BTCO vs. WNTR

Last updated Jun 26, 2026

BTCO (Invesco Galaxy Bitcoin ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - BTCO is a Cryptocurrency fund tracking the Lukka Prime Reference Bitcoin Rate, while WNTR is a Derivative Income fund actively managed by YieldMax. BTCO is passively managed, while WNTR is actively managed. Over the past year, BTCO returned -45.25% vs 115.98% for WNTR. At a correlation of -0.81, they often move in opposite directions. BTCO charges 0.39%/yr vs 1.01%/yr for WNTR.

Performance

BTCO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Galaxy Bitcoin ETF (BTCO) 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, BTCO achieves a -32.42% return, which is significantly lower than WNTR's 17.65% return.

BTCO

• 1D: -1.07%
• 1M: -21.99%
• YTD: -32.42%
• 6M: -32.22%
• 1Y: -45.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BTCO Invesco Galaxy Bitcoin ETF	-32.42%	0.89%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

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

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

Return for Risk

BTCO vs. WNTR — Risk / Return Rank

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

BTCO

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

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

BTCO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Galaxy Bitcoin ETF (BTCO) 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.

	BTCO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.03	2.20	-3.23
Sortino ratio: Return per unit of downside risk	-1.54	2.46	-4.00
Omega ratio: Gain probability vs. loss probability	0.83	1.33	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.86	2.73	-3.59
Martin ratio: Return relative to average drawdown	-1.47	6.99	-8.45

BTCO vs. WNTR - Sharpe Ratio Comparison

The current BTCO Sharpe Ratio is -1.03, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of BTCO 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

BTCO vs. WNTR - Drawdown Comparison

The maximum BTCO drawdown since its inception was -52.92%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BTCO and WNTR.

Drawdown Indicators

	BTCO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-52.92%	-42.65%	-10.27%
Max Drawdown (1Y) Largest decline over 1 year	-52.92%	-42.65%	-10.27%
Current Drawdown Current decline from peak	-52.92%	-4.02%	-48.90%
Average Drawdown Average peak-to-trough decline	-16.85%	-20.87%	+4.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.91%	16.66%	+14.25%

Volatility

BTCO vs. WNTR - Volatility Comparison

The current volatility for Invesco Galaxy Bitcoin ETF (BTCO) is 13.25%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that BTCO 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

	BTCO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.25%	18.14%	-4.89%
Volatility (6M) Calculated over the trailing 6-month period	34.52%	46.41%	-11.89%
Volatility (1Y) Calculated over the trailing 1-year period	44.24%	53.16%	-8.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.74%	53.31%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.74%	53.31%	-3.57%

BTCO vs. WNTR - Expense Ratio Comparison

BTCO has a 0.39% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BTCO vs. WNTR - Dividend Comparison

BTCO has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 94.34%.

Position	TTM	2025
BTCO Invesco Galaxy Bitcoin ETF	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%

Frequently Asked Questions

Can I hold both BTCO and WNTR in my portfolio?

BTCO 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, BTCO or WNTR?

WNTR has higher volatility (18.14%) compared to BTCO (13.25%). In terms of maximum drawdown, BTCO dropped -52.92% vs WNTR's -42.65%.

Which ETF is better, BTCO or WNTR?

On 1-year performance, WNTR leads with 115.98% vs -45.25% for BTCO. On fees, BTCO is cheaper at 0.39% per year. On volatility, BTCO has been the lower-risk option at 13.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCO or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs -45.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCO or WNTR?

BTCO is cheaper with a 0.39% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 0.00% for BTCO.

What is the main difference between BTCO and WNTR?

BTCO is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.39% for BTCO and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs -1.03), 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.