IMST vs. MSII

Last updated Jul 14, 2026

IMST (Bitwise Funds Trust) and MSII (REX MSTR Growth & Income ETF) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while MSII is a Leveraged Equities fund actively managed by REX. Both are actively managed. Over the past year, IMST returned -72.39% vs -75.55% for MSII. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.99% expense ratio.

Performance

IMST vs. MSII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and REX MSTR Growth & Income ETF (MSII). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMST achieves a -31.57% return, which is significantly lower than MSII's -28.10% return.

IMST

• 1D: -1.79%
• 1M: -18.69%
• 6M: -35.66%
• YTD: -31.57%
• 1Y: -72.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSII

• 1D: 0.00%
• 1M: 0.00%
• 6M: -32.25%
• YTD: -28.10%
• 1Y: -75.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. MSII - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-31.57%	-55.66%
MSII REX MSTR Growth & Income ETF	-28.10%	-61.03%

Correlation

The correlation between IMST and MSII is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.92

The correlation between IMST and MSII has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

IMST vs. MSII — 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: 0
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 0
IMST Calmar Ratio Rank: 1
IMST Martin Ratio Rank: 2

MSII

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

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. MSII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and REX MSTR Growth & Income ETF (MSII). 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	MSII	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	-1.03	-0.17
Sortino ratio: Return per unit of downside risk	-2.46	-1.98	-0.48
Omega ratio: Gain probability vs. loss probability	0.74	0.77	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.94	-0.02
Martin ratio: Return relative to average drawdown	-1.41	-1.31	-0.10

IMST vs. MSII - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.21, which is comparable to the MSII Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of IMST and MSII, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

IMST vs. MSII - Drawdown Comparison

The maximum IMST drawdown since its inception was -75.63%, roughly equal to the maximum MSII drawdown of -78.73%. Use the drawdown chart below to compare losses from any high point for IMST and MSII.

Drawdown Indicators

	IMST	MSII	Difference
Max Drawdown Largest peak-to-trough decline	-75.63%	-78.73%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-75.63%	-78.73%	+3.10%
Current Drawdown Current decline from peak	-73.23%	-76.65%	+3.42%
Average Drawdown Average peak-to-trough decline	-38.06%	-48.03%	+9.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.48%	56.38%	-4.90%

Volatility

IMST vs. MSII - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 21.80% compared to REX MSTR Growth & Income ETF (MSII) at 20.17%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than MSII based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	MSII	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.80%	20.17%	+1.63%
Volatility (6M) Calculated over the trailing 6-month period	47.22%	56.48%	-9.26%
Volatility (1Y) Calculated over the trailing 1-year period	60.28%	71.71%	-11.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.84%	69.96%	-9.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.84%	69.96%	-9.12%

IMST vs. MSII - Expense Ratio Comparison

Both IMST and MSII have an expense ratio of 0.99%.

Dividends

IMST vs. MSII - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 253.23%, while MSII has not paid dividends to shareholders.

Position	TTM	2025
IMST Bitwise Funds Trust	253.23%	195.93%
MSII REX MSTR Growth & Income ETF	76.94%	48.93%

Frequently Asked Questions

Can I hold both IMST and MSII in my portfolio?

With a correlation of 0.91, IMST and MSII move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IMST or MSII?

IMST has higher volatility (21.80%) compared to MSII (20.17%). In terms of maximum drawdown, IMST dropped -75.63% vs MSII's -78.73%.

Which ETF is better, IMST or MSII?

On 1-year performance, IMST leads with -72.39% vs -75.55% for MSII. Both ETFs have the same 0.99% expense ratio. On volatility, MSII has been the lower-risk option at 20.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or MSII?

Over the 1-year period, IMST has performed better with a -72.39% return vs -75.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or MSII?

IMST and MSII have the same expense ratio: 0.99% per year.

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

IMST has the higher dividend yield at 253.23%, compared with 76.94% for MSII.

What is the main difference between IMST and MSII?

IMST is categorized as Derivative Income, while MSII is Leveraged Equities. They also come from different issuers: Bitwise and REX.

Which has better risk-adjusted returns?

MSII currently has the higher Sharpe Ratio (-1.03 vs -1.21), 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.