ICOI vs SPY
Bitwise COIN Option Income Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | ICOI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.98% | 0.09% | |
| AUM | $14M | $789.1B | |
| Dividend Yield | 303.19% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | -25.55% | +14.47% | |
| 1Y Return | -51.70% | +21.96% | |
| 3Y Return (annualized) | - | +21.70% | |
| 5Y Return (annualized) | - | +13.30% | |
| Volatility (annualized) | 39.0% | 15.3% | |
| Max Drawdown | -59.3% | -56.5% | |
| Fund Family | Bitwise | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 1, 2025 | Jan 22, 1993 |
ICOI vs SPY Performance
Bitwise COIN Option Income Strategy ETF (ICOI) is a ETF from Bitwise and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year ICOI returned -51.70% while SPY returned +21.96%. Year to date, ICOI is down 25.55% versus a gain of 14.47% for SPY.
Risk: Volatility and Drawdowns
ICOI has been the more volatile fund, with annualized monthly volatility of 39.0% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -59.3% for ICOI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.58. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
ICOI charges 0.98% per year while SPY charges 0.09%. On a $10,000 position that is $98 vs $9 annually, a gap of $89 per year that compounds over a long holding period. On income, ICOI currently yields 303.19% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, ICOI or SPY?
ICOI has an expense ratio of 0.98% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $89 per year of difference.
Which performed better, ICOI or SPY?
Over the past year ICOI returned -51.70% vs +21.96% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), ICOI annualized -22.48% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, ICOI or SPY?
ICOI has been the more volatile fund at 39.0% annualized versus 15.3% for SPY. Worst drawdown: ICOI -59.3% vs SPY -56.5%.
Should I hold both ICOI and SPY?
ICOI and SPY have a monthly-return correlation of 0.58, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, ICOI or SPY?
ICOI yields 303.19% while SPY yields 1.01%, so ICOI currently pays the higher dividend yield.
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