IMRA vs. IETH

Last updated Jun 25, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. IMRA charges 0.98%/yr vs 0.97%/yr for IETH.

Performance

IMRA vs. IETH - 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 Option Income Strategy ETF (IETH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMRA achieves a 26.43% return, which is significantly higher than IETH's -41.05% return.

IMRA

• 1D: -3.17%
• 1M: -2.81%
• YTD: 26.43%
• 6M: 17.17%
• 1Y: -34.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IETH

• 1D: -4.23%
• 1M: -21.06%
• YTD: -41.05%
• 6M: -39.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. IETH - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	26.43%	-47.51%
IETH Bitwise Ethereum Option Income Strategy ETF	-41.05%	-27.34%

Correlation

The correlation between IMRA and IETH is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025	0.67

Return for Risk

IMRA vs. IETH — 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: 5
IMRA Sortino Ratio Rank: 5
IMRA Omega Ratio Rank: 5
IMRA Calmar Ratio Rank: 5
IMRA Martin Ratio Rank: 5

IETH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. IETH - 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 Option Income Strategy ETF (IETH). 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	IETH	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	—	—
Sortino ratio: Return per unit of downside risk	-0.55	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.56	—	—
Martin ratio: Return relative to average drawdown	-0.88	—	—

Drawdowns

IMRA vs. IETH - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, roughly equal to the maximum IETH drawdown of -59.55%. Use the drawdown chart below to compare losses from any high point for IMRA and IETH.

Drawdown Indicators

	IMRA	IETH	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-59.55%	-2.00%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	—	—
Current Drawdown Current decline from peak	-42.45%	-59.25%	+16.80%
Average Drawdown Average peak-to-trough decline	-28.79%	-38.41%	+9.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.21%	—	—

Volatility

Volatility by Period

	IMRA	IETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.18%	—	—
Volatility (6M) Calculated over the trailing 6-month period	43.42%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	60.30%	60.54%	-0.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.90%	60.54%	+0.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.90%	60.54%	+0.36%

IMRA vs. IETH - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than IETH's 0.97% expense ratio.

Dividends

IMRA vs. IETH - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 111.95%, more than IETH's 52.75% yield.

Position	TTM	2025
IETH Bitwise Ethereum Option Income Strategy ETF	52.75%	18.26%
IMRA Bitwise MARA Option Income Strategy ETF	111.95%	188.74%

Frequently Asked Questions

Can I hold both IMRA and IETH in my portfolio?

IMRA and IETH have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMRA or IETH?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMRA or IETH?

IETH is cheaper with a 0.97% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 111.95%, compared with 52.75% for IETH.

What is the main difference between IMRA and IETH?

Their fees differ too: 0.98% for IMRA and 0.97% for IETH.