IMRA vs. ICOI

Last updated Jun 4, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. Over the past year, IMRA returned -32.66% vs -42.41% for ICOI. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.98% expense ratio.

Performance

IMRA vs. ICOI - Performance Comparison

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

Returns By Period

In the year-to-date period, IMRA achieves a 30.26% return, which is significantly higher than ICOI's -22.33% return.

IMRA

• 1D: -0.83%
• 1M: 9.36%
• YTD: 30.26%
• 6M: 0.68%
• 1Y: -32.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	30.26%	-33.37%
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-7.98%

Correlation

The correlation between IMRA and ICOI is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.63

The correlation between IMRA and ICOI has been stable across timeframes, ranging from 0.62 to 0.63 - a consistent structural relationship.

Return for Risk

IMRA vs. ICOI — Risk / Return Rank

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

IMRA

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

ICOI

ICOI Risk / Return Rank: 3
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 3

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. ICOI - Risk-Adjusted Trends Comparison

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

	IMRA	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	-0.86	+0.31
Sortino ratio: Return per unit of downside risk	-0.51	-1.15	+0.64
Omega ratio: Gain probability vs. loss probability	0.94	0.86	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.53	-0.73	+0.20
Martin ratio: Return relative to average drawdown	-0.86	-1.16	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMRA vs. ICOI - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.55, which is higher than the ICOI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of IMRA and ICOI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IMRA	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	-0.86	+0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	-0.50	+0.31

Drawdowns

IMRA vs. ICOI - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than ICOI's maximum drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for IMRA and ICOI.

Drawdown Indicators

	IMRA	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-58.10%	-3.45%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-58.10%	-3.45%
Current Drawdown Current decline from peak	-40.71%	-55.30%	+14.59%
Average Drawdown Average peak-to-trough decline	-28.21%	-27.43%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.93%	36.48%	+1.45%

Volatility

IMRA vs. ICOI - Volatility Comparison

The current volatility for Bitwise MARA Option Income Strategy ETF (IMRA) is 9.53%, while Bitwise COIN Option Income Strategy ETF (ICOI) has a volatility of 13.92%. This indicates that IMRA experiences smaller price fluctuations and is considered to be less risky than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	13.92%	-4.39%
Volatility (6M) Calculated over the trailing 6-month period	43.61%	34.93%	+8.68%
Volatility (1Y) Calculated over the trailing 1-year period	59.89%	49.40%	+10.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.39%	50.41%	+10.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.39%	50.41%	+10.98%

IMRA vs. ICOI - Expense Ratio Comparison

Both IMRA and ICOI have an expense ratio of 0.98%.

Dividends

IMRA vs. ICOI - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 108.66%, less than ICOI's 338.05% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%
IMRA Bitwise MARA Option Income Strategy ETF	108.66%	188.74%

Frequently Asked Questions

Can I hold both IMRA and ICOI in my portfolio?

IMRA and ICOI have a correlation of 0.62, 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 ICOI?

ICOI has higher volatility (13.92%) compared to IMRA (9.53%). In terms of maximum drawdown, IMRA dropped -61.55% vs ICOI's -58.10%.

Which ETF is better, IMRA or ICOI?

On 1-year performance, IMRA leads with -32.66% vs -42.41% for ICOI. Both ETFs have the same 0.98% expense ratio. On volatility, IMRA has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or ICOI?

Over the 1-year period, IMRA has performed better with a -32.66% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or ICOI?

IMRA and ICOI have the same expense ratio: 0.98% per year.

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

ICOI has the higher dividend yield at 338.05%, compared with 108.66% for IMRA.

Which has better risk-adjusted returns?

IMRA currently has the higher Sharpe Ratio (-0.55 vs -0.86), 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.