IMST vs. TSMY

Last updated Jun 4, 2026

IMST (Bitwise Funds Trust) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMST returned -62.31% vs 92.13% for TSMY. At a 0.31 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

IMST vs. TSMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and YieldMax TSM Option Income Strategy ETF (TSMY). 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 lower than TSMY's 37.04% return.

IMST

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

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMST vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-44.26%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	73.00%

Correlation

The correlation between IMST and TSMY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.31

Return for Risk

IMST vs. TSMY — 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

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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. TSMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and YieldMax TSM Option Income Strategy ETF (TSMY). 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	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	3.21	-4.31
Sortino ratio: Return per unit of downside risk	-1.93	3.86	-5.79
Omega ratio: Gain probability vs. loss probability	0.78	1.50	-0.72
Calmar ratio: Return relative to maximum drawdown	-0.89	5.98	-6.87
Martin ratio: Return relative to average drawdown	-1.35	22.18	-23.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMST vs. TSMY - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.10, which is lower than the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of IMST and TSMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IMST	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	3.21	-4.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	1.56	-2.35

Drawdowns

IMST vs. TSMY - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than TSMY's maximum drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for IMST and TSMY.

Drawdown Indicators

	IMST	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-31.15%	-38.71%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	-15.50%	-54.36%
Current Drawdown Current decline from peak	-66.74%	-1.37%	-65.37%
Average Drawdown Average peak-to-trough decline	-35.27%	-5.51%	-29.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	4.17%	+42.05%

Volatility

IMST vs. TSMY - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 14.83% compared to YieldMax TSM Option Income Strategy ETF (TSMY) at 9.52%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	9.52%	+5.31%
Volatility (6M) Calculated over the trailing 6-month period	44.06%	22.68%	+21.38%
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	28.87%	+28.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	33.22%	+26.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	33.22%	+26.51%

IMST vs. TSMY - Expense Ratio Comparison

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

Dividends

IMST vs. TSMY - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, more than TSMY's 52.19% yield.

Position	TTM	2025	2024
IMST Bitwise Funds Trust	221.80%	195.93%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both IMST and TSMY in my portfolio?

IMST and TSMY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMST or TSMY?

IMST has higher volatility (14.83%) compared to TSMY (9.52%). In terms of maximum drawdown, IMST dropped -69.86% vs TSMY's -31.15%.

Which ETF is better, IMST or TSMY?

On 1-year performance, TSMY leads with 92.13% vs -62.31% for IMST. Both ETFs have the same 0.99% expense ratio. On volatility, TSMY has been the lower-risk option at 9.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs -62.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMST or TSMY?

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

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

IMST has the higher dividend yield at 221.80%, compared with 52.19% for TSMY.

What is the main difference between IMST and TSMY?

They also come from different issuers: Bitwise and YieldMax.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs -1.10), 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.