IMRA vs. TRSY

Last updated Jun 23, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and TRSY (Xtrackers US 0-1 Year Treasury ETF) are both exchange-traded funds - IMRA is a Derivative Income fund actively managed by Bitwise, while TRSY is a Government Bonds fund tracking the ICE U.S. Treasury Short Bond Index. IMRA is actively managed, while TRSY is passively managed. Over the past year, IMRA returned -29.70% vs 3.90% for TRSY. At a correlation of -0.09, they often move in opposite directions. IMRA charges 0.98%/yr vs 0.06%/yr for TRSY.

Performance

IMRA vs. TRSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) and Xtrackers US 0-1 Year Treasury ETF (TRSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMRA achieves a 30.99% return, which is significantly higher than TRSY's 1.63% return.

IMRA

• 1D: 2.41%
• 1M: 0.70%
• YTD: 30.99%
• 6M: 19.78%
• 1Y: -29.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TRSY

• 1D: 0.03%
• 1M: 0.27%
• YTD: 1.63%
• 6M: 1.75%
• 1Y: 3.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. TRSY - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	30.99%	-34.78%
TRSY Xtrackers US 0-1 Year Treasury ETF	1.63%	3.15%

Correlation

The correlation between IMRA and TRSY is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.09

Return for Risk

IMRA vs. TRSY — 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

TRSY

TRSY Risk / Return Rank: 99
TRSY Sharpe Ratio Rank: 99
TRSY Sortino Ratio Rank: 99
TRSY Omega Ratio Rank: 99
TRSY Calmar Ratio Rank: 99
TRSY Martin Ratio Rank: 100

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. TRSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) and Xtrackers US 0-1 Year Treasury ETF (TRSY). 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	TRSY	Difference
Sharpe ratio: Return per unit of total volatility	-0.49	10.13	-10.62
Sortino ratio: Return per unit of downside risk	-0.39	26.09	-26.48
Omega ratio: Gain probability vs. loss probability	0.95	6.18	-5.23
Calmar ratio: Return relative to maximum drawdown	-0.48	59.08	-59.57
Martin ratio: Return relative to average drawdown	-0.76	356.66	-357.42

IMRA vs. TRSY - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.49, which is lower than the TRSY Sharpe Ratio of 10.13. The chart below compares the historical Sharpe Ratios of IMRA and TRSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IMRA vs. TRSY - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than TRSY's maximum drawdown of -0.82%. Use the drawdown chart below to compare losses from any high point for IMRA and TRSY.

Drawdown Indicators

	IMRA	TRSY	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-0.82%	-60.73%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-0.07%	-61.48%
Current Drawdown Current decline from peak	-40.38%	-0.02%	-40.36%
Average Drawdown Average peak-to-trough decline	-28.70%	-0.06%	-28.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.04%	0.01%	+39.03%

Volatility

IMRA vs. TRSY - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) has a higher volatility of 12.96% compared to Xtrackers US 0-1 Year Treasury ETF (TRSY) at 0.12%. This indicates that IMRA's price experiences larger fluctuations and is considered to be riskier than TRSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	TRSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.96%	0.12%	+12.84%
Volatility (6M) Calculated over the trailing 6-month period	43.49%	0.24%	+43.25%
Volatility (1Y) Calculated over the trailing 1-year period	60.34%	0.39%	+59.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.03%	1.10%	+59.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.03%	1.10%	+59.93%

IMRA vs. TRSY - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is higher than TRSY's 0.06% expense ratio.

Dividends

IMRA vs. TRSY - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 108.05%, more than TRSY's 3.72% yield.

Position	TTM	2025	2024
IMRA Bitwise MARA Option Income Strategy ETF	108.05%	188.74%	0.00%
TRSY Xtrackers US 0-1 Year Treasury ETF	3.72%	4.00%	0.96%

Frequently Asked Questions

Can I hold both IMRA and TRSY in my portfolio?

IMRA and TRSY have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMRA or TRSY?

IMRA has higher volatility (12.96%) compared to TRSY (0.12%). In terms of maximum drawdown, IMRA dropped -61.55% vs TRSY's -0.82%.

Which ETF is better, IMRA or TRSY?

On 1-year performance, TRSY leads with 3.90% vs -29.70% for IMRA. On fees, TRSY is cheaper at 0.06% per year. On volatility, TRSY has been the lower-risk option at 0.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or TRSY?

Over the 1-year period, TRSY has performed better with a 3.90% return vs -29.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or TRSY?

TRSY is cheaper with a 0.06% expense ratio, compared with 0.98% for IMRA.

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

IMRA has the higher dividend yield at 108.05%, compared with 3.72% for TRSY.

What is the main difference between IMRA and TRSY?

IMRA is categorized as Derivative Income, while TRSY is Government Bonds. They also come from different issuers: Bitwise and Xtrackers. Their fees differ too: 0.98% for IMRA and 0.06% for TRSY.

Which has better risk-adjusted returns?

TRSY currently has the higher Sharpe Ratio (10.13 vs -0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.