IMRA vs. ETHW

Last updated Aug 2, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and ETHW (Bitwise Ethereum ETF) are both exchange-traded funds - IMRA is a Derivative Income fund actively managed by Bitwise, while ETHW is a Cryptocurrency fund actively managed by Bitwise. Both are actively managed. Over the past year, IMRA returned -36.63% vs -46.96% for ETHW. Their 0.59 correlation means they have sometimes moved together and sometimes differently. IMRA charges 0.98%/yr vs 0.20%/yr for ETHW.

Performance

IMRA vs. ETHW - 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 ETF (ETHW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMRA achieves a 9.09% return, which is significantly higher than ETHW's -37.28% return.

IMRA

• 1D: 0.48%
• 1M: -7.44%
• 6M: 0.60%
• YTD: 9.09%
• 1Y: -36.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.65%

ETHW

• 1D: -3.05%
• 1M: 9.61%
• 6M: -30.30%
• YTD: -37.28%
• 1Y: -46.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.96%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETHW Bitwise Ethereum ETF	$14.26M	$11.82M	$10.86M
IMRA Bitwise MARA Option Income Strategy ETF	$41.82K	$40.21K	$63.26K

IMRA vs. ETHW - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	9.09%	-34.78%
ETHW Bitwise Ethereum ETF	-37.28%	54.92%

Correlation

The correlation between IMRA and ETHW is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.60

The correlation between IMRA and ETHW has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

Return for Risk

IMRA vs. ETHW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMRA

IMRA Risk / Return Rank: 4
IMRA Sharpe Ratio Rank: 4
IMRA Sortino Ratio Rank: 4
IMRA Omega Ratio Rank: 4
IMRA Calmar Ratio Rank: 4
IMRA Martin Ratio Rank: 5

ETHW

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMRA vs. ETHW - 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 ETF (ETHW). 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	ETHW	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.75	+0.10
Sortino ratio: Return per unit of downside risk	-0.73	-0.98	+0.25
Omega ratio: Gain probability vs. loss probability	0.91	0.89	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.74	+0.11
Martin ratio: Return relative to average drawdown	-0.94	-1.11	+0.16

IMRA vs. ETHW - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.65, which is comparable to the ETHW Sharpe Ratio of -0.75. The chart below compares the historical Sharpe Ratios of IMRA and ETHW, 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. ETHW - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, smaller than the maximum ETHW drawdown of -67.89%. Use the drawdown chart below to compare losses from any high point for IMRA and ETHW.

Drawdown Indicators

	IMRA	ETHW	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-67.89%	+6.34%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-67.89%	+6.34%
Current Drawdown Current decline from peak	-50.35%	-61.55%	+11.20%
Average Drawdown Average peak-to-trough decline	-30.22%	-35.20%	+4.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.38%	45.37%	-3.99%

Volatility

IMRA vs. ETHW - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 14.05% compared to Bitwise Ethereum ETF (ETHW) at 13.10%. This indicates that IMRA's price experiences larger fluctuations and is considered to be riskier than ETHW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	ETHW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.05%	13.10%	+0.95%
Volatility (6M) Calculated over the trailing 6-month period	42.56%	45.97%	-3.41%
Volatility (1Y) Calculated over the trailing 1-year period	59.97%	67.15%	-7.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.81%	71.13%	-11.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.81%	71.13%	-11.32%

IMRA vs. ETHW - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than ETHW's 0.20% expense ratio.

Dividends

IMRA vs. ETHW - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 92.02%, while ETHW has not paid dividends to shareholders.

Position	TTM	2025
ETHW Bitwise Ethereum ETF	0.00%	0.00%
IMRA Bitwise MARA Option Income Strategy ETF	92.02%	188.74%

Frequently Asked Questions

Can I hold both IMRA and ETHW in my portfolio?

IMRA and ETHW have a correlation of 0.60, 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 ETHW?

IMRA has higher volatility (14.05%) compared to ETHW (13.10%). In terms of maximum drawdown, IMRA dropped -61.55% vs ETHW's -67.89%.

Which ETF is better, IMRA or ETHW?

On 1-year performance, IMRA leads with -36.63% vs -46.96% for ETHW. On fees, ETHW is cheaper at 0.20% per year. On volatility, ETHW has been the lower-risk option at 13.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or ETHW?

Over the 1-year period, IMRA has performed better with a -36.63% return vs -46.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or ETHW?

ETHW is cheaper with a 0.20% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 92.02%, compared with 0.00% for ETHW.

What is the main difference between IMRA and ETHW?

IMRA is categorized as Derivative Income, while ETHW is Cryptocurrency. Their fees differ too: 0.98% for IMRA and 0.20% for ETHW.

Which has better risk-adjusted returns?

IMRA currently has the higher Sharpe Ratio (-0.65 vs -0.75), 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.