BTCW vs. WNTR

Last updated Jun 26, 2026

BTCW (Wisdom Tree Bitcoin Fund) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - BTCW is a Cryptocurrency fund managed by WisdomTree, while WNTR is a Derivative Income fund actively managed by YieldMax. Over the past year, BTCW returned -45.23% vs 115.98% for WNTR. At a correlation of -0.81, they often move in opposite directions. BTCW charges 0.30%/yr vs 1.01%/yr for WNTR.

Performance

BTCW vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) 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, BTCW achieves a -32.48% return, which is significantly lower than WNTR's 17.65% return.

BTCW

• 1D: -1.04%
• 1M: -22.03%
• YTD: -32.48%
• 6M: -32.25%
• 1Y: -45.23%
• 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)

BTCW vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BTCW Wisdom Tree Bitcoin Fund	-32.48%	1.09%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

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

Return for Risk

BTCW vs. WNTR — Risk / Return Rank

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

BTCW

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

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.

BTCW vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	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

BTCW vs. WNTR - Sharpe Ratio Comparison

The current BTCW 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 BTCW 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

BTCW vs. WNTR - Drawdown Comparison

The maximum BTCW drawdown since its inception was -52.93%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BTCW and WNTR.

Drawdown Indicators

	BTCW	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-52.93%	-42.65%	-10.28%
Max Drawdown (1Y) Largest decline over 1 year	-52.93%	-42.65%	-10.28%
Current Drawdown Current decline from peak	-52.93%	-4.02%	-48.91%
Average Drawdown Average peak-to-trough decline	-16.91%	-20.87%	+3.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.90%	16.66%	+14.24%

Volatility

BTCW vs. WNTR - Volatility Comparison

The current volatility for Wisdom Tree Bitcoin Fund (BTCW) is 13.34%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that BTCW 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

	BTCW	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	18.14%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	34.45%	46.41%	-11.96%
Volatility (1Y) Calculated over the trailing 1-year period	44.19%	53.16%	-8.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.08%	53.31%	-3.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.08%	53.31%	-3.23%

BTCW vs. WNTR - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

BTCW vs. WNTR - Dividend Comparison

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

Position	TTM	2025
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%

Frequently Asked Questions

Can I hold both BTCW and WNTR in my portfolio?

BTCW 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, BTCW or WNTR?

WNTR has higher volatility (18.14%) compared to BTCW (13.34%). In terms of maximum drawdown, BTCW dropped -52.93% vs WNTR's -42.65%.

Which ETF is better, BTCW or WNTR?

On 1-year performance, WNTR leads with 115.98% vs -45.23% for BTCW. On fees, BTCW is cheaper at 0.30% per year. On volatility, BTCW has been the lower-risk option at 13.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs -45.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or WNTR?

BTCW is cheaper with a 0.30% expense ratio, compared with 1.01% for WNTR.

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

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

What is the main difference between BTCW and WNTR?

BTCW is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: WisdomTree and YieldMax. Their fees differ too: 0.30% for BTCW 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.