IMRA vs SPY
IMRA vs SPY
Bitwise MARA 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 | IMRA | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.98% | 0.09% | |
| AUM | $2M | $789.1B | |
| Dividend Yield | 100.64% | 1.01% | |
| Holdings | 5 | 505 | |
| YTD Return | +0.10% | +13.79% | |
| 1Y Return | -39.00% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 50.2% | 15.3% | |
| Max Drawdown | -61.5% | -56.5% | |
| Fund Family | Bitwise | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Apr 1, 2025 | Jan 22, 1993 |
IMRA vs SPY Performance
Bitwise MARA Option Income Strategy ETF (IMRA) 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 IMRA returned -39.00% while SPY returned +23.66%. Year to date, IMRA is up 0.10% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
IMRA has been the more volatile fund, with annualized monthly volatility of 50.2% 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 -61.5% for IMRA 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 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IMRA 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, IMRA currently yields 100.64% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, IMRA or SPY?
IMRA 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, IMRA or SPY?
Over the past year IMRA returned -39.00% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), IMRA annualized -21.39% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IMRA or SPY?
IMRA has been the more volatile fund at 50.2% annualized versus 15.3% for SPY. Worst drawdown: IMRA -61.5% vs SPY -56.5%.
Should I hold both IMRA and SPY?
IMRA and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, IMRA or SPY?
IMRA yields 100.64% while SPY yields 1.01%, so IMRA currently pays the higher dividend yield.
Popular ETF Comparisons
Get Full ETF Analytics
Access complete holdings data, overlap analysis, screener tools, and more with FundXLS.