IMRA vs. AETH

Last updated Jul 17, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and AETH (Bitwise Ethereum Strategy ETF) are both exchange-traded funds - IMRA 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, IMRA returned -46.57% vs -32.05% for AETH. At a 0.34 correlation, their price movements are largely independent. IMRA charges 0.98%/yr vs 0.90%/yr for AETH.

Performance

IMRA vs. AETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) 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, IMRA achieves a 13.16% return, which is significantly higher than AETH's -15.44% return.

IMRA

• 1D: -5.14%
• 1M: -12.18%
• 6M: -3.16%
• YTD: 13.16%
• 1Y: -46.57%
• 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)

IMRA vs. AETH - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	13.16%	-34.78%
AETH Bitwise Ethereum Strategy ETF	-15.44%	35.38%

Correlation

The correlation between IMRA and AETH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.34

Return for Risk

IMRA vs. AETH — Risk / Return Rank

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

IMRA

IMRA Risk / Return Rank: 3
IMRA Sharpe Ratio Rank: 3
IMRA Sortino Ratio Rank: 4
IMRA Omega Ratio Rank: 3
IMRA Calmar Ratio Rank: 3
IMRA Martin Ratio Rank: 4

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.

IMRA vs. AETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) 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.

	IMRA	AETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	-0.77	0.00
Sortino ratio: Return per unit of downside risk	-0.99	-1.04	+0.05
Omega ratio: Gain probability vs. loss probability	0.88	0.84	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.63	-0.13
Martin ratio: Return relative to average drawdown	-1.15	-0.93	-0.22

IMRA vs. AETH - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.76, which is comparable to the AETH Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of IMRA 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

IMRA vs. AETH - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than AETH's maximum drawdown of -51.08%. Use the drawdown chart below to compare losses from any high point for IMRA and AETH.

Drawdown Indicators

	IMRA	AETH	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-51.08%	-10.47%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-51.08%	-10.47%
Current Drawdown Current decline from peak	-48.49%	-47.37%	-1.12%
Average Drawdown Average peak-to-trough decline	-29.52%	-25.61%	-3.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.69%	34.63%	+6.06%

Volatility

IMRA vs. AETH - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 14.31% compared to Bitwise Ethereum Strategy ETF (AETH) at 10.54%. This indicates that IMRA's price experiences larger fluctuations and is considered to be riskier than AETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	AETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.31%	10.54%	+3.77%
Volatility (6M) Calculated over the trailing 6-month period	43.73%	26.03%	+17.70%
Volatility (1Y) Calculated over the trailing 1-year period	61.21%	43.36%	+17.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.64%	53.90%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.64%	53.90%	+6.74%

IMRA vs. AETH - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than AETH's 0.90% expense ratio.

Dividends

IMRA vs. AETH - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 114.25%, 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%
IMRA Bitwise MARA Option Income Strategy ETF	114.25%	188.74%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMRA and AETH in my portfolio?

IMRA and AETH 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.

Which is riskier, IMRA or AETH?

IMRA has higher volatility (14.31%) compared to AETH (10.54%). In terms of maximum drawdown, IMRA dropped -61.55% vs AETH's -51.08%.

Which ETF is better, IMRA or AETH?

On 1-year performance, AETH leads with -32.05% vs -46.57% for IMRA. On fees, AETH is cheaper at 0.90% per year. On volatility, AETH has been the lower-risk option at 10.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or AETH?

Over the 1-year period, AETH has performed better with a -32.05% return vs -46.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or AETH?

AETH is cheaper with a 0.90% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 114.25%, compared with 2.85% for AETH.

What is the main difference between IMRA and AETH?

IMRA is categorized as Derivative Income, while AETH is Cryptocurrency. Their fees differ too: 0.98% for IMRA and 0.90% for AETH.

Which has better risk-adjusted returns?

IMRA currently has the higher Sharpe Ratio (-0.76 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.