IMST vs. BTOP

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Funds Trust (IMST) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP).

IMST and BTOP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IMST is an actively managed fund by Bitwise. It was launched on Apr 1, 2025. BTOP is an actively managed fund by Bitwise. It was launched on Sep 29, 2023.

Performance

IMST vs. BTOP - Performance Comparison

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

IMST vs. BTOP - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-6.63%	-44.26%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-1.53%	22.36%

Returns By Period

In the year-to-date period, IMST achieves a -6.63% return, which is significantly lower than BTOP's -1.53% return.

IMST

• 1D: 2.70%
• 1M: -2.43%
• YTD: -6.63%
• 6M: -52.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTOP

• 1D: -0.02%
• 1M: 1.80%
• YTD: -1.53%
• 6M: -18.59%
• 1Y: 12.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. BTOP - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than BTOP's 0.90% expense ratio.

IMST

Bitwise Funds Trust

BTOP

Bitwise Bitcoin And Ether Equal Weight Strategy ETF

Return for Risk

IMST vs. BTOP — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 23
BTOP Sharpe Ratio Rank: 23
BTOP Sortino Ratio Rank: 28
BTOP Omega Ratio Rank: 30
BTOP Calmar Ratio Rank: 20
BTOP Martin Ratio Rank: 16

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. BTOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	IMST	BTOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.35	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	0.63	-1.41

Correlation

The correlation between IMST and BTOP is 0.40, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

IMST vs. BTOP - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 256.65%, more than BTOP's 2.42% yield.

	TTM	2025	2024	2023
IMST Bitwise Funds Trust	256.65%	195.93%	0.00%	0.00%
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.42%	2.38%	59.44%	5.82%

Drawdowns

IMST vs. BTOP - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than BTOP's maximum drawdown of -43.37%. Use the drawdown chart below to compare losses from any high point for IMST and BTOP.

Drawdown Indicators

	IMST	BTOP	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-43.37%	-26.49%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.35%	—
Current Drawdown Current decline from peak	-63.47%	-30.53%	-32.94%
Average Drawdown Average peak-to-trough decline	-31.01%	-18.75%	-12.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	19.23%	—

Volatility

Volatility by Period

	IMST	BTOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.33%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.92%	—
Volatility (1Y) Calculated over the trailing 1-year period	61.92%	36.50%	+25.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.92%	47.21%	+14.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.92%	47.21%	+14.71%