ETHD vs. WNTR

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Ether ETF (ETHD) and YieldMax Short MSTR Option Income Strategy ETF (WNTR).

ETHD and WNTR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ETHD is an actively managed fund by ProShares. It was launched on Jun 7, 2024. WNTR is an actively managed fund by YieldMax. It was launched on Mar 26, 2025.

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.

ETHD vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
ETHD ProShares UltraShort Ether ETF	29.66%	-86.57%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.24%	54.43%

Returns By Period

In the year-to-date period, ETHD achieves a 29.66% return, which is significantly higher than WNTR's 8.24% return.

ETHD

• 1D: -7.49%
• 1M: -25.33%
• YTD: 29.66%
• 6M: 74.87%
• 1Y: -85.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 1.86%
• 1M: 8.74%
• YTD: 8.24%
• 6M: 89.23%
• 1Y: 65.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHD vs. WNTR - Expense Ratio Comparison

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

ETHD

ProShares UltraShort Ether ETF

WNTR

YieldMax Short MSTR Option Income Strategy ETF

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: 3
ETHD Sharpe Ratio Rank: 3
ETHD Sortino Ratio Rank: 3
ETHD Omega Ratio Rank: 3
ETHD Calmar Ratio Rank: 1
ETHD Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 57
WNTR Sharpe Ratio Rank: 69
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 55
WNTR Martin Ratio Rank: 29

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.

	ETHD	WNTR	Difference
Sharpe ratio Return per unit of total volatility	-0.57	1.28	-1.84
Sortino ratio Return per unit of downside risk	-0.66	1.74	-2.40
Omega ratio Gain probability vs. loss probability	0.92	1.24	-0.32
Calmar ratio Return relative to maximum drawdown	-0.89	1.49	-2.38
Martin ratio Return relative to average drawdown	-1.00	2.55	-3.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETHD vs. WNTR - Sharpe Ratio Comparison

The current ETHD Sharpe Ratio is -0.57, which is lower than the WNTR Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of ETHD and WNTR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ETHD	WNTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.57	1.28	-1.84
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	1.29	-1.69

Correlation

The correlation between ETHD and WNTR is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ETHD vs. WNTR - Dividend Comparison

ETHD's dividend yield for the trailing twelve months is around 125.92%, more than WNTR's 86.76% yield.

	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	82.49%	156.62%	19.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	86.76%	58.56%	0.00%

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 -38.59%. 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%	-38.59%	-57.00%
Max Drawdown (1Y) Largest decline over 1 year	-95.50%	-38.59%	-56.91%
Current Drawdown Current decline from peak	-89.87%	-11.69%	-78.18%
Average Drawdown Average peak-to-trough decline	-63.57%	-19.13%	-44.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	84.54%	22.60%	+61.94%

Volatility

ETHD vs. WNTR - Volatility Comparison

ProShares UltraShort Ether ETF (ETHD) has a higher volatility of 40.95% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 15.13%. 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	40.95%	15.13%	+25.82%
Volatility (6M) Calculated over the trailing 6-month period	106.81%	41.41%	+65.40%
Volatility (1Y) Calculated over the trailing 1-year period	150.92%	51.67%	+99.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	146.87%	51.80%	+95.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	146.87%	51.80%	+95.07%