% return, which is significantly lower than EIPI's 14.76% return.

IGME

• 1D: -1.63%
• 1M: 3.03%
• YTD: 13.80%
• 6M: 6.49%
• 1Y: 10.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EIPI

• 1D: 0.50%
• 1M: -0.97%
• YTD: 14.76%
• 6M: 15.05%
• 1Y: 20.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IGME vs. EIPI - Yearly Performance Comparison

	2026 (YTD)	2025
IGME Bitwise GME Option Income Strategy ETF	13.80%	-24.20%
EIPI FT Energy Income Partners Enhanced Income ETF	14.76%	6.90%

Correlation

The correlation between IGME and EIPI is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.07

Return for Risk

IGME vs. EIPI — Risk / Return Rank

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

IGME

IGME Risk / Return Rank: 16
IGME Sharpe Ratio Rank: 17
IGME Sortino Ratio Rank: 18
IGME Omega Ratio Rank: 17
IGME Calmar Ratio Rank: 16
IGME Martin Ratio Rank: 14

EIPI

EIPI Risk / Return Rank: 81
EIPI Sharpe Ratio Rank: 77
EIPI Sortino Ratio Rank: 82
EIPI Omega Ratio Rank: 71
EIPI Calmar Ratio Rank: 91
EIPI Martin Ratio Rank: 83

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. EIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise GME Option Income Strategy ETF (IGME) and FT Energy Income Partners Enhanced Income ETF (EIPI). 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	EIPI	Difference
Sharpe ratio: Return per unit of total volatility	0.47	2.15	-1.69
Sortino ratio: Return per unit of downside risk	0.85	3.18	-2.33
Omega ratio: Gain probability vs. loss probability	1.10	1.37	-0.27
Calmar ratio: Return relative to maximum drawdown	0.50	5.10	-4.61
Martin ratio: Return relative to average drawdown	1.04	14.71	-13.67

IGME vs. EIPI - Sharpe Ratio Comparison

The current IGME Sharpe Ratio is 0.47, which is lower than the EIPI Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of IGME and EIPI, 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. EIPI - Drawdown Comparison

The maximum IGME drawdown since its inception was -26.33%, which is greater than EIPI's maximum drawdown of -12.33%. Use the drawdown chart below to compare losses from any high point for IGME and EIPI.

Drawdown Indicators

	IGME	EIPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.33%	-12.33%	-14.00%
Max Drawdown (1Y) Largest decline over 1 year	-25.70%	-4.00%	-21.70%
Current Drawdown Current decline from peak	-14.30%	-2.44%	-11.86%
Average Drawdown Average peak-to-trough decline	-14.41%	-1.67%	-12.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.23%	1.38%	+10.85%

Volatility

IGME vs. EIPI - Volatility Comparison

Bitwise GME Option Income Strategy ETF (IGME) has a higher volatility of 7.86% compared to FT Energy Income Partners Enhanced Income ETF (EIPI) at 3.18%. This indicates that IGME's price experiences larger fluctuations and is considered to be riskier than EIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IGME	EIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.86%	3.18%	+4.68%
Volatility (6M) Calculated over the trailing 6-month period	19.70%	7.25%	+12.45%
Volatility (1Y) Calculated over the trailing 1-year period	35.22%	9.50%	+25.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.18%	13.02%	+22.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.18%	13.02%	+22.16%

IGME vs. EIPI - Expense Ratio Comparison

IGME has a 0.96% expense ratio, which is lower than EIPI's 1.11% expense ratio.

Dividends

IGME vs. EIPI - Dividend Comparison

IGME's dividend yield for the trailing twelve months is around 87.25%, more than EIPI's 6.77% yield.

Position	TTM	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	6.77%	9.71%	6.31%
IGME Bitwise GME Option Income Strategy ETF	87.25%	69.25%	0.00%

Frequently Asked Questions

Can I hold both IGME and EIPI in my portfolio?

IGME and EIPI have a correlation of -0.06, 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 EIPI?

IGME has higher volatility (7.86%) compared to EIPI (3.18%). In terms of maximum drawdown, IGME dropped -26.33% vs EIPI's -12.33%.

Which ETF is better, IGME or EIPI?

On 1-year performance, EIPI leads with 20.32% vs 10.17% for IGME. On fees, IGME is cheaper at 0.96% per year. On volatility, EIPI has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IGME or EIPI?

Over the 1-year period, EIPI has performed better with a 20.32% return vs 10.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IGME or EIPI?

IGME is cheaper with a 0.96% expense ratio, compared with 1.11% for EIPI.

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

IGME has the higher dividend yield at 87.25%, compared with 6.77% for EIPI.

What is the main difference between IGME and EIPI?

They also come from different issuers: Bitwise and First Trust. Their fees differ too: 0.96% for IGME and 1.11% for EIPI.

Which has better risk-adjusted returns?

EIPI currently has the higher Sharpe Ratio (2.15 vs 0.47), 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.