IMRA vs. IETH

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise MARA Option Income Strategy ETF (IMRA) and Bitwise Ethereum Option Income Strategy ETF (IETH).

IMRA and IETH are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IMRA is an actively managed fund by Bitwise. It was launched on Apr 1, 2025. IETH is an actively managed fund by Bitwise. It was launched on Oct 1, 2025.

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.

IMRA vs. IETH - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	-6.91%	-48.03%
IETH Bitwise Ethereum Option Income Strategy ETF	-26.81%	-28.43%

Returns By Period

In the year-to-date period, IMRA achieves a -6.91% return, which is significantly higher than IETH's -26.81% return.

IMRA

• 1D: 4.17%
• 1M: -11.74%
• YTD: -6.91%
• 6M: -50.72%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IETH

• 1D: 2.49%
• 1M: 11.47%
• YTD: -26.81%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. IETH - Expense Ratio Comparison

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

IMRA

Bitwise MARA Option Income Strategy ETF

IETH

Bitwise Ethereum Option Income Strategy ETF

Return for Risk

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.

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

Sharpe Ratios by Period

	IMRA	IETH	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.60	-1.09	+0.49

Correlation

The correlation between IMRA and IETH is 0.70, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IMRA vs. IETH - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 219.65%, more than IETH's 39.70% yield.

	TTM	2025
IMRA Bitwise MARA Option Income Strategy ETF	219.65%	188.74%
IETH Bitwise Ethereum Option Income Strategy ETF	39.70%	18.26%

Drawdowns

IMRA vs. IETH - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than IETH's maximum drawdown of -55.94%. 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%	-55.94%	-5.61%
Current Drawdown Current decline from peak	-57.63%	-49.40%	-8.23%
Average Drawdown Average peak-to-trough decline	-24.95%	-33.75%	+8.80%

Volatility

Volatility by Period

	IMRA	IETH	Difference
Volatility (1Y) Calculated over the trailing 1-year period	64.63%	67.56%	-2.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.63%	67.56%	-2.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.63%	67.56%	-2.93%