IMST vs. MSTW

Last updated Aug 2, 2026

IMST (Bitwise Funds Trust) and MSTW (Roundhill MSTR WeeklyPay™ ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMST returned -67.20% vs -83.12% for MSTW. Their 0.95 correlation means they have historically moved very closely together. Both charge a 0.99% expense ratio.

Performance

IMST vs. MSTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and Roundhill MSTR WeeklyPay™ ETF (MSTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMST achieves a -30.61% return, which is significantly higher than MSTW's -49.11% return.

IMST

• 1D: 0.56%
• 1M: -5.61%
• 6M: -31.75%
• YTD: -30.61%
• 1Y: -67.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -52.56%

MSTW

• 1D: -5.03%
• 1M: -9.33%
• 6M: -47.69%
• YTD: -49.11%
• 1Y: -83.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IMST Bitwise Funds Trust	$166.01K	$154.83K	$265.20K
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.36M	$1.35M	$3.08M

IMST vs. MSTW - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-30.61%	-57.66%
MSTW Roundhill MSTR WeeklyPay™ ETF	-49.11%	-71.40%

Correlation

The correlation between IMST and MSTW is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.95

The correlation between IMST and MSTW has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

IMST vs. MSTW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IMST

IMST Risk / Return Rank: 0
IMST Sharpe Ratio Rank: 0
IMST Sortino Ratio Rank: 0
IMST Omega Ratio Rank: 0
IMST Calmar Ratio Rank: 0
IMST Martin Ratio Rank: 1

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 0
MSTW Calmar Ratio Rank: 0
MSTW Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IMST vs. MSTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Roundhill MSTR WeeklyPay™ ETF (MSTW). 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	MSTW	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	-0.93	-0.24
Sortino ratio: Return per unit of downside risk	-2.30	-2.27	-0.03
Omega ratio: Gain probability vs. loss probability	0.75	0.77	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.98	+0.02
Martin ratio: Return relative to average drawdown	-1.40	-1.35	-0.05

IMST vs. MSTW - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.17, which is comparable to the MSTW Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of IMST and MSTW, 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. MSTW - Drawdown Comparison

The maximum IMST drawdown since its inception was -75.63%, smaller than the maximum MSTW drawdown of -87.29%. Use the drawdown chart below to compare losses from any high point for IMST and MSTW.

Drawdown Indicators

	IMST	MSTW	Difference
Max Drawdown Largest peak-to-trough decline	-75.63%	-87.29%	+11.66%
Max Drawdown (1Y) Largest decline over 1 year	-72.94%	-86.75%	+13.81%
Current Drawdown Current decline from peak	-72.85%	-85.46%	+12.61%
Average Drawdown Average peak-to-trough decline	-39.52%	-58.78%	+19.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.26%	63.15%	-12.89%

Volatility

IMST vs. MSTW - Volatility Comparison

The current volatility for Bitwise Funds Trust (IMST) is 9.69%, while Roundhill MSTR WeeklyPay™ ETF (MSTW) has a volatility of 21.78%. This indicates that IMST experiences smaller price fluctuations and is considered to be less risky than MSTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	MSTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.69%	21.78%	-12.09%
Volatility (6M) Calculated over the trailing 6-month period	45.17%	73.44%	-28.27%
Volatility (1Y) Calculated over the trailing 1-year period	60.00%	91.22%	-31.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.75%	90.37%	-30.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.75%	90.37%	-30.62%

IMST vs. MSTW - Expense Ratio Comparison

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

Dividends

IMST vs. MSTW - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 209.43%, less than MSTW's 422.50% yield.

Position	TTM	2025
IMST Bitwise Funds Trust	209.43%	195.93%
MSTW Roundhill MSTR WeeklyPay™ ETF	422.50%	106.94%

Frequently Asked Questions

Can I hold both IMST and MSTW in my portfolio?

With a correlation of 0.95, IMST and MSTW 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 MSTW?

MSTW has higher volatility (21.78%) compared to IMST (9.69%). In terms of maximum drawdown, IMST dropped -75.63% vs MSTW's -87.29%.

Which ETF is better, IMST or MSTW?

On 1-year performance, IMST leads with -67.20% vs -83.12% for MSTW. Both ETFs have the same 0.99% expense ratio. On volatility, IMST has been the lower-risk option at 9.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or MSTW?

Over the 1-year period, IMST has performed better with a -67.20% return vs -83.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or MSTW?

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

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

MSTW has the higher dividend yield at 422.50%, compared with 209.43% for IMST.

What is the main difference between IMST and MSTW?

They also come from different issuers: Bitwise and Roundhill.

Which has better risk-adjusted returns?

MSTW currently has the higher Sharpe Ratio (-0.93 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.