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. A 0.66 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
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Returns By Period
In the year-to-date period, IMRA achieves a 30.26% return, which is significantly higher than IETH's -33.82% return.
IMRA
- 1D
- -0.83%
- 1M
- 9.36%
- YTD
- 30.26%
- 6M
- 0.68%
- 1Y
- -32.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH
- 1D
- -5.08%
- 1M
- -18.82%
- YTD
- -33.82%
- 6M
- -35.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IMRA vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMRA Bitwise MARA Option Income Strategy ETF | 30.26% | -48.03% |
IETH Bitwise Ethereum Option Income Strategy ETF | -33.82% | -28.43% |
Correlation
The correlation between IMRA and IETH is 0.66, 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 3, 2025 | 0.66 |
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Return for Risk
IMRA vs. IETH — Risk / Return Rank
IMRA
IETH
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.
| IMRA | IETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.94 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | — | — |
| Martin ratioReturn relative to average drawdown | -0.86 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IMRA | IETH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.55 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.19 | -1.13 | +0.95 |
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.
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Drawdown Indicators
| IMRA | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.55% | -55.94% | -5.61% |
Max Drawdown (1Y)Largest decline over 1 year | -61.55% | — | — |
Current DrawdownCurrent decline from peak | -40.71% | -54.25% | +13.54% |
Average DrawdownAverage peak-to-trough decline | -28.21% | -37.10% | +8.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.93% | — | — |
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 | 9.53% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 43.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.89% | 59.79% | +0.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.39% | 59.79% | +1.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.39% | 59.79% | +1.60% |
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 108.66%, more than IETH's 46.99% yield.
| Position | TTM | 2025 |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 46.99% | 18.26% |
IMRA Bitwise MARA Option Income Strategy ETF | 108.66% | 188.74% |
Frequently Asked Questions
IMRA and IETH have a correlation of 0.66, 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 108.66%, compared with 46.99% for IETH.
Their fees differ too: 0.98% for IMRA and 0.97% for IETH.
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