BKCH vs. WNTR

Last updated Jul 12, 2026

BKCH (Global X Blockchain ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - BKCH is a Blockchain fund tracking the Solactive Blockchain Index, while WNTR is a Derivative Income fund actively managed by YieldMax. BKCH is passively managed, while WNTR is actively managed. Over the past year, BKCH returned 22.04% vs 116.49% for WNTR. At a correlation of -0.61, they often move in opposite directions. BKCH charges 0.50%/yr vs 1.01%/yr for WNTR.

Performance

BKCH vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Blockchain ETF (BKCH) 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, BKCH achieves a 9.05% return, which is significantly higher than WNTR's 8.06% return.

BKCH

• 1D: -1.93%
• 1M: -16.58%
• 6M: -7.71%
• YTD: 9.05%
• 1Y: 22.04%
• 3Y*: 26.90%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BKCH vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BKCH Global X Blockchain ETF	9.05%	75.13%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between BKCH and WNTR is -0.61, 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	-0.61
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.61

The correlation between BKCH and WNTR has been stable across timeframes, ranging from -0.61 to -0.61 - a consistent structural relationship.

Return for Risk

BKCH vs. WNTR — Risk / Return Rank

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

BKCH

BKCH Risk / Return Rank: 16
BKCH Sharpe Ratio Rank: 14
BKCH Sortino Ratio Rank: 19
BKCH Omega Ratio Rank: 18
BKCH Calmar Ratio Rank: 14
BKCH Martin Ratio Rank: 13

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

BKCH vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Blockchain ETF (BKCH) 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.

	BKCH	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.28	2.06	-1.78
Sortino ratio: Return per unit of downside risk	0.89	2.34	-1.45
Omega ratio: Gain probability vs. loss probability	1.10	1.32	-0.21
Calmar ratio: Return relative to maximum drawdown	0.35	2.60	-2.25
Martin ratio: Return relative to average drawdown	0.62	6.69	-6.07

BKCH vs. WNTR - Sharpe Ratio Comparison

The current BKCH Sharpe Ratio is 0.28, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of BKCH 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

BKCH vs. WNTR - Drawdown Comparison

The maximum BKCH drawdown since its inception was -91.80%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BKCH and WNTR.

Drawdown Indicators

	BKCH	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-91.80%	-42.65%	-49.15%
Max Drawdown (1Y) Largest decline over 1 year	-56.28%	-42.65%	-13.63%
Max Drawdown (3Y) Largest decline over 3 years	-57.99%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.80%	—	—
Current Drawdown Current decline from peak	-47.72%	-11.84%	-35.88%
Average Drawdown Average peak-to-trough decline	-61.69%	-20.57%	-41.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.06%	16.58%	+15.48%

Volatility

BKCH vs. WNTR - Volatility Comparison

The current volatility for Global X Blockchain ETF (BKCH) is 17.51%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that BKCH 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

	BKCH	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.51%	18.80%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	50.56%	47.57%	+2.99%
Volatility (1Y) Calculated over the trailing 1-year period	70.25%	53.81%	+16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.31%	53.62%	+21.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.31%	53.62%	+21.69%

BKCH vs. WNTR - Expense Ratio Comparison

BKCH has a 0.50% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BKCH vs. WNTR - Dividend Comparison

BKCH's dividend yield for the trailing twelve months is around 1.75%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021
BKCH Global X Blockchain ETF	1.75%	2.00%	7.61%	2.33%	1.29%	4.28%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKCH and WNTR in my portfolio?

BKCH and WNTR have a correlation of -0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKCH or WNTR?

WNTR has higher volatility (18.80%) compared to BKCH (17.51%). In terms of maximum drawdown, BKCH dropped -91.80% vs WNTR's -42.65%.

Which ETF is better, BKCH or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 22.04% for BKCH. On fees, BKCH is cheaper at 0.50% per year. On volatility, BKCH has been the lower-risk option at 17.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKCH or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 22.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKCH or WNTR?

BKCH is cheaper with a 0.50% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 1.75% for BKCH.

What is the main difference between BKCH and WNTR?

BKCH is categorized as Blockchain, while WNTR is Derivative Income. They also come from different issuers: Global X and YieldMax. Their fees differ too: 0.50% for BKCH and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 0.28), 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.