CBTA vs. WNTR
CBTA (Calamos Bitcoin 80 Series Structured Alt Protection ETF - April) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - CBTA is a Defined Outcome fund tracking the CBOE Bitcoin US ETF Index, while WNTR is a Derivative Income fund actively managed by YieldMax. CBTA is passively managed, while WNTR is actively managed. Over the past year, CBTA returned -33.12% vs 106.98% for WNTR. Their -0.76 correlation means they have often moved in opposite directions in the past. CBTA charges 0.69%/yr vs 1.00%/yr for WNTR.
Performance
CBTA vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, CBTA achieves a -24.45% return, which is significantly lower than WNTR's 7.92% return.
CBTA
- 1D
- 0.83%
- 1M
- 2.26%
- 6M
- -16.28%
- YTD
- -24.45%
- 1Y
- -33.12%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -11.98%
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) |
|---|---|---|---|
| $19.28K | $37.33K | $32.42K | |
| $3.95M | $3.66M | $3.95M |
CBTA vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | -24.45% | 11.82% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 7.92% | 45.43% |
Correlation
The correlation between CBTA 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 Apr 7, 2025 | -0.76 |
The correlation between CBTA and WNTR has been stable across timeframes, ranging from -0.78 to -0.76 - a consistent structural relationship.
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Return for Risk
CBTA vs. WNTR — Risk / Return Rank
CBTA
WNTR
CBTA vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) 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.
| CBTA | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.10 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.52 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.38 | -7.70 |
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Drawdowns
CBTA vs. WNTR - Drawdown Comparison
The maximum CBTA drawdown since its inception was -39.83%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CBTA and WNTR.
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Drawdown Indicators
| CBTA | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -39.83% | -42.65% | +2.82% |
Max Drawdown (1Y)Largest decline over 1 year | -39.83% | -42.65% | +2.82% |
Current DrawdownCurrent decline from peak | -36.91% | -11.95% | -24.96% |
Average DrawdownAverage peak-to-trough decline | -15.96% | -20.12% | +4.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.05% | 16.84% | +8.21% |
Volatility
CBTA vs. WNTR - Volatility Comparison
The current volatility for Calamos Bitcoin 80 Series Structured Alt Protection ETF - April (CBTA) is 4.88%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. This indicates that CBTA 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
| CBTA | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.88% | 13.23% | -8.35% |
Volatility (6M)Calculated over the trailing 6-month period | 21.40% | 46.95% | -25.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 54.62% | -25.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.78% | 53.31% | -26.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.78% | 53.31% | -26.53% |
CBTA vs. WNTR - Expense Ratio Comparison
CBTA has a 0.69% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
CBTA vs. WNTR - Dividend Comparison
CBTA's dividend yield for the trailing twelve months is around 1.18%, less than WNTR's 109.83% yield.
| Position | TTM | 2025 |
|---|---|---|
CBTA Calamos Bitcoin 80 Series Structured Alt Protection ETF - April | 1.18% | 0.89% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 109.83% | 58.56% |
Frequently Asked Questions
CBTA 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 CBTA (4.88%). In terms of maximum drawdown, CBTA dropped -39.83% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.98% vs -33.12% for CBTA. On fees, CBTA is cheaper at 0.69% per year. On volatility, CBTA has been the lower-risk option at 4.88%. 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 -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CBTA is cheaper with a 0.69% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 109.83%, compared with 1.18% for CBTA.
CBTA is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Calamos and YieldMax. Their fees differ too: 0.69% for CBTA and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (1.97 vs -1.13), 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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