IGME vs. ICOI
IGME (Bitwise GME Option Income Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. IGME charges 0.96%/yr vs 0.98%/yr for ICOI.
Performance
IGME vs. ICOI - Performance Comparison
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Returns By Period
In the year-to-date period, IGME achieves a 12.57% return, which is significantly higher than ICOI's -27.03% return.
IGME
- 1D
- -1.86%
- 1M
- -10.54%
- YTD
- 12.57%
- 6M
- 1.24%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICOI
- 1D
- -6.50%
- 1M
- -14.41%
- YTD
- -27.03%
- 6M
- -36.20%
- 1Y
- -43.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IGME vs. ICOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IGME Bitwise GME Option Income Strategy ETF | 12.57% | -24.69% |
ICOI Bitwise COIN Option Income Strategy ETF | -27.03% | -25.58% |
Correlation
The correlation between IGME and ICOI is 0.32, 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 Jun 11, 2025 | 0.32 |
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Return for Risk
IGME vs. ICOI — Risk / Return Rank
IGME
ICOI
IGME vs. ICOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise GME Option Income Strategy ETF (IGME) and Bitwise COIN Option Income Strategy ETF (ICOI). 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
| IGME | ICOI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.88 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.44 | -0.57 | +0.14 |
Drawdowns
IGME vs. ICOI - Drawdown Comparison
The maximum IGME drawdown since its inception was -26.33%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for IGME and ICOI.
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Drawdown Indicators
| IGME | ICOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -58.10% | +31.77% |
Max Drawdown (1Y)Largest decline over 1 year | — | -58.10% | — |
Current DrawdownCurrent decline from peak | -15.22% | -58.01% | +42.79% |
Average DrawdownAverage peak-to-trough decline | -14.49% | -27.62% | +13.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 36.82% | — |
Volatility
IGME vs. ICOI - Volatility Comparison
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Volatility by Period
| IGME | ICOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 15.27% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 35.27% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 35.50% | 49.64% | -14.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.50% | 50.59% | -15.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.50% | 50.59% | -15.09% |
IGME vs. ICOI - Expense Ratio Comparison
IGME has a 0.96% expense ratio, which is lower than ICOI's 0.98% expense ratio.
Dividends
IGME vs. ICOI - Dividend Comparison
IGME's dividend yield for the trailing twelve months is around 88.20%, less than ICOI's 359.83% yield.
| Position | TTM | 2025 |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | 359.83% | 247.40% |
IGME Bitwise GME Option Income Strategy ETF | 88.20% | 69.25% |
Frequently Asked Questions
IGME and ICOI have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IGME is cheaper at 0.96% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IGME is cheaper with a 0.96% expense ratio, compared with 0.98% for ICOI.
ICOI has the higher dividend yield at 359.83%, compared with 88.20% for IGME.
Their fees differ too: 0.96% for IGME and 0.98% for ICOI.
Find the right allocation for IGME and ICOI
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