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 0.63 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 18.60% return, which is significantly higher than IETH's -31.06% return.
IMRA
- 1D
- 0.25%
- 1M
- -6.15%
- 6M
- -0.26%
- YTD
- 18.60%
- 1Y
- -42.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH
- 1D
- 5.10%
- 1M
- 11.78%
- 6M
- -35.99%
- YTD
- -31.06%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IMRA vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMRA Bitwise MARA Option Income Strategy ETF | 18.60% | -47.51% |
IETH Bitwise Ethereum Option Income Strategy ETF | -31.06% | -27.34% |
Correlation
The correlation between IMRA and IETH is 0.63, 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 | 0.63 |
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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 | 0.90 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | — | — |
| Martin ratioReturn relative to average drawdown | -1.06 | — | — |
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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 | -46.02% | -52.34% | +6.32% |
Average DrawdownAverage peak-to-trough decline | -29.41% | -39.60% | +10.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.47% | — | — |
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 | 13.73% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 43.63% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 61.04% | 59.72% | +1.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.66% | 59.72% | +0.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.66% | 59.72% | +0.94% |
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 109.01%, more than IETH's 45.89% yield.
| Position | TTM | 2025 |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 45.89% | 18.26% |
IMRA Bitwise MARA Option Income Strategy ETF | 109.01% | 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 109.01%, compared with 45.89% 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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