IMST vs. QQA
IMST (Bitwise Funds Trust) and QQA (Invesco QQQ Income Advantage ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMST returned -66.17% vs 28.19% for QQA. At a 0.49 correlation, their price movements are largely independent. IMST charges 0.99%/yr vs 0.29%/yr for QQA.
Performance
IMST vs. QQA - Performance Comparison
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Returns By Period
In the year-to-date period, IMST achieves a -25.05% return, which is significantly lower than QQA's 12.34% return.
IMST
- 1D
- -1.74%
- 1M
- -26.67%
- YTD
- -25.05%
- 6M
- -27.13%
- 1Y
- -66.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QQA
- 1D
- -1.80%
- 1M
- 0.69%
- YTD
- 12.34%
- 6M
- 11.54%
- 1Y
- 28.19%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IMST vs. QQA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IMST Bitwise Funds Trust | -25.05% | -46.36% |
QQA Invesco QQQ Income Advantage ETF | 12.34% | 23.43% |
Correlation
The correlation between IMST and QQA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025 | 0.49 |
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Return for Risk
IMST vs. QQA — Risk / Return Rank
IMST
QQA
IMST vs. QQA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and Invesco QQQ Income Advantage ETF (QQA). 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 | QQA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.18 | ||
| Sortino ratioReturn per unit of downside risk | -4.84 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.37 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | 3.23 | -4.17 |
| Martin ratioReturn relative to average drawdown | -1.36 | 13.90 | -15.26 |
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Drawdowns
IMST vs. QQA - Drawdown Comparison
The maximum IMST drawdown since its inception was -70.68%, which is greater than QQA's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for IMST and QQA.
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Drawdown Indicators
| IMST | QQA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.68% | -19.73% | -50.95% |
Max Drawdown (1Y)Largest decline over 1 year | -70.68% | -8.76% | -61.92% |
Current DrawdownCurrent decline from peak | -70.68% | -2.14% | -68.54% |
Average DrawdownAverage peak-to-trough decline | -36.57% | -2.53% | -34.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.73% | 2.03% | +46.70% |
Volatility
IMST vs. QQA - Volatility Comparison
Bitwise Funds Trust (IMST) has a higher volatility of 17.47% compared to Invesco QQQ Income Advantage ETF (QQA) at 6.67%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than QQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IMST | QQA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.47% | 6.67% | +10.80% |
Volatility (6M)Calculated over the trailing 6-month period | 44.16% | 11.28% | +32.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.04% | 13.95% | +44.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.62% | 18.59% | +41.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.62% | 18.59% | +41.03% |
IMST vs. QQA - Expense Ratio Comparison
IMST has a 0.99% expense ratio, which is higher than QQA's 0.29% expense ratio.
Dividends
IMST vs. QQA - Dividend Comparison
IMST's dividend yield for the trailing twelve months is around 251.60%, more than QQA's 9.70% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IMST Bitwise Funds Trust | 251.60% | 195.93% | 0.00% |
QQA Invesco QQQ Income Advantage ETF | 9.70% | 9.78% | 4.29% |
Frequently Asked Questions
IMST and QQA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IMST has higher volatility (17.47%) compared to QQA (6.67%). In terms of maximum drawdown, IMST dropped -70.68% vs QQA's -19.73%.
On 1-year performance, QQA leads with 28.19% vs -66.17% for IMST. On fees, QQA is cheaper at 0.29% per year. On volatility, QQA has been the lower-risk option at 6.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QQA has performed better with a 28.19% return vs -66.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QQA is cheaper with a 0.29% expense ratio, compared with 0.99% for IMST.
IMST has the higher dividend yield at 251.60%, compared with 9.70% for QQA.
They also come from different issuers: Bitwise and Invesco. Their fees differ too: 0.99% for IMST and 0.29% for QQA.
QQA currently has the higher Sharpe Ratio (2.03 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.
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