IMST vs. BITQ

Last updated Jul 17, 2026

IMST (Bitwise Funds Trust) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index. IMST is actively managed, while BITQ is passively managed. Over the past year, IMST returned -72.86% vs 4.07% for BITQ. A 0.66 correlation means they provide meaningful diversification when combined. IMST charges 0.99%/yr vs 0.85%/yr for BITQ.

Performance

IMST vs. BITQ - Performance Comparison

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

Returns By Period

In the year-to-date period, IMST achieves a -30.70% return, which is significantly lower than BITQ's 13.42% return.

IMST

• 1D: -3.09%
• 1M: -18.22%
• 6M: -39.07%
• YTD: -30.70%
• 1Y: -72.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITQ

• 1D: -5.34%
• 1M: -18.31%
• 6M: -2.90%
• YTD: 13.42%
• 1Y: 4.07%
• 3Y*: 30.52%
• 5Y*: 4.03%
• 10Y*: —

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

IMST vs. BITQ - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-30.70%	-46.36%
BITQ Bitwise Crypto Industry Innovators ETF	13.42%	52.37%

Correlation

The correlation between IMST and BITQ is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.66

The correlation between IMST and BITQ has been stable across timeframes, ranging from 0.66 to 0.68 - a consistent structural relationship.

Return for Risk

IMST vs. BITQ — 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: 0
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 0
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

BITQ

BITQ Risk / Return Rank: 11
BITQ Sharpe Ratio Rank: 10
BITQ Sortino Ratio Rank: 13
BITQ Omega Ratio Rank: 13
BITQ Calmar Ratio Rank: 10
BITQ Martin Ratio Rank: 10

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. BITQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Bitwise Crypto Industry Innovators ETF (BITQ). 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.

	IMST	BITQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	0.07	-1.28
Sortino ratio: Return per unit of downside risk	-2.49	0.51	-3.00
Omega ratio: Gain probability vs. loss probability	0.73	1.06	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.97	0.09	-1.06
Martin ratio: Return relative to average drawdown	-1.40	0.18	-1.58

IMST vs. BITQ - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.21, which is lower than the BITQ Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of IMST and BITQ, 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

IMST vs. BITQ - Drawdown Comparison

The maximum IMST drawdown since its inception was -75.63%, smaller than the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for IMST and BITQ.

Drawdown Indicators

	IMST	BITQ	Difference
Max Drawdown Largest peak-to-trough decline	-75.63%	-90.32%	+14.69%
Max Drawdown (1Y) Largest decline over 1 year	-75.63%	-44.99%	-30.64%
Max Drawdown (3Y) Largest decline over 3 years	—	-51.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.32%	—
Current Drawdown Current decline from peak	-72.89%	-30.28%	-42.61%
Average Drawdown Average peak-to-trough decline	-38.38%	-52.19%	+13.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.09%	22.12%	+29.97%

Volatility

IMST vs. BITQ - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 21.06% compared to Bitwise Crypto Industry Innovators ETF (BITQ) at 12.17%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	BITQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.06%	12.17%	+8.89%
Volatility (6M) Calculated over the trailing 6-month period	46.83%	42.73%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	60.34%	57.27%	+3.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	67.33%	-6.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.74%	67.03%	-6.29%

IMST vs. BITQ - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than BITQ's 0.85% expense ratio.

Dividends

IMST vs. BITQ - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 250.07%, while BITQ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
IMST Bitwise Funds Trust	250.07%	195.93%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IMST and BITQ in my portfolio?

IMST and BITQ have a correlation of 0.68, 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 BITQ?

IMST has higher volatility (21.06%) compared to BITQ (12.17%). In terms of maximum drawdown, IMST dropped -75.63% vs BITQ's -90.32%.

Which ETF is better, IMST or BITQ?

On 1-year performance, BITQ leads with 4.07% vs -72.86% for IMST. On fees, BITQ is cheaper at 0.85% per year. On volatility, BITQ has been the lower-risk option at 12.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or BITQ?

Over the 1-year period, BITQ has performed better with a 4.07% return vs -72.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or BITQ?

BITQ is cheaper with a 0.85% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 250.07%, compared with 0.00% for BITQ.

What is the main difference between IMST and BITQ?

IMST is categorized as Derivative Income, while BITQ is Blockchain. Their fees differ too: 0.99% for IMST and 0.85% for BITQ.

Which has better risk-adjusted returns?

BITQ currently has the higher Sharpe Ratio (0.07 vs -1.21), 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.