ETHD vs. WNTR

Last updated Jun 26, 2026

ETHD (ProShares UltraShort Ether ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - ETHD is a Cryptocurrency fund actively managed by ProShares, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, ETHD returned -36.09% vs 115.98% for WNTR. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 1.01% expense ratio.

Performance

ETHD vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Ether ETF (ETHD) 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, ETHD achieves a 98.16% return, which is significantly higher than WNTR's 17.65% return.

ETHD

• 1D: 3.15%
• 1M: 57.64%
• YTD: 98.16%
• 6M: 93.66%
• 1Y: -36.09%
• 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)

ETHD vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
ETHD ProShares UltraShort Ether ETF	98.16%	-86.64%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between ETHD and WNTR is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.72

The correlation between ETHD and WNTR has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

ETHD vs. WNTR — Risk / Return Rank

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

ETHD

ETHD Risk / Return Rank: 9
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 6
ETHD Martin Ratio Rank: 7

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.

ETHD vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Ether ETF (ETHD) 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.

	ETHD	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.26	2.20	-2.46
Sortino ratio: Return per unit of downside risk	0.52	2.46	-1.94
Omega ratio: Gain probability vs. loss probability	1.06	1.33	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.44	2.73	-3.18
Martin ratio: Return relative to average drawdown	-0.56	6.99	-7.55

ETHD vs. WNTR - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.26, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ETHD 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

ETHD vs. WNTR - Drawdown Comparison

The maximum ETHD drawdown since its inception was -95.59%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for ETHD and WNTR.

Drawdown Indicators

	ETHD	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-95.59%	-42.65%	-52.94%
Max Drawdown (1Y) Largest decline over 1 year	-82.01%	-42.65%	-39.36%
Current Drawdown Current decline from peak	-84.52%	-4.02%	-80.50%
Average Drawdown Average peak-to-trough decline	-66.48%	-20.87%	-45.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	64.02%	16.66%	+47.36%

Volatility

ETHD vs. WNTR - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 39.60% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 18.14%. This indicates that ETHD's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETHD	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.60%	18.14%	+21.46%
Volatility (6M) Calculated over the trailing 6-month period	92.56%	46.41%	+46.15%
Volatility (1Y) Calculated over the trailing 1-year period	137.24%	53.16%	+84.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	142.43%	53.31%	+89.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	142.43%	53.31%	+89.12%

ETHD vs. WNTR - Expense Ratio Comparison

Both ETHD and WNTR have an expense ratio of 1.01%.

Dividends

ETHD vs. WNTR - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 8.83%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	8.83%	156.62%	19.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%

Frequently Asked Questions

Can I hold both ETHD and WNTR in my portfolio?

ETHD and WNTR have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETHD or WNTR?

ETHD has higher volatility (39.60%) compared to WNTR (18.14%). In terms of maximum drawdown, ETHD dropped -95.59% vs WNTR's -42.65%.

Which ETF is better, ETHD or WNTR?

On 1-year performance, WNTR leads with 115.98% vs -36.09% for ETHD. Both ETFs have the same 1.01% expense ratio. On volatility, WNTR has been the lower-risk option at 18.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHD or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs -36.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHD or WNTR?

ETHD and WNTR have the same expense ratio: 1.01% per year.

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

WNTR has the higher dividend yield at 94.34%, compared with 8.83% for ETHD.

What is the main difference between ETHD and WNTR?

ETHD is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs -0.26), 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.