DAPP vs. WNTR

Last updated Jul 14, 2026

DAPP (VanEck Digital Transformation ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - DAPP is a Blockchain fund tracking the MVIS Global Digital Assets Equity Index, while WNTR is a Derivative Income fund actively managed by YieldMax. DAPP is passively managed, while WNTR is actively managed. Over the past year, DAPP returned 1.88% vs 120.64% for WNTR. At a correlation of -0.65, they often move in opposite directions. DAPP charges 0.52%/yr vs 1.01%/yr for WNTR.

Performance

DAPP vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital Transformation ETF (DAPP) 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, DAPP achieves a 8.11% return, which is significantly lower than WNTR's 10.13% return.

DAPP

• 1D: -4.08%
• 1M: -15.23%
• 6M: -9.24%
• YTD: 8.11%
• 1Y: 1.88%
• 3Y*: 26.91%
• 5Y*: -1.78%
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DAPP vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
DAPP VanEck Digital Transformation ETF	8.11%	61.90%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between DAPP and WNTR is -0.68, 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	-0.68
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.65

The correlation between DAPP and WNTR has been stable across timeframes, ranging from -0.68 to -0.65 - a consistent structural relationship.

Return for Risk

DAPP vs. WNTR — Risk / Return Rank

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

DAPP

DAPP Risk / Return Rank: 11
DAPP Sharpe Ratio Rank: 10
DAPP Sortino Ratio Rank: 13
DAPP Omega Ratio Rank: 13
DAPP Calmar Ratio Rank: 10
DAPP Martin Ratio Rank: 10

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

DAPP vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.

	DAPP	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.03	2.26	-2.23
Sortino ratio: Return per unit of downside risk	0.49	2.47	-1.98
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	0.04	2.84	-2.81
Martin ratio: Return relative to average drawdown	0.07	7.31	-7.23

DAPP vs. WNTR - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.03, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of DAPP 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

DAPP vs. WNTR - Drawdown Comparison

The maximum DAPP drawdown since its inception was -92.61%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DAPP and WNTR.

Drawdown Indicators

	DAPP	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-42.65%	-49.96%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-42.65%	-5.56%
Max Drawdown (3Y) Largest decline over 3 years	-58.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	—	—
Current Drawdown Current decline from peak	-45.94%	-10.15%	-35.79%
Average Drawdown Average peak-to-trough decline	-60.95%	-20.53%	-40.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.78%	16.58%	+9.20%

Volatility

DAPP vs. WNTR - Volatility Comparison

The current volatility for VanEck Digital Transformation ETF (DAPP) is 15.54%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that DAPP 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

	DAPP	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.54%	18.84%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	45.87%	47.46%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	62.54%	53.83%	+8.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.18%	53.56%	+19.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.61%	53.56%	+19.05%

DAPP vs. WNTR - Expense Ratio Comparison

DAPP has a 0.52% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

DAPP vs. WNTR - Dividend Comparison

DAPP has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 102.14%.

Position	TTM	2025	2024	2023	2022	2021
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAPP and WNTR in my portfolio?

DAPP 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, DAPP or WNTR?

WNTR has higher volatility (18.84%) compared to DAPP (15.54%). In terms of maximum drawdown, DAPP dropped -92.61% vs WNTR's -42.65%.

Which ETF is better, DAPP or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 1.88% for DAPP. On fees, DAPP is cheaper at 0.52% per year. On volatility, DAPP has been the lower-risk option at 15.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPP or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 1.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPP or WNTR?

DAPP is cheaper with a 0.52% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.14%, compared with 0.00% for DAPP.

What is the main difference between DAPP and WNTR?

DAPP is categorized as Blockchain, while WNTR is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.52% for DAPP and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 0.03), 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.