XRP vs. ICOI

Last updated Apr 1, 2026

Compare and contrast key facts about Bitwise XRP ETF (XRP) and Bitwise COIN Option Income Strategy ETF (ICOI).

XRP and ICOI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XRP is an actively managed fund by Bitwise. It was launched on Nov 19, 2025. ICOI is an actively managed fund by Bitwise. It was launched on Apr 1, 2025.

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.

XRP vs. ICOI - Yearly Performance Comparison

	2026 (YTD)	2025
XRP Bitwise XRP ETF	-26.75%	-8.64%
ICOI Bitwise COIN Option Income Strategy ETF	-21.92%	-2.74%

Returns By Period

In the year-to-date period, XRP achieves a -26.75% return, which is significantly lower than ICOI's -21.92% return.

XRP

• 1D: 1.76%
• 1M: -0.86%
• YTD: -26.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICOI

• 1D: 5.32%
• 1M: -7.30%
• YTD: -21.92%
• 6M: -47.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRP vs. ICOI - Expense Ratio Comparison

XRP has a 0.34% expense ratio, which is lower than ICOI's 0.98% expense ratio.

ICOI

Bitwise COIN Option Income Strategy ETF

XRP

Bitwise XRP ETF

Return for Risk

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.

Sharpe Ratios by Period

	XRP	ICOI	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.55	-0.24

Correlation

The correlation between XRP and ICOI is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

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 373.22%.

	TTM	2025
XRP Bitwise XRP ETF	0.00%	0.00%
ICOI Bitwise COIN Option Income Strategy ETF	373.22%	247.40%

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.

Drawdown Indicators

	XRP	ICOI	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-58.10%	+9.39%
Current Drawdown Current decline from peak	-42.08%	-55.07%	+12.99%
Average Drawdown Average peak-to-trough decline	-24.29%	-23.12%	-1.17%

Volatility

Volatility by Period

	XRP	ICOI	Difference
Volatility (1Y) Calculated over the trailing 1-year period	87.42%	52.11%	+35.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.42%	52.11%	+35.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.42%	52.11%	+35.31%