IMRA vs. BITQ

Last updated Jul 17, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - IMRA is a Derivative Income fund actively managed by Bitwise, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. IMRA is actively managed, while BITQ is passively managed. Over the past year, IMRA returned -46.57% vs 4.07% for BITQ. A 0.78 correlation means they provide meaningful diversification when combined. IMRA charges 0.98%/yr vs 0.85%/yr for BITQ.

Performance

IMRA vs. BITQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) and Bitwise Crypto Industry Innovators ETF (BITQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IMRA having a 13.16% return and BITQ slightly higher at 13.42%.

IMRA

• 1D: -5.14%
• 1M: -12.18%
• 6M: -3.16%
• YTD: 13.16%
• 1Y: -46.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -5.34%
• 1M: -18.31%
• 6M: -2.90%
• YTD: 13.42%
• 1Y: 4.07%
• 3Y*: 30.52%
• 5Y*: 4.03%
• 10Y*: —

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

IMRA vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	13.16%	-34.78%
BITQ Bitwise Crypto Industry Innovators ETF	13.42%	52.37%

Correlation

The correlation between IMRA and BITQ is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.78

The correlation between IMRA and BITQ has been stable across timeframes, ranging from 0.77 to 0.78 - a consistent structural relationship.

Return for Risk

IMRA vs. BITQ — 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

BITQ

BITQ Risk / Return Rank: 11
BITQ Sharpe Ratio Rank: 10
BITQ Sortino Ratio Rank: 13
BITQ Omega Ratio Rank: 13
BITQ Calmar Ratio Rank: 10
BITQ Martin Ratio Rank: 10

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. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) and Bitwise Crypto Industry Innovators ETF (BITQ). 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	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	0.07	-0.84
Sortino ratio: Return per unit of downside risk	-0.99	0.51	-1.50
Omega ratio: Gain probability vs. loss probability	0.88	1.06	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.76	0.09	-0.85
Martin ratio: Return relative to average drawdown	-1.15	0.18	-1.33

IMRA vs. BITQ - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.76, which is lower than the BITQ Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of IMRA and BITQ, 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. BITQ - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for IMRA and BITQ.

Drawdown Indicators

	IMRA	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-90.32%	+28.77%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-44.99%	-16.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-48.49%	-30.28%	-18.21%
Average Drawdown Average peak-to-trough decline	-29.52%	-52.19%	+22.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	40.69%	22.12%	+18.57%

Volatility

IMRA vs. BITQ - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 14.31% compared to Bitwise Crypto Industry Innovators ETF (BITQ) at 12.17%. This indicates that IMRA's price experiences larger fluctuations and is considered to be riskier than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.31%	12.17%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	43.73%	42.73%	+1.00%
Volatility (1Y) Calculated over the trailing 1-year period	61.21%	57.27%	+3.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.64%	67.33%	-6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.64%	67.03%	-6.39%

IMRA vs. BITQ - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than BITQ's 0.85% expense ratio.

Dividends

IMRA vs. BITQ - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 114.25%, while BITQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
IMRA Bitwise MARA Option Income Strategy ETF	114.25%	188.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMRA and BITQ in my portfolio?

IMRA and BITQ have a correlation of 0.77, 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 BITQ?

IMRA has higher volatility (14.31%) compared to BITQ (12.17%). In terms of maximum drawdown, IMRA dropped -61.55% vs BITQ's -90.32%.

Which ETF is better, IMRA or BITQ?

On 1-year performance, BITQ leads with 4.07% vs -46.57% for IMRA. On fees, BITQ is cheaper at 0.85% per year. On volatility, BITQ has been the lower-risk option at 12.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or BITQ?

Over the 1-year period, BITQ has performed better with a 4.07% 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 BITQ?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 114.25%, compared with 0.00% for BITQ.

What is the main difference between IMRA and BITQ?

IMRA is categorized as Derivative Income, while BITQ is Blockchain. Their fees differ too: 0.98% for IMRA and 0.85% for BITQ.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.07 vs -0.76), 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.