XRP vs. ICOI
XRP (Bitwise XRP ETF) and ICOI (Bitwise COIN Option Income Strategy ETF) are both exchange-traded funds - XRP is a Cryptocurrency fund actively managed by Bitwise, while ICOI is a Derivative Income fund actively managed by Bitwise. Both are actively managed. A 0.67 correlation means they provide meaningful diversification when combined. XRP charges 0.34%/yr vs 0.98%/yr for ICOI.
Performance
XRP vs. ICOI - Performance Comparison
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Returns By Period
In the year-to-date period, XRP achieves a -34.50% return, which is significantly lower than ICOI's -22.33% return.
XRP
- 1D
- -1.54%
- 1M
- -14.12%
- YTD
- -34.50%
- 6M
- -45.52%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ICOI
- 1D
- -5.88%
- 1M
- -10.04%
- YTD
- -22.33%
- 6M
- -32.60%
- 1Y
- -42.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
XRP vs. ICOI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
XRP Bitwise XRP ETF | -34.50% | -8.64% |
ICOI Bitwise COIN Option Income Strategy ETF | -22.33% | -2.74% |
Correlation
The correlation between XRP and ICOI is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 21, 2025 | 0.67 |
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Return for Risk
XRP vs. ICOI — Risk / Return Rank
XRP
ICOI
XRP vs. ICOI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise XRP ETF (XRP) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| XRP | ICOI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.86 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.50 | -0.33 |
Drawdowns
XRP vs. ICOI - Drawdown Comparison
The maximum XRP drawdown since its inception was -48.71%, smaller than the maximum ICOI drawdown of -58.10%. Use the drawdown chart below to compare losses from any high point for XRP and ICOI.
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Drawdown Indicators
| XRP | ICOI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.71% | -58.10% | +9.39% |
Max Drawdown (1Y)Largest decline over 1 year | — | -58.10% | — |
Current DrawdownCurrent decline from peak | -48.21% | -55.30% | +7.09% |
Average DrawdownAverage peak-to-trough decline | -29.70% | -27.43% | -2.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 36.48% | — |
Volatility
XRP vs. ICOI - Volatility Comparison
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Volatility by Period
| XRP | ICOI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 13.92% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 34.93% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 75.13% | 49.40% | +25.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 75.13% | 50.41% | +24.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 75.13% | 50.41% | +24.72% |
XRP vs. ICOI - Expense Ratio Comparison
XRP has a 0.34% expense ratio, which is lower than ICOI's 0.98% expense ratio.
Dividends
XRP vs. ICOI - Dividend Comparison
XRP has not paid dividends to shareholders, while ICOI's dividend yield for the trailing twelve months is around 338.05%.
| Position | TTM | 2025 |
|---|---|---|
ICOI Bitwise COIN Option Income Strategy ETF | 338.05% | 247.40% |
XRP Bitwise XRP ETF | 0.00% | 0.00% |
Frequently Asked Questions
XRP and ICOI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, XRP is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.
XRP is cheaper with a 0.34% expense ratio, compared with 0.98% for ICOI.
ICOI has the higher dividend yield at 338.05%, compared with 0.00% for XRP.
XRP is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.34% for XRP and 0.98% for ICOI.
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