MSTY vs. IMST

Last updated Jul 14, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and IMST (Bitwise Funds Trust) are both Derivative Income funds. Both are actively managed. Over the past year, MSTY returned -73.76% vs -72.39% for IMST. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.99% expense ratio.

Performance

MSTY vs. IMST - Performance Comparison

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

Returns By Period

In the year-to-date period, MSTY achieves a -35.55% return, which is significantly lower than IMST's -31.57% return.

MSTY

• 1D: -2.03%
• 1M: -23.27%
• 6M: -39.01%
• YTD: -35.55%
• 1Y: -73.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IMST

• 1D: -1.79%
• 1M: -18.69%
• 6M: -35.66%
• YTD: -31.57%
• 1Y: -72.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTY vs. IMST - Yearly Performance Comparison

	2026 (YTD)	2025
MSTY YieldMax™ MSTR Option Income Strategy ETF	-35.55%	-45.04%
IMST Bitwise Funds Trust	-31.57%	-46.36%

Correlation

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

Return for Risk

MSTY vs. IMST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSTY

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

IMST

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

MSTY vs. IMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) and Bitwise Funds Trust (IMST). 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.

	MSTY	IMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-1.21	+0.06
Sortino ratio: Return per unit of downside risk	-2.35	-2.46	+0.10
Omega ratio: Gain probability vs. loss probability	0.75	0.74	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.95	-0.96	0.00
Martin ratio: Return relative to average drawdown	-1.41	-1.41	-0.01

MSTY vs. IMST - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.15, which is comparable to the IMST Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of MSTY and IMST, 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

MSTY vs. IMST - Drawdown Comparison

The maximum MSTY drawdown since its inception was -77.40%, roughly equal to the maximum IMST drawdown of -75.63%. Use the drawdown chart below to compare losses from any high point for MSTY and IMST.

Drawdown Indicators

	MSTY	IMST	Difference
Max Drawdown Largest peak-to-trough decline	-77.40%	-75.63%	-1.77%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-75.63%	-1.77%
Current Drawdown Current decline from peak	-74.66%	-73.23%	-1.43%
Average Drawdown Average peak-to-trough decline	-28.01%	-38.06%	+10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.19%	51.48%	+0.71%

Volatility

MSTY vs. IMST - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 23.76% compared to Bitwise Funds Trust (IMST) at 21.80%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than IMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	IMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.76%	21.80%	+1.96%
Volatility (6M) Calculated over the trailing 6-month period	53.06%	47.22%	+5.84%
Volatility (1Y) Calculated over the trailing 1-year period	64.61%	60.28%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.32%	60.84%	+11.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.32%	60.84%	+11.48%

MSTY vs. IMST - Expense Ratio Comparison

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

Dividends

MSTY vs. IMST - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 289.43%, more than IMST's 253.23% yield.

Position	TTM	2025	2024
IMST Bitwise Funds Trust	253.23%	195.93%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.43%	294.61%	104.56%

Frequently Asked Questions

Can I hold both MSTY and IMST in my portfolio?

With a correlation of 0.98, MSTY and IMST 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, MSTY or IMST?

MSTY has higher volatility (23.76%) compared to IMST (21.80%). In terms of maximum drawdown, MSTY dropped -77.40% vs IMST's -75.63%.

Which ETF is better, MSTY or IMST?

On 1-year performance, IMST leads with -72.39% vs -73.76% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, IMST has been the lower-risk option at 21.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTY or IMST?

Over the 1-year period, IMST has performed better with a -72.39% return vs -73.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or IMST?

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

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

MSTY has the higher dividend yield at 289.43%, compared with 253.23% for IMST.

What is the main difference between MSTY and IMST?

They also come from different issuers: YieldMax and Bitwise.

Which has better risk-adjusted returns?

MSTY currently has the higher Sharpe Ratio (-1.15 vs -1.21), 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.