XRP vs. ICRC

Last updated Jun 4, 2026

XRP (Bitwise XRP ETF) and ICRC (Bitwise CRCL Option Income Strategy ETF) are both exchange-traded funds - XRP is a Cryptocurrency fund actively managed by Bitwise, while ICRC is a Derivative Income fund actively managed by Bitwise. Both are actively managed. A 0.56 correlation means they provide meaningful diversification when combined. XRP charges 0.34%/yr vs 0.98%/yr for ICRC.

Performance

XRP vs. ICRC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise XRP ETF (XRP) and Bitwise CRCL Option Income Strategy ETF (ICRC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XRP achieves a -34.50% return, which is significantly lower than ICRC's -5.38% return.

XRP

• 1D: -1.54%
• 1M: -14.12%
• YTD: -34.50%
• 6M: -45.52%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ICRC

• 1D: -8.76%
• 1M: -16.63%
• YTD: -5.38%
• 6M: -7.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRP vs. ICRC - Yearly Performance Comparison

	2026 (YTD)	2025
XRP Bitwise XRP ETF	-34.50%	-8.64%
ICRC Bitwise CRCL Option Income Strategy ETF	-5.38%	20.31%

Correlation

The correlation between XRP and ICRC is 0.56, 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	0.56

Return for Risk

XRP vs. ICRC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise XRP ETF (XRP) and Bitwise CRCL Option Income Strategy ETF (ICRC). 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	ICRC	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.83	-0.79	-0.04

Drawdowns

XRP vs. ICRC - Drawdown Comparison

The maximum XRP drawdown since its inception was -48.71%, smaller than the maximum ICRC drawdown of -55.65%. Use the drawdown chart below to compare losses from any high point for XRP and ICRC.

Drawdown Indicators

	XRP	ICRC	Difference
Max Drawdown Largest peak-to-trough decline	-48.71%	-55.65%	+6.94%
Current Drawdown Current decline from peak	-48.21%	-41.04%	-7.17%
Average Drawdown Average peak-to-trough decline	-29.70%	-32.47%	+2.77%

Volatility

Volatility by Period

	XRP	ICRC	Difference
Volatility (1Y) Calculated over the trailing 1-year period	75.13%	67.59%	+7.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.13%	67.59%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.13%	67.59%	+7.54%

XRP vs. ICRC - Expense Ratio Comparison

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

Dividends

XRP vs. ICRC - Dividend Comparison

XRP has not paid dividends to shareholders, while ICRC's dividend yield for the trailing twelve months is around 42.62%.

Position	TTM	2025
ICRC Bitwise CRCL Option Income Strategy ETF	42.62%	17.79%
XRP Bitwise XRP ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both XRP and ICRC in my portfolio?

XRP and ICRC have a correlation of 0.56, 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 ICRC?

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 ICRC?

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

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

ICRC has the higher dividend yield at 42.62%, compared with 0.00% for XRP.

What is the main difference between XRP and ICRC?

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