IMST vs. BITB

Last updated Jun 4, 2026

IMST (Bitwise Funds Trust) and BITB (Bitwise Bitcoin ETF) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant. IMST is actively managed, while BITB is passively managed. Over the past year, IMST returned -62.31% vs -38.62% for BITB. Their correlation of 0.81 suggests significant overlap in exposure. IMST charges 0.99%/yr vs 0.20%/yr for BITB.

Performance

IMST vs. BITB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and Bitwise Bitcoin ETF (BITB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMST achieves a -14.98% return, which is significantly higher than BITB's -25.38% return.

IMST

• 1D: -5.79%
• 1M: -25.22%
• YTD: -14.98%
• 6M: -28.07%
• 1Y: -62.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITB

• 1D: -2.74%
• 1M: -18.38%
• YTD: -25.38%
• 6M: -29.75%
• 1Y: -38.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. BITB - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-44.26%
BITB Bitwise Bitcoin ETF	-25.38%	6.66%

Correlation

The correlation between IMST and BITB is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.81

The correlation between IMST and BITB has been stable across timeframes, ranging from 0.81 to 0.84 - a consistent structural relationship.

Return for Risk

IMST vs. BITB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IMST

IMST Risk / Return Rank: 1
IMST Sharpe Ratio Rank: 1
IMST Sortino Ratio Rank: 1
IMST Omega Ratio Rank: 1
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

BITB

BITB Risk / Return Rank: 2
BITB Sharpe Ratio Rank: 2
BITB Sortino Ratio Rank: 2
BITB Omega Ratio Rank: 2
BITB Calmar Ratio Rank: 2
BITB Martin Ratio Rank: 2

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.

IMST vs. BITB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Bitwise Bitcoin ETF (BITB). 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.

	IMST	BITB	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.89	-0.21
Sortino ratio: Return per unit of downside risk	-1.93	-1.22	-0.70
Omega ratio: Gain probability vs. loss probability	0.78	0.86	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.78	-0.11
Martin ratio: Return relative to average drawdown	-1.35	-1.36	+0.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMST vs. BITB - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.10, which is comparable to the BITB Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of IMST and BITB, 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

	IMST	BITB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.89	-0.21
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	0.30	-1.09

Drawdowns

IMST vs. BITB - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than BITB's maximum drawdown of -49.38%. Use the drawdown chart below to compare losses from any high point for IMST and BITB.

Drawdown Indicators

	IMST	BITB	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-49.38%	-20.48%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	-49.38%	-20.48%
Current Drawdown Current decline from peak	-66.74%	-48.02%	-18.72%
Average Drawdown Average peak-to-trough decline	-35.27%	-16.02%	-19.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	28.42%	+17.80%

Volatility

IMST vs. BITB - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 14.83% compared to Bitwise Bitcoin ETF (BITB) at 9.39%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than BITB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	BITB	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	9.39%	+5.44%
Volatility (6M) Calculated over the trailing 6-month period	44.06%	34.39%	+9.67%
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	43.62%	+13.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	49.98%	+9.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	49.98%	+9.75%

IMST vs. BITB - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than BITB's 0.20% expense ratio.

Dividends

IMST vs. BITB - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, while BITB has not paid dividends to shareholders.

Position	TTM	2025
BITB Bitwise Bitcoin ETF	0.00%	0.00%
IMST Bitwise Funds Trust	221.80%	195.93%

Frequently Asked Questions

Can I hold both IMST and BITB in my portfolio?

IMST and BITB have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMST or BITB?

IMST has higher volatility (14.83%) compared to BITB (9.39%). In terms of maximum drawdown, IMST dropped -69.86% vs BITB's -49.38%.

Which ETF is better, IMST or BITB?

On 1-year performance, BITB leads with -38.62% vs -62.31% for IMST. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 9.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or BITB?

Over the 1-year period, BITB has performed better with a -38.62% return vs -62.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or BITB?

BITB is cheaper with a 0.20% expense ratio, compared with 0.99% for IMST.

Which ETF pays a higher dividend yield, IMST or BITB?

IMST has the higher dividend yield at 221.80%, compared with 0.00% for BITB.

What is the main difference between IMST and BITB?

IMST is categorized as Derivative Income, while BITB is Cryptocurrency. They also come from different issuers: Bitwise and Bitwise Asset Management. Their fees differ too: 0.99% for IMST and 0.20% for BITB.

Which has better risk-adjusted returns?

BITB currently has the higher Sharpe Ratio (-0.89 vs -1.10), 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.