BFAP vs. WNTR

Last updated Aug 4, 2026

BFAP (FT Vest Bitcoin Strategy Floor15 ETF - April) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BFAP is a Cryptocurrency fund actively managed by First Trust, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BFAP returned -28.63% vs 106.92% for WNTR. Their -0.77 correlation means they have often moved in opposite directions in the past. BFAP charges 0.90%/yr vs 1.00%/yr for WNTR.

Performance

BFAP vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BFAP achieves a -21.55% return, which is significantly lower than WNTR's 10.51% return.

BFAP

• 1D: 0.84%
• 1M: 1.52%
• 6M: -14.46%
• YTD: -21.55%
• 1Y: -28.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.16%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	$15.29K	$12.55K	$25.71K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

BFAP vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	-21.55%	8.90%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	42.46%

Correlation

The correlation between BFAP and WNTR is -0.79, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.79
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	-0.77

The correlation between BFAP and WNTR has been stable across timeframes, ranging from -0.79 to -0.77 - a consistent structural relationship.

Return for Risk

BFAP vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BFAP

BFAP Risk / Return Rank: 1
BFAP Sharpe Ratio Rank: 0
BFAP Sortino Ratio Rank: 1
BFAP Omega Ratio Rank: 1
BFAP Calmar Ratio Rank: 2
BFAP Martin Ratio Rank: 2

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BFAP vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BFAP	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.33	1.97	-3.30
Sortino ratio: Return per unit of downside risk	-1.88	2.27	-4.15
Omega ratio: Gain probability vs. loss probability	0.78	1.30	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.84	2.52	-3.36
Martin ratio: Return relative to average drawdown	-1.35	6.38	-7.73

BFAP vs. WNTR - Sharpe Ratio Comparison

The current BFAP Sharpe Ratio is -1.33, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BFAP and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BFAP vs. WNTR - Drawdown Comparison

The maximum BFAP drawdown since its inception was -34.15%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BFAP and WNTR.

Drawdown Indicators

	BFAP	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-34.15%	-42.65%	+8.50%
Max Drawdown (1Y) Largest decline over 1 year	-34.15%	-42.65%	+8.50%
Current Drawdown Current decline from peak	-31.82%	-9.84%	-21.98%
Average Drawdown Average peak-to-trough decline	-13.35%	-20.15%	+6.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.27%	16.83%	+4.44%

Volatility

BFAP vs. WNTR - Volatility Comparison

The current volatility for FT Vest Bitcoin Strategy Floor15 ETF - April (BFAP) is 4.00%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that BFAP experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BFAP	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	13.00%	-9.00%
Volatility (6M) Calculated over the trailing 6-month period	14.78%	47.22%	-32.44%
Volatility (1Y) Calculated over the trailing 1-year period	21.61%	54.66%	-33.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.01%	53.34%	-33.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.01%	53.34%	-33.33%

BFAP vs. WNTR - Expense Ratio Comparison

BFAP has a 0.90% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

BFAP vs. WNTR - Dividend Comparison

BFAP's dividend yield for the trailing twelve months is around 24.18%, less than WNTR's 107.26% yield.

Position	TTM	2025
BFAP FT Vest Bitcoin Strategy Floor15 ETF - April	24.18%	18.97%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%

Frequently Asked Questions

Can I hold both BFAP and WNTR in my portfolio?

BFAP and WNTR have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BFAP or WNTR?

WNTR has higher volatility (13.00%) compared to BFAP (4.00%). In terms of maximum drawdown, BFAP dropped -34.15% vs WNTR's -42.65%.

Which ETF is better, BFAP or WNTR?

On 1-year performance, WNTR leads with 106.92% vs -28.63% for BFAP. On fees, BFAP is cheaper at 0.90% per year. On volatility, BFAP has been the lower-risk option at 4.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BFAP or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs -28.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BFAP or WNTR?

BFAP is cheaper with a 0.90% expense ratio, compared with 1.00% for WNTR.

Which ETF pays a higher dividend yield, BFAP or WNTR?

WNTR has the higher dividend yield at 107.26%, compared with 24.18% for BFAP.

What is the main difference between BFAP and WNTR?

BFAP is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.90% for BFAP and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -1.33), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.