IMST vs. IETH

Last updated Jun 4, 2026

IMST (Bitwise Funds Trust) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both Derivative Income funds from Bitwise. Both are actively managed. Their correlation of 0.81 suggests significant overlap in exposure. IMST charges 0.99%/yr vs 0.97%/yr for IETH.

Performance

IMST vs. IETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and Bitwise Ethereum Option Income Strategy ETF (IETH). 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 IETH's -33.82% return.

IMST

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

IETH

• 1D: -5.08%
• 1M: -18.82%
• YTD: -33.82%
• 6M: -35.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. IETH - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-51.61%
IETH Bitwise Ethereum Option Income Strategy ETF	-33.82%	-28.43%

Correlation

The correlation between IMST and IETH is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025	0.82

Return for Risk

IMST vs. IETH — 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

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. IETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Bitwise Ethereum Option Income Strategy ETF (IETH). 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	IETH	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.93	—	—
Omega ratio: Gain probability vs. loss probability	0.78	—	—
Calmar ratio: Return relative to maximum drawdown	-0.89	—	—
Martin ratio: Return relative to average drawdown	-1.35	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IMST	IETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	-1.13	+0.34

Drawdowns

IMST vs. IETH - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than IETH's maximum drawdown of -55.94%. Use the drawdown chart below to compare losses from any high point for IMST and IETH.

Drawdown Indicators

	IMST	IETH	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-55.94%	-13.92%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	—	—
Current Drawdown Current decline from peak	-66.74%	-54.25%	-12.49%
Average Drawdown Average peak-to-trough decline	-35.27%	-37.10%	+1.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	—	—

Volatility

Volatility by Period

	IMST	IETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	—	—
Volatility (6M) Calculated over the trailing 6-month period	44.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	59.79%	-2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	59.79%	-0.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	59.79%	-0.06%

IMST vs. IETH - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than IETH's 0.97% expense ratio.

Dividends

IMST vs. IETH - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, more than IETH's 46.99% yield.

Position	TTM	2025
IETH Bitwise Ethereum Option Income Strategy ETF	46.99%	18.26%
IMST Bitwise Funds Trust	221.80%	195.93%

Frequently Asked Questions

Can I hold both IMST and IETH in my portfolio?

IMST and IETH have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IMST or IETH?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IMST or IETH?

IETH is cheaper with a 0.97% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 221.80%, compared with 46.99% for IETH.

What is the main difference between IMST and IETH?

Their fees differ too: 0.99% for IMST and 0.97% for IETH.