BLOX vs. WNTR

Last updated Aug 4, 2026

BLOX (Nicholas Crypto Income ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BLOX is a Cryptocurrency fund actively managed by Nicholas, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BLOX returned -6.15% vs 106.92% for WNTR. Their -0.69 correlation means they have often moved in opposite directions in the past. BLOX charges 1.03%/yr vs 1.00%/yr for WNTR.

Performance

BLOX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Crypto Income ETF (BLOX) 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, BLOX achieves a -1.70% return, which is significantly lower than WNTR's 10.51% return.

BLOX

• 1D: 3.66%
• 1M: -0.32%
• 6M: -1.27%
• YTD: -1.70%
• 1Y: -6.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.59%

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)
BLOX Nicholas Crypto Income ETF	$4.89M	$4.95M	$6.25M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

BLOX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BLOX Nicholas Crypto Income ETF	-1.70%	8.17%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	81.23%

Correlation

The correlation between BLOX and WNTR is -0.68, 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.	-0.68
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	-0.69

The correlation between BLOX and WNTR has been stable across timeframes, ranging from -0.69 to -0.68 - a consistent structural relationship.

Return for Risk

BLOX vs. WNTR — Risk / Return Rank

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

BLOX

BLOX Risk / Return Rank: 11
BLOX Sharpe Ratio Rank: 9
BLOX Sortino Ratio Rank: 13
BLOX Omega Ratio Rank: 12
BLOX Calmar Ratio Rank: 9
BLOX Martin Ratio Rank: 9

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.

BLOX vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Crypto Income ETF (BLOX) 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.

	BLOX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	1.97	-2.08
Sortino ratio: Return per unit of downside risk	0.25	2.27	-2.03
Omega ratio: Gain probability vs. loss probability	1.03	1.30	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.13	2.52	-2.65
Martin ratio: Return relative to average drawdown	-0.24	6.38	-6.62

BLOX vs. WNTR - Sharpe Ratio Comparison

The current BLOX Sharpe Ratio is -0.11, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BLOX 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

BLOX vs. WNTR - Drawdown Comparison

The maximum BLOX drawdown since its inception was -47.09%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BLOX and WNTR.

Drawdown Indicators

	BLOX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-42.65%	-4.44%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-42.65%	-4.44%
Current Drawdown Current decline from peak	-32.04%	-9.84%	-22.20%
Average Drawdown Average peak-to-trough decline	-19.87%	-20.15%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.62%	16.83%	+8.79%

Volatility

BLOX vs. WNTR - Volatility Comparison

Nicholas Crypto Income ETF (BLOX) has a higher volatility of 20.56% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 13.00%. This indicates that BLOX's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLOX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.56%	13.00%	+7.56%
Volatility (6M) Calculated over the trailing 6-month period	43.37%	47.22%	-3.85%
Volatility (1Y) Calculated over the trailing 1-year period	56.97%	54.66%	+2.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.14%	53.34%	+1.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.14%	53.34%	+1.80%

BLOX vs. WNTR - Expense Ratio Comparison

BLOX has a 1.03% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

BLOX vs. WNTR - Dividend Comparison

BLOX's dividend yield for the trailing twelve months is around 47.94%, less than WNTR's 107.26% yield.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	47.94%	22.69%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%

Frequently Asked Questions

Can I hold both BLOX and WNTR in my portfolio?

BLOX and WNTR have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLOX or WNTR?

BLOX has higher volatility (20.56%) compared to WNTR (13.00%). In terms of maximum drawdown, BLOX dropped -47.09% vs WNTR's -42.65%.

Which ETF is better, BLOX or WNTR?

On 1-year performance, WNTR leads with 106.92% vs -6.15% for BLOX. On fees, WNTR is cheaper at 1.00% per year. On volatility, WNTR has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLOX or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs -6.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLOX or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.03% for BLOX.

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

WNTR has the higher dividend yield at 107.26%, compared with 47.94% for BLOX.

What is the main difference between BLOX and WNTR?

BLOX is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Nicholas and YieldMax. Their fees differ too: 1.03% for BLOX and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -0.11), 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.