BITW vs. WNTR
BITW (Bitwise 10 Crypto Index ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BITW is a Cryptocurrency fund tracking the Bitwise 10 Large Cap Crypto Index, while WNTR is a Derivative Income fund actively managed by YieldMax. BITW is passively managed, while WNTR is actively managed. Over the past year, BITW returned -42.84% vs 106.98% for WNTR. Their -0.77 correlation means they have often moved in opposite directions in the past. BITW charges 0.75%/yr vs 1.00%/yr for WNTR.
Performance
BITW vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, BITW achieves a -29.75% return, which is significantly lower than WNTR's 7.92% return.
BITW
- 1D
- 0.66%
- 1M
- 4.51%
- 6M
- -17.92%
- YTD
- -29.75%
- 1Y
- -42.84%
- 3Y*
- 48.44%
- 5Y*
- 0.56%
- 10Y*
- —
- ALL TIME*
- 23.73%
WNTR
- 1D
- -2.34%
- 1M
- 5.36%
- 6M
- 2.42%
- YTD
- 7.92%
- 1Y
- 106.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 44.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.51M | $1.45M | $2.54M | |
| $3.95M | $3.66M | $3.95M |
BITW vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BITW Bitwise 10 Crypto Index ETF | -29.75% | 11.30% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 7.92% | 52.78% |
Correlation
The correlation between BITW and WNTR is -0.78, 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. | -0.78 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.77 |
The correlation between BITW and WNTR has been stable across timeframes, ranging from -0.78 to -0.77 - a consistent structural relationship.
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Return for Risk
BITW vs. WNTR — Risk / Return Rank
BITW
WNTR
BITW vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.
| BITW | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.84 | ||
| Sortino ratioReturn per unit of downside risk | -3.48 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.30 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | 2.52 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.15 | 6.38 | -7.53 |
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Drawdowns
BITW vs. WNTR - Drawdown Comparison
The maximum BITW drawdown since its inception was -96.46%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BITW and WNTR.
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Drawdown Indicators
| BITW | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.46% | -42.65% | -53.81% |
Max Drawdown (1Y)Largest decline over 1 year | -56.45% | -42.65% | -13.80% |
Max Drawdown (3Y)Largest decline over 3 years | -56.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -91.93% | — | — |
Current DrawdownCurrent decline from peak | -70.30% | -11.95% | -58.35% |
Average DrawdownAverage peak-to-trough decline | -69.58% | -20.12% | -49.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.18% | 16.84% | +20.34% |
Volatility
BITW vs. WNTR - Volatility Comparison
The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 8.53%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. This indicates that BITW 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.
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Volatility by Period
| BITW | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.53% | 13.23% | -4.70% |
Volatility (6M)Calculated over the trailing 6-month period | 35.28% | 46.95% | -11.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.69% | 54.62% | -4.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.91% | 53.31% | +10.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 107.36% | 53.31% | +54.05% |
BITW vs. WNTR - Expense Ratio Comparison
BITW has a 0.75% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
BITW vs. WNTR - Dividend Comparison
BITW has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 109.83%.
| Position | TTM | 2025 |
|---|---|---|
BITW Bitwise 10 Crypto Index ETF | 0.00% | 0.00% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 109.83% | 58.56% |
Frequently Asked Questions
BITW and WNTR have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (13.23%) compared to BITW (8.53%). In terms of maximum drawdown, BITW dropped -96.46% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.98% vs -42.84% for BITW. On fees, BITW is cheaper at 0.75% per year. On volatility, BITW has been the lower-risk option at 8.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 106.98% return vs -42.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BITW is cheaper with a 0.75% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 109.83%, compared with 0.00% for BITW.
BITW is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.75% for BITW and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (1.97 vs -0.87), 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.
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