IMST vs. ICOI

Last updated Jun 4, 2026

IMST (Bitwise Funds Trust) and ICOI (Bitwise COIN Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. Over the past year, IMST returned -62.31% vs -42.41% for ICOI. A 0.69 correlation means they provide meaningful diversification when combined. IMST charges 0.99%/yr vs 0.98%/yr for ICOI.

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.

Returns By Period

In the year-to-date period, IMST achieves a -14.98% return, which is significantly higher than ICOI's -22.33% return.

IMST

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

ICOI

• 1D: -5.88%
• 1M: -10.04%
• YTD: -22.33%
• 6M: -32.60%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-44.26%
ICOI Bitwise COIN Option Income Strategy ETF	-22.33%	-7.98%

Correlation

The correlation between IMST and ICOI is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.69

The correlation between IMST and ICOI has been stable across timeframes, ranging from 0.69 to 0.70 - a consistent structural relationship.

Return for Risk

IMST vs. ICOI — 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

ICOI

ICOI Risk / Return Rank: 3
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 3
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 3
ICOI Martin Ratio Rank: 3

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. 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.

	IMST	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.86	-0.24
Sortino ratio: Return per unit of downside risk	-1.93	-1.15	-0.78
Omega ratio: Gain probability vs. loss probability	0.78	0.86	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.73	-0.16
Martin ratio: Return relative to average drawdown	-1.35	-1.16	-0.18
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. ICOI - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.10, which is comparable to the ICOI Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of IMST and ICOI, 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	ICOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	-0.86	-0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	-0.50	-0.30

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%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	-58.10%	-11.76%
Current Drawdown Current decline from peak	-66.74%	-55.30%	-11.44%
Average Drawdown Average peak-to-trough decline	-35.27%	-27.43%	-7.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	36.48%	+9.74%

Volatility

IMST vs. ICOI - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 14.83% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 13.92%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	13.92%	+0.91%
Volatility (6M) Calculated over the trailing 6-month period	44.06%	34.93%	+9.13%
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	49.40%	+7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	50.41%	+9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	50.41%	+9.32%

IMST vs. ICOI - Expense Ratio Comparison

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

Dividends

IMST vs. ICOI - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, less than ICOI's 338.05% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	338.05%	247.40%
IMST Bitwise Funds Trust	221.80%	195.93%

Frequently Asked Questions

Can I hold both IMST and ICOI in my portfolio?

IMST and ICOI have a correlation of 0.70, 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 ICOI?

IMST has higher volatility (14.83%) compared to ICOI (13.92%). In terms of maximum drawdown, IMST dropped -69.86% vs ICOI's -58.10%.

Which ETF is better, IMST or ICOI?

On 1-year performance, ICOI leads with -42.41% vs -62.31% for IMST. On fees, ICOI is cheaper at 0.98% per year. On volatility, ICOI has been the lower-risk option at 13.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or ICOI?

Over the 1-year period, ICOI has performed better with a -42.41% 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 ICOI?

ICOI is cheaper with a 0.98% expense ratio, compared with 0.99% for IMST.

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

ICOI has the higher dividend yield at 338.05%, compared with 221.80% for IMST.

What is the main difference between IMST and ICOI?

Their fees differ too: 0.99% for IMST and 0.98% for ICOI.

Which has better risk-adjusted returns?

ICOI currently has the higher Sharpe Ratio (-0.86 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.