IMRA vs. USOY

Last updated Jun 4, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMRA returned -32.66% vs 57.29% for USOY. At a 0.06 correlation, their price movements are largely independent. IMRA charges 0.98%/yr vs 1.22%/yr for USOY.

Performance

IMRA vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) and Defiance Oil Enhanced Options Income ETF (USOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMRA achieves a 30.26% return, which is significantly lower than USOY's 62.18% return.

IMRA

• 1D: -0.83%
• 1M: 9.36%
• YTD: 30.26%
• 6M: 0.68%
• 1Y: -32.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USOY

• 1D: 1.45%
• 1M: -3.43%
• YTD: 62.18%
• 6M: 59.35%
• 1Y: 57.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	30.26%	-33.37%
USOY Defiance Oil Enhanced Options Income ETF	62.18%	-4.40%

Correlation

The correlation between IMRA and USOY is 0.00, 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	0.00
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.06

Return for Risk

IMRA vs. USOY — 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: 4
IMRA Sortino Ratio Rank: 5
IMRA Omega Ratio Rank: 5
IMRA Calmar Ratio Rank: 4
IMRA Martin Ratio Rank: 5

USOY

USOY Risk / Return Rank: 56
USOY Sharpe Ratio Rank: 55
USOY Sortino Ratio Rank: 46
USOY Omega Ratio Rank: 55
USOY Calmar Ratio Rank: 78
USOY Martin Ratio Rank: 46

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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	1.89	-2.44
Sortino ratio: Return per unit of downside risk	-0.51	2.30	-2.81
Omega ratio: Gain probability vs. loss probability	0.94	1.35	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.53	4.03	-4.56
Martin ratio: Return relative to average drawdown	-0.86	7.74	-8.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMRA vs. USOY - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.55, which is lower than the USOY Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of IMRA and USOY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IMRA	USOY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	1.89	-2.44
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.99	-1.18

Drawdowns

IMRA vs. USOY - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for IMRA and USOY.

Drawdown Indicators

	IMRA	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-17.46%	-44.09%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-14.29%	-47.26%
Current Drawdown Current decline from peak	-40.71%	-5.11%	-35.60%
Average Drawdown Average peak-to-trough decline	-28.21%	-6.47%	-21.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.93%	7.42%	+30.51%

Volatility

IMRA vs. USOY - Volatility Comparison

The current volatility for Bitwise MARA Option Income Strategy ETF (IMRA) is 9.53%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that IMRA experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	11.62%	-2.09%
Volatility (6M) Calculated over the trailing 6-month period	43.61%	27.18%	+16.43%
Volatility (1Y) Calculated over the trailing 1-year period	59.89%	30.44%	+29.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.39%	26.13%	+35.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.39%	26.13%	+35.26%

IMRA vs. USOY - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

IMRA vs. USOY - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 108.66%, more than USOY's 54.16% yield.

Position	TTM	2025	2024
IMRA Bitwise MARA Option Income Strategy ETF	108.66%	188.74%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	54.16%	104.32%	48.60%

Frequently Asked Questions

Can I hold both IMRA and USOY in my portfolio?

IMRA and USOY have a correlation of 0.00, 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 USOY?

USOY has higher volatility (11.62%) compared to IMRA (9.53%). In terms of maximum drawdown, IMRA dropped -61.55% vs USOY's -17.46%.

Which ETF is better, IMRA or USOY?

On 1-year performance, USOY leads with 57.29% vs -32.66% for IMRA. On fees, IMRA is cheaper at 0.98% per year. On volatility, IMRA has been the lower-risk option at 9.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or USOY?

Over the 1-year period, USOY has performed better with a 57.29% return vs -32.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or USOY?

IMRA is cheaper with a 0.98% expense ratio, compared with 1.22% for USOY.

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

IMRA has the higher dividend yield at 108.66%, compared with 54.16% for USOY.

What is the main difference between IMRA and USOY?

They also come from different issuers: Bitwise and Defiance. Their fees differ too: 0.98% for IMRA and 1.22% for USOY.

Which has better risk-adjusted returns?

USOY currently has the higher Sharpe Ratio (1.89 vs -0.55), 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.