IMST vs. MSTY

Last updated Jun 24, 2026

IMST (Bitwise Funds Trust) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMST returned -66.17% vs -66.58% for MSTY. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.

Performance

IMST vs. MSTY - Performance Comparison

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

Returns By Period

In the year-to-date period, IMST achieves a -25.05% return, which is significantly higher than MSTY's -27.80% return.

IMST

• 1D: -1.74%
• 1M: -26.67%
• YTD: -25.05%
• 6M: -27.13%
• 1Y: -66.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-25.05%	-46.36%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-45.04%

Correlation

The correlation between IMST and MSTY is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.97

The correlation between IMST and MSTY has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY 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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	-1.08	-0.07
Sortino ratio: Return per unit of downside risk	-2.11	-1.96	-0.14
Omega ratio: Gain probability vs. loss probability	0.77	0.79	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.93	-0.01
Martin ratio: Return relative to average drawdown	-1.36	-1.35	-0.01

IMST vs. MSTY - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.14, which is comparable to the MSTY Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of IMST and MSTY, 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. MSTY - Drawdown Comparison

The maximum IMST drawdown since its inception was -70.68%, roughly equal to the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for IMST and MSTY.

Drawdown Indicators

	IMST	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-70.68%	-71.79%	+1.11%
Max Drawdown (1Y) Largest decline over 1 year	-70.68%	-71.79%	+1.11%
Current Drawdown Current decline from peak	-70.68%	-71.62%	+0.94%
Average Drawdown Average peak-to-trough decline	-36.57%	-26.97%	-9.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.73%	49.36%	-0.63%

Volatility

IMST vs. MSTY - Volatility Comparison

The current volatility for Bitwise Funds Trust (IMST) is 17.47%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 19.32%. This indicates that IMST experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.47%	19.32%	-1.85%
Volatility (6M) Calculated over the trailing 6-month period	44.16%	49.66%	-5.50%
Volatility (1Y) Calculated over the trailing 1-year period	58.04%	62.02%	-3.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.62%	71.82%	-12.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.62%	71.82%	-12.20%

IMST vs. MSTY - Expense Ratio Comparison

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

Dividends

IMST vs. MSTY - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 251.60%, less than MSTY's 286.06% yield.

Position	TTM	2025	2024
IMST Bitwise Funds Trust	251.60%	195.93%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%

Frequently Asked Questions

Can I hold both IMST and MSTY in my portfolio?

With a correlation of 0.98, IMST and MSTY 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 MSTY?

MSTY has higher volatility (19.32%) compared to IMST (17.47%). In terms of maximum drawdown, IMST dropped -70.68% vs MSTY's -71.79%.

Which ETF is better, IMST or MSTY?

On 1-year performance, IMST leads with -66.17% vs -66.58% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, IMST has been the lower-risk option at 17.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or MSTY?

Over the 1-year period, IMST has performed better with a -66.17% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or MSTY?

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

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

MSTY has the higher dividend yield at 286.06%, compared with 251.60% for IMST.

What is the main difference between IMST and MSTY?

They also come from different issuers: Bitwise and YieldMax.

Which has better risk-adjusted returns?

MSTY currently has the higher Sharpe Ratio (-1.08 vs -1.14), 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.