XRP vs. ICOI

Last updated Jul 16, 2026

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 0.70 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise XRP ETF (XRP) 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, XRP achieves a -39.52% return, which is significantly lower than ICOI's -17.44% return.

XRP

• 1D: -0.37%
• 1M: -12.97%
• 6M: -48.59%
• YTD: -39.52%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: 3.27%
• 1M: 3.18%
• 6M: -26.21%
• YTD: -17.44%
• 1Y: -49.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRP vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
XRP Bitwise XRP ETF	-39.52%	-15.03%
ICOI Bitwise COIN Option Income Strategy ETF	-17.44%	-9.52%

Correlation

The correlation between XRP and ICOI is 0.70, 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 20, 2025	0.70

Return for Risk

XRP vs. ICOI — Risk / Return Rank

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

XRP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ICOI

ICOI Risk / Return Rank: 2
ICOI Sharpe Ratio Rank: 2
ICOI Sortino Ratio Rank: 2
ICOI Omega Ratio Rank: 2
ICOI Calmar Ratio Rank: 2
ICOI Martin Ratio Rank: 3

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.

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.

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.

	XRP	ICOI	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.00	—
Sortino ratio: Return per unit of downside risk	—	-1.48	—
Omega ratio: Gain probability vs. loss probability	—	0.82	—
Calmar ratio: Return relative to maximum drawdown	—	-0.84	—
Martin ratio: Return relative to average drawdown	—	-1.22	—

Drawdowns

XRP vs. ICOI - Drawdown Comparison

The maximum XRP drawdown since its inception was -55.49%, smaller than the maximum ICOI drawdown of -59.32%. Use the drawdown chart below to compare losses from any high point for XRP and ICOI.

Drawdown Indicators

	XRP	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-55.49%	-59.32%	+3.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-59.32%	—
Current Drawdown Current decline from peak	-52.18%	-52.49%	+0.31%
Average Drawdown Average peak-to-trough decline	-33.46%	-29.80%	-3.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	40.92%	—

Volatility

Volatility by Period

	XRP	ICOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.41%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.46%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.85%	49.89%	+23.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.85%	50.04%	+23.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.85%	50.04%	+23.81%

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 274.36%.

Position	TTM	2025
ICOI Bitwise COIN Option Income Strategy ETF	274.36%	247.40%
XRP Bitwise XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both XRP and ICOI in my portfolio?

XRP and ICOI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XRP or ICOI?

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.

Which ETF is cheaper, XRP or ICOI?

XRP is cheaper with a 0.34% expense ratio, compared with 0.98% for ICOI.

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

ICOI has the higher dividend yield at 274.36%, compared with 0.00% for XRP.

What is the main difference between XRP and ICOI?

XRP is categorized as Cryptocurrency, while ICOI is Derivative Income. Their fees differ too: 0.34% for XRP and 0.98% for ICOI.