IMRA vs. IETH
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. Their 0.63 correlation means they have sometimes moved together and sometimes differently. IMRA charges 0.98%/yr vs 0.97%/yr for IETH.
Performance
IMRA vs. IETH - Performance Comparison
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Returns By Period
In the year-to-date period, IMRA achieves a 9.09% return, which is significantly higher than IETH's -32.43% return.
IMRA
- 1D
- 0.48%
- 1M
- -7.44%
- 6M
- 3.34%
- YTD
- 9.09%
- 1Y
- -38.83%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -22.65%
IETH
- 1D
- 0.43%
- 1M
- 7.22%
- 6M
- -13.91%
- YTD
- -32.43%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.90K | $4.22K | $6.65K | |
| $41.82K | $40.21K | $63.26K |
IMRA vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMRA Bitwise MARA Option Income Strategy ETF | 9.09% | -47.51% |
IETH Bitwise Ethereum Option Income Strategy ETF | -32.43% | -27.34% |
Correlation
The correlation between IMRA and IETH is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.63 |
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Return for Risk
IMRA vs. IETH — Risk / Return Rank
IMRA
IETH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.91 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | — | — |
| Martin ratioReturn relative to average drawdown | -0.94 | — | — |
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Drawdowns
IMRA vs. IETH - Drawdown Comparison
The maximum IMRA drawdown since its inception was -61.55%, roughly equal to the maximum IETH drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for IMRA and IETH.
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Drawdown Indicators
| IMRA | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -59.76% | -1.79% |
Max Drawdown (1Y)Largest decline over 1 year | -61.55% | — | — |
Current DrawdownCurrent decline from peak | -50.35% | -53.29% | +2.94% |
Average DrawdownAverage peak-to-trough decline | -30.22% | -40.45% | +10.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.38% | — | — |
Volatility
IMRA vs. IETH - Volatility Comparison
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Volatility by Period
| IMRA | IETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.05% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 42.56% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.97% | 57.92% | +2.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.81% | 57.92% | +1.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.81% | 57.92% | +1.89% |
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 92.02%, more than IETH's 46.82% yield.
| Position | TTM | 2025 |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 46.82% | 18.26% |
IMRA Bitwise MARA Option Income Strategy ETF | 92.02% | 188.74% |
Frequently Asked Questions
IMRA and IETH have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IETH is cheaper with a 0.97% expense ratio, compared with 0.98% for IMRA.
IMRA has the higher dividend yield at 92.02%, compared with 46.82% for IETH.
Their fees differ too: 0.98% for IMRA and 0.97% for IETH.
Find the right allocation for IMRA and IETH
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