IMRA vs SPY
Bitwise MARA Option Income Strategy ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, IMRA or SPY?
Option Writing against Large Cap Blend.
SPY has a lower expense ratio. SPY led over 1Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | IMRA | SPY |
|---|---|---|
| Expense Ratio | 0.96% | 0.09%Best |
| AUM | $2M | $804.7B |
| Dividend Yield | 92.46% | 0.98% |
| Holdings | 2 | 505 |
| Volatility (annualized) | 50.2% | 12.8%Best |
| Max Drawdown | -61.5% | -8.9%Best |
| $10,000 over 1.3 years | $7,313 | $14,022Best |
| Fund Family | Bitwise | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Option Writing | Large Cap Blend |
| Inception | Apr 1, 2025 | Jan 22, 1993 |
Not shown on this pair: YTD Return, 1Y Return, 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
The two price series end 48 days apart, so a return over any period would be measuring two different stretches of market. Those rows are withheld. IMRA has data through Jul 31, 2026 and SPY through Sep 17, 2026.
Volatility and max drawdown, and the $10,000 over 1.3 years row, are measured over the window both funds cover: Apr 3, 2025 to Jul 31, 2026 (1.3 years).
Risk: Volatility and Drawdowns
IMRA has been the more volatile fund, with annualized monthly volatility of 50.2% compared with 12.8% 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 -8.9% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
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 0.96% per year while SPY charges 0.09%. On a $10,000 position that is $96 vs $9 annually, a gap of $87 per year that compounds over a long holding period. On income, IMRA currently yields 92.46% against 0.98% for SPY.
You are not choosing between two funds in isolation.
Whichever of IMRA and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, IMRA or SPY?
IMRA has an expense ratio of 0.96% while SPY charges 0.09%. SPY is the cheaper option, by $87 a year on a $10,000 investment.
Which is riskier, IMRA or SPY?
IMRA has been the more volatile fund at 50.2% annualized versus 12.8% for SPY. Worst drawdown: IMRA -61.5% vs SPY -8.9%.
Should I hold both IMRA and SPY?
IMRA and SPY have a monthly-return correlation of 0.71, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, IMRA or SPY?
IMRA yields 92.46% while SPY yields 0.98%, so IMRA currently pays the higher dividend yield.
Is SPY better than IMRA?
SPY has a lower expense ratio. SPY led over 1Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.