BITO vs. WNTR

Last updated Jun 25, 2026

BITO (ProShares Bitcoin Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - BITO is a Cryptocurrency fund actively managed by ProShares, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BITO returned -45.57% vs 97.02% for WNTR. At a correlation of -0.81, they often move in opposite directions. BITO charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

BITO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin Strategy ETF (BITO) and YieldMax Short MSTR 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, BITO achieves a -32.58% return, which is significantly lower than WNTR's 10.46% return.

BITO

• 1D: -3.78%
• 1M: -21.14%
• YTD: -32.58%
• 6M: -32.41%
• 1Y: -45.57%
• 3Y*: 16.49%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BITO ProShares Bitcoin Strategy ETF	-32.58%	-2.68%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between BITO and WNTR is -0.82, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.81

The correlation between BITO and WNTR has been stable across timeframes, ranging from -0.82 to -0.81 - a consistent structural relationship.

Return for Risk

BITO vs. WNTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITO

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

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and YieldMax Short MSTR 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.

	BITO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.85	-2.88
Sortino ratio: Return per unit of downside risk	-1.56	2.20	-3.76
Omega ratio: Gain probability vs. loss probability	0.83	1.30	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.85	2.29	-3.14
Martin ratio: Return relative to average drawdown	-1.45	5.85	-7.30

BITO vs. WNTR - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -1.04, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of BITO 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

BITO vs. WNTR - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BITO and WNTR.

Drawdown Indicators

	BITO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-42.65%	-35.21%
Max Drawdown (1Y) Largest decline over 1 year	-53.50%	-42.65%	-10.85%
Max Drawdown (3Y) Largest decline over 3 years	-53.50%	—	—
Current Drawdown Current decline from peak	-53.50%	-9.88%	-43.62%
Average Drawdown Average peak-to-trough decline	-36.87%	-20.93%	-15.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.47%	16.70%	+14.77%

Volatility

BITO vs. WNTR - Volatility Comparison

The current volatility for ProShares Bitcoin Strategy ETF (BITO) is 13.03%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that BITO 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

	BITO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.03%	17.54%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	45.99%	-11.67%
Volatility (1Y) Calculated over the trailing 1-year period	44.22%	52.83%	-8.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	53.10%	+1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.03%	53.10%	+1.93%

BITO vs. WNTR - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BITO vs. WNTR - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 73.86%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	73.86%	78.29%	61.59%	15.14%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITO and WNTR in my portfolio?

BITO and WNTR have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or WNTR?

WNTR has higher volatility (17.54%) compared to BITO (13.03%). In terms of maximum drawdown, BITO dropped -77.86% vs WNTR's -42.65%.

Which ETF is better, BITO or WNTR?

On 1-year performance, WNTR leads with 97.02% vs -45.57% for BITO. On fees, BITO is cheaper at 0.95% per year. On volatility, BITO has been the lower-risk option at 13.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs -45.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or WNTR?

BITO is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 73.86% for BITO.

What is the main difference between BITO and WNTR?

BITO is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for BITO and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs -1.04), 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.