DEFI vs. WNTR

Last updated Jul 18, 2026

DEFI (Hashdex Bitcoin Futures ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - DEFI is a Cryptocurrency fund tracking the HDEFI – Hashdex U.S. Bitcoin Futures Fund Benchmark Index, while WNTR is a Derivative Income fund actively managed by YieldMax. DEFI is passively managed, while WNTR is actively managed. Over the past year, DEFI returned -46.15% vs 129.32% for WNTR. At a correlation of -0.80, they often move in opposite directions. DEFI charges 0.90%/yr vs 1.01%/yr for WNTR.

Performance

DEFI vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Bitcoin Futures ETF (DEFI) 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, DEFI achieves a -26.64% return, which is significantly lower than WNTR's 10.29% return.

DEFI

• 1D: -0.29%
• 1M: -0.06%
• 6M: -32.71%
• YTD: -26.64%
• 1Y: -46.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 0.72%
• 1M: 13.47%
• 6M: 22.75%
• YTD: 10.29%
• 1Y: 129.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DEFI vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
DEFI Hashdex Bitcoin Futures ETF	-26.64%	0.94%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.29%	52.78%

Correlation

The correlation between DEFI and WNTR is -0.80, 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	-0.80
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.80

The correlation between DEFI and WNTR has been stable across timeframes, ranging from -0.80 to -0.80 - a consistent structural relationship.

Return for Risk

DEFI vs. WNTR — Risk / Return Rank

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

DEFI

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

WNTR

WNTR Risk / Return Rank: 74
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 76
WNTR Calmar Ratio Rank: 75
WNTR Martin Ratio Rank: 57

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.

DEFI vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Bitcoin Futures ETF (DEFI) 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.

	DEFI	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	2.42	-3.46
Sortino ratio: Return per unit of downside risk	-1.56	2.57	-4.13
Omega ratio: Gain probability vs. loss probability	0.83	1.35	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.87	3.05	-3.92
Martin ratio: Return relative to average drawdown	-1.39	7.80	-9.19

DEFI vs. WNTR - Sharpe Ratio Comparison

The current DEFI Sharpe Ratio is -1.04, which is lower than the WNTR Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of DEFI 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

DEFI vs. WNTR - Drawdown Comparison

The maximum DEFI drawdown since its inception was -53.19%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DEFI and WNTR.

Drawdown Indicators

	DEFI	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-53.19%	-42.65%	-10.54%
Max Drawdown (1Y) Largest decline over 1 year	-53.19%	-42.65%	-10.54%
Current Drawdown Current decline from peak	-48.94%	-10.02%	-38.92%
Average Drawdown Average peak-to-trough decline	-18.19%	-20.43%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.17%	16.64%	+16.53%

Volatility

DEFI vs. WNTR - Volatility Comparison

The current volatility for Hashdex Bitcoin Futures ETF (DEFI) is 10.99%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.39%. This indicates that DEFI 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

	DEFI	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.99%	17.39%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	35.07%	46.92%	-11.85%
Volatility (1Y) Calculated over the trailing 1-year period	44.57%	53.78%	-9.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.57%	53.41%	-4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.57%	53.41%	-4.84%

DEFI vs. WNTR - Expense Ratio Comparison

DEFI has a 0.90% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

DEFI vs. WNTR - Dividend Comparison

DEFI has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 106.09%.

Position	TTM	2025
DEFI Hashdex Bitcoin Futures ETF	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.09%	58.56%

Frequently Asked Questions

Can I hold both DEFI and WNTR in my portfolio?

DEFI and WNTR have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DEFI or WNTR?

WNTR has higher volatility (17.39%) compared to DEFI (10.99%). In terms of maximum drawdown, DEFI dropped -53.19% vs WNTR's -42.65%.

Which ETF is better, DEFI or WNTR?

On 1-year performance, WNTR leads with 129.32% vs -46.15% for DEFI. On fees, DEFI is cheaper at 0.90% per year. On volatility, DEFI has been the lower-risk option at 10.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DEFI or WNTR?

Over the 1-year period, WNTR has performed better with a 129.32% return vs -46.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DEFI or WNTR?

DEFI is cheaper with a 0.90% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.09%, compared with 0.00% for DEFI.

What is the main difference between DEFI and WNTR?

DEFI is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Hashdex and YieldMax. Their fees differ too: 0.90% for DEFI and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.42 vs -1.04), 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.