OWNB vs. ICOI

Last updated Aug 4, 2026

OWNB (Bitwise Bitcoin Standard Corporations ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - OWNB is a Blockchain fund tracking the Bitwise Bitcoin Standard Corporations Inde, while ICOI is a Derivative Income fund actively managed by Bitwise. OWNB is passively managed, while ICOI is actively managed. Over the past year, OWNB returned -42.72% vs -43.09% for ICOI. Their 0.69 correlation means they have sometimes moved together and sometimes differently. OWNB charges 0.85%/yr vs 0.98%/yr for ICOI.

Performance

OWNB vs. ICOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin Standard Corporations ETF (OWNB) and Bitwise COIN Option Income Strategy ETF (ICOI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OWNB achieves a -19.79% return, which is significantly higher than ICOI's -22.45% return.

OWNB

• 1D: 2.18%
• 1M: -3.73%
• 6M: -17.40%
• YTD: -19.79%
• 1Y: -42.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -15.34%

ICOI

• 1D: 0.10%
• 1M: -1.71%
• 6M: -12.60%
• YTD: -22.45%
• 1Y: -43.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.55%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ICOI Bitwise COIN Option Income Strategy ETF	$611.49K	$662.54K	$611.26K
OWNB Bitwise Bitcoin Standard Corporations ETF	$39.86K	$39.06K	$154.61K

OWNB vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
OWNB Bitwise Bitcoin Standard Corporations ETF	-19.79%	-8.62%
ICOI Bitwise COIN Option Income Strategy ETF	-22.45%	-6.51%

Correlation

The correlation between OWNB and ICOI is 0.72, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.72
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.69

The correlation between OWNB and ICOI has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

OWNB vs. ICOI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OWNB

OWNB Risk / Return Rank: 4
OWNB Sharpe Ratio Rank: 3
OWNB Sortino Ratio Rank: 4
OWNB Omega Ratio Rank: 4
OWNB Calmar Ratio Rank: 3
OWNB Martin Ratio Rank: 4

ICOI

ICOI Risk / Return Rank: 1
ICOI Sharpe Ratio Rank: 1
ICOI Sortino Ratio Rank: 2
ICOI Omega Ratio Rank: 1
ICOI Calmar Ratio Rank: 1
ICOI Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OWNB vs. ICOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin Standard Corporations ETF (OWNB) and Bitwise COIN Option Income Strategy ETF (ICOI). 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.

	OWNB	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	-1.04	+0.31
Sortino ratio: Return per unit of downside risk	-0.92	-1.58	+0.66
Omega ratio: Gain probability vs. loss probability	0.90	0.81	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.72	-0.95	+0.23
Martin ratio: Return relative to average drawdown	-1.08	-1.41	+0.33

OWNB vs. ICOI - Sharpe Ratio Comparison

The current OWNB Sharpe Ratio is -0.73, which is higher than the ICOI Sharpe Ratio of -1.04. The chart below compares the historical Sharpe Ratios of OWNB and ICOI, 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

OWNB vs. ICOI - Drawdown Comparison

The maximum OWNB drawdown since its inception was -59.47%, roughly equal to the maximum ICOI drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for OWNB and ICOI.

Drawdown Indicators

	OWNB	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-59.47%	-59.32%	-0.15%
Max Drawdown (1Y) Largest decline over 1 year	-59.47%	-54.58%	-4.89%
Current Drawdown Current decline from peak	-54.80%	-55.37%	+0.57%
Average Drawdown Average peak-to-trough decline	-27.95%	-30.72%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.44%	38.57%	+0.87%

Volatility

OWNB vs. ICOI - Volatility Comparison

Bitwise Bitcoin Standard Corporations ETF (OWNB) has a higher volatility of 16.07% compared to Bitwise COIN Option Income Strategy ETF (ICOI) at 8.35%. This indicates that OWNB's price experiences larger fluctuations and is considered to be riskier than ICOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OWNB	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.07%	8.35%	+7.72%
Volatility (6M) Calculated over the trailing 6-month period	43.88%	35.53%	+8.35%
Volatility (1Y) Calculated over the trailing 1-year period	59.12%	49.80%	+9.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.02%	49.33%	+12.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.02%	49.33%	+12.69%

OWNB vs. ICOI - Expense Ratio Comparison

OWNB has a 0.85% expense ratio, which is lower than ICOI's 0.98% expense ratio.

Dividends

OWNB vs. ICOI - Dividend Comparison

OWNB's dividend yield for the trailing twelve months is around 1.09%, less than ICOI's 202.94% yield.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	202.94%	247.40%
OWNB Bitwise Bitcoin Standard Corporations ETF	1.09%	0.87%

Frequently Asked Questions

Can I hold both OWNB and ICOI in my portfolio?

OWNB and ICOI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OWNB or ICOI?

OWNB has higher volatility (16.07%) compared to ICOI (8.35%). In terms of maximum drawdown, OWNB dropped -59.47% vs ICOI's -59.32%.

Which ETF is better, OWNB or ICOI?

On 1-year performance, OWNB leads with -42.72% vs -43.09% for ICOI. On fees, OWNB is cheaper at 0.85% per year. On volatility, ICOI has been the lower-risk option at 8.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OWNB or ICOI?

Over the 1-year period, OWNB has performed better with a -42.72% return vs -43.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OWNB or ICOI?

OWNB is cheaper with a 0.85% expense ratio, compared with 0.98% for ICOI.

Which ETF pays a higher dividend yield, OWNB or ICOI?

ICOI has the higher dividend yield at 202.94%, compared with 1.09% for OWNB.

What is the main difference between OWNB and ICOI?

OWNB is categorized as Blockchain, while ICOI is Derivative Income. Their fees differ too: 0.85% for OWNB and 0.98% for ICOI.

Which has better risk-adjusted returns?

OWNB currently has the higher Sharpe Ratio (-0.73 vs -1.04), 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.