IMST vs. USFR

Last updated Jun 4, 2026

IMST (Bitwise Funds Trust) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - IMST is a Derivative Income fund actively managed by Bitwise, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. IMST is actively managed, while USFR is passively managed. Over the past year, IMST returned -62.31% vs 4.03% for USFR. At a correlation of -0.06, they often move in opposite directions. IMST charges 0.99%/yr vs 0.15%/yr for USFR.

Performance

IMST vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Funds Trust (IMST) and WisdomTree Floating Rate Treasury Fund (USFR). 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 USFR's 1.60% return.

IMST

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

USFR

• 1D: 0.02%
• 1M: 0.29%
• YTD: 1.60%
• 6M: 1.98%
• 1Y: 4.03%
• 3Y*: 4.76%
• 5Y*: 3.66%
• 10Y*: 2.47%

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

IMST vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025
IMST Bitwise Funds Trust	-14.98%	-44.26%
USFR WisdomTree Floating Rate Treasury Fund	1.60%	3.10%

Correlation

The correlation between IMST and USFR is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.06

Return for Risk

IMST vs. USFR — 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

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Funds Trust (IMST) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	15.11	-16.21
Sortino ratio: Return per unit of downside risk	-1.93	50.64	-52.57
Omega ratio: Gain probability vs. loss probability	0.78	13.43	-12.65
Calmar ratio: Return relative to maximum drawdown	-0.89	203.42	-204.31
Martin ratio: Return relative to average drawdown	-1.35	787.84	-789.19
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. USFR - Sharpe Ratio Comparison

The current IMST Sharpe Ratio is -1.10, which is lower than the USFR Sharpe Ratio of 15.11. The chart below compares the historical Sharpe Ratios of IMST and USFR, 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	USFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.10	15.11	-16.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	9.26	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	3.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	1.60	-2.40

Drawdowns

IMST vs. USFR - Drawdown Comparison

The maximum IMST drawdown since its inception was -69.86%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for IMST and USFR.

Drawdown Indicators

	IMST	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-69.86%	-1.36%	-68.50%
Max Drawdown (1Y) Largest decline over 1 year	-69.86%	-0.02%	-69.84%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-66.74%	0.00%	-66.74%
Average Drawdown Average peak-to-trough decline	-35.27%	-0.16%	-35.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.22%	0.01%	+46.21%

Volatility

IMST vs. USFR - Volatility Comparison

Bitwise Funds Trust (IMST) has a higher volatility of 14.83% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.06%. This indicates that IMST's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMST	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.83%	0.06%	+14.77%
Volatility (6M) Calculated over the trailing 6-month period	44.06%	0.18%	+43.88%
Volatility (1Y) Calculated over the trailing 1-year period	56.91%	0.27%	+56.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.73%	0.40%	+59.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.73%	0.81%	+58.92%

IMST vs. USFR - Expense Ratio Comparison

IMST has a 0.99% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

IMST vs. USFR - Dividend Comparison

IMST's dividend yield for the trailing twelve months is around 221.80%, more than USFR's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IMST Bitwise Funds Trust	221.80%	195.93%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.91%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both IMST and USFR in my portfolio?

IMST and USFR have a correlation of -0.06, 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 USFR?

IMST has higher volatility (14.83%) compared to USFR (0.06%). In terms of maximum drawdown, IMST dropped -69.86% vs USFR's -1.36%.

Which ETF is better, IMST or USFR?

On 1-year performance, USFR leads with 4.03% vs -62.31% for IMST. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMST or USFR?

Over the 1-year period, USFR has performed better with a 4.03% 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 USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.99% for IMST.

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

IMST has the higher dividend yield at 221.80%, compared with 3.91% for USFR.

What is the main difference between IMST and USFR?

IMST is categorized as Derivative Income, while USFR is Government Bonds. They also come from different issuers: Bitwise and WisdomTree. Their fees differ too: 0.99% for IMST and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (15.11 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.