IMST vs. HYGW
IMST (Bitwise Funds Trust) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. IMST is actively managed, while HYGW is passively managed. Over the past year, IMST returned -67.20% vs 5.90% for HYGW. Their 0.40 correlation means their historical movements had little consistent relationship. IMST charges 0.99%/yr vs 0.69%/yr for HYGW.
Performance
IMST vs. HYGW - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IMST achieves a -30.61% return, which is significantly lower than HYGW's 2.36% return.
IMST
- 1D
- 0.56%
- 1M
- -5.61%
- 6M
- -31.75%
- YTD
- -30.61%
- 1Y
- -67.20%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -52.56%
HYGW
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $480.97K | $636.40K | $814.79K | |
| $166.01K | $154.83K | $265.20K |
IMST vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMST Bitwise Funds Trust | -30.61% | -46.36% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.36% | 5.03% |
Correlation
The correlation between IMST and HYGW is 0.37, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.37 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.40 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IMST vs. HYGW — Risk / Return Rank
IMST
HYGW
IMST vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -5.25 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.42 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 3.26 | -4.22 |
| Martin ratioReturn relative to average drawdown | -1.40 | 14.57 | -15.97 |
Loading charts...
Drawdowns
IMST vs. HYGW - Drawdown Comparison
The maximum IMST drawdown since its inception was -75.63%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for IMST and HYGW.
Loading charts...
Drawdown Indicators
| IMST | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.63% | -5.49% | -70.14% |
Max Drawdown (1Y)Largest decline over 1 year | -72.94% | -1.82% | -71.12% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | -72.85% | -0.21% | -72.64% |
Average DrawdownAverage peak-to-trough decline | -39.52% | -0.59% | -38.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.26% | 0.41% | +49.85% |
Volatility
IMST vs. HYGW - Volatility Comparison
Bitwise Funds Trust (IMST) has a higher volatility of 9.69% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IMST | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.69% | 0.80% | +8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 45.17% | 2.32% | +42.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.00% | 2.92% | +57.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.75% | 4.62% | +55.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.75% | 4.62% | +55.13% |
IMST vs. HYGW - Expense Ratio Comparison
IMST has a 0.99% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
IMST vs. HYGW - Dividend Comparison
IMST's dividend yield for the trailing twelve months is around 209.43%, more than HYGW's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.71% | 12.53% | 12.30% | 15.98% | 8.71% |
IMST Bitwise Funds Trust | 209.43% | 195.93% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IMST and HYGW have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IMST has higher volatility (9.69%) compared to HYGW (0.80%). In terms of maximum drawdown, IMST dropped -75.63% vs HYGW's -5.49%.
On 1-year performance, HYGW leads with 5.90% vs -67.20% for IMST. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 5.90% return vs -67.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for IMST.
IMST has the higher dividend yield at 209.43%, compared with 10.71% for HYGW.
They also come from different issuers: Bitwise and iShares. Their fees differ too: 0.99% for IMST and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.03 vs -1.17), 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.
Find the right allocation for IMST and HYGW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer