IMST vs. ICOI

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise Funds Trust (IMST) and Bitwise COIN Option Income Strategy ETF (ICOI).

IMST and ICOI 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. ICOI is an actively managed fund by Bitwise. It was launched on Apr 1, 2025.

Performance

IMST vs. ICOI - Performance Comparison

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

IMST vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-6.63%	-44.26%
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-7.98%

Returns By Period

In the year-to-date period, IMST achieves a -6.63% return, which is significantly higher than ICOI's -21.92% return.

IMST

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

ICOI

• 1D: 5.32%
• 1M: -7.30%
• YTD: -21.92%
• 6M: -47.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. ICOI - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than ICOI's 0.98% expense ratio.

IMST

Bitwise Funds Trust

ICOI

Bitwise COIN Option Income Strategy ETF

Return for Risk

IMST vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Bitwise COIN Option Income Strategy ETF (ICOI). 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	ICOI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	-0.55	-0.24

Correlation

The correlation between IMST and ICOI is 0.68, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IMST vs. ICOI - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 256.65%, less than ICOI's 373.22% yield.

	TTM	2025
IMST Bitwise Funds Trust	256.65%	195.93%
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%

Drawdowns

IMST vs. ICOI - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than ICOI's maximum drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for IMST and ICOI.

Drawdown Indicators

	IMST	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-58.10%	-11.76%
Current Drawdown Current decline from peak	-63.47%	-55.07%	-8.40%
Average Drawdown Average peak-to-trough decline	-31.01%	-23.12%	-7.89%

Volatility

Volatility by Period

	IMST	ICOI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	61.92%	52.11%	+9.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.92%	52.11%	+9.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.92%	52.11%	+9.81%