BITB vs. WNTR

Last updated Aug 2, 2026

BITB (Bitwise Bitcoin ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BITB is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while WNTR is a Derivative Income fund actively managed by YieldMax. BITB is passively managed, while WNTR is actively managed. Over the past year, BITB returned -44.51% vs 107.38% for WNTR. Their -0.80 correlation means they have often moved in opposite directions in the past. BITB charges 0.20%/yr vs 1.00%/yr for WNTR.

Performance

BITB vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin ETF (BITB) 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, BITB achieves a -28.24% return, which is significantly lower than WNTR's 10.75% return.

BITB

• 1D: -2.87%
• 1M: 2.34%
• 6M: -25.01%
• YTD: -28.24%
• 1Y: -44.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.94%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
BITB Bitwise Bitcoin ETF	$37.99M	$39.08M	$56.07M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

BITB vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BITB Bitwise Bitcoin ETF	-28.24%	1.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between BITB and WNTR is -0.81, 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.	-0.81
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.80

The correlation between BITB and WNTR has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.

Return for Risk

BITB vs. WNTR — Risk / Return Rank

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

BITB

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

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

BITB vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin ETF (BITB) 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.

	BITB	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	2.12	-3.16
Sortino ratio: Return per unit of downside risk	-1.58	2.37	-3.95
Omega ratio: Gain probability vs. loss probability	0.83	1.32	-0.49
Calmar ratio: Return relative to maximum drawdown	-0.87	2.71	-3.58
Martin ratio: Return relative to average drawdown	-1.34	6.87	-8.20

BITB vs. WNTR - Sharpe Ratio Comparison

The current BITB Sharpe Ratio is -1.05, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of BITB 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

BITB vs. WNTR - Drawdown Comparison

The maximum BITB drawdown since its inception was -53.33%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BITB and WNTR.

Drawdown Indicators

	BITB	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-53.33%	-42.65%	-10.68%
Max Drawdown (1Y) Largest decline over 1 year	-53.33%	-42.65%	-10.68%
Current Drawdown Current decline from peak	-50.01%	-9.64%	-40.37%
Average Drawdown Average peak-to-trough decline	-18.25%	-20.18%	+1.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.64%	16.81%	+17.83%

Volatility

BITB vs. WNTR - Volatility Comparison

The current volatility for Bitwise Bitcoin ETF (BITB) is 9.04%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that BITB 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

	BITB	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.04%	14.85%	-5.81%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	47.43%	-13.72%
Volatility (1Y) Calculated over the trailing 1-year period	44.37%	54.68%	-10.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.38%	53.42%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.38%	53.42%	-4.04%

BITB vs. WNTR - Expense Ratio Comparison

BITB has a 0.20% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

BITB vs. WNTR - Dividend Comparison

BITB has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.02%.

Position	TTM	2025
BITB Bitwise Bitcoin ETF	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%

Frequently Asked Questions

Can I hold both BITB and WNTR in my portfolio?

BITB and WNTR have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITB or WNTR?

WNTR has higher volatility (14.85%) compared to BITB (9.04%). In terms of maximum drawdown, BITB dropped -53.33% vs WNTR's -42.65%.

Which ETF is better, BITB or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -44.51% for BITB. On fees, BITB is cheaper at 0.20% per year. On volatility, BITB has been the lower-risk option at 9.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITB or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs -44.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITB or WNTR?

BITB is cheaper with a 0.20% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.00% for BITB.

What is the main difference between BITB and WNTR?

BITB is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.20% for BITB and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs -1.05), 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.