EZET vs. WNTR

Last updated Aug 2, 2026

EZET (Franklin Ethereum ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - EZET is a Cryptocurrency fund tracking the CME CF Ether-Dollar Reference Rate - New York Variant, while WNTR is a Derivative Income fund actively managed by YieldMax. EZET is passively managed, while WNTR is actively managed. Over the past year, EZET returned -46.86% vs 107.38% for WNTR. Their -0.72 correlation means they have often moved in opposite directions in the past. EZET charges 0.19%/yr vs 1.00%/yr for WNTR.

Performance

EZET vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin Ethereum ETF (EZET) and YieldMax MSTR Short 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, EZET achieves a -37.21% return, which is significantly lower than WNTR's 10.75% return.

EZET

• 1D: -2.98%
• 1M: 9.70%
• 6M: -30.34%
• YTD: -37.21%
• 1Y: -46.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -26.91%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EZET Franklin Ethereum ETF	$372.59K	$480.59K	$696.37K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

EZET vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
EZET Franklin Ethereum ETF	-37.21%	48.45%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between EZET and WNTR is -0.75, 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.	-0.75
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.72

The correlation between EZET and WNTR has been stable across timeframes, ranging from -0.75 to -0.72 - a consistent structural relationship.

Return for Risk

EZET vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EZET

EZET Risk / Return Rank: 3
EZET Sharpe Ratio Rank: 3
EZET Sortino Ratio Rank: 3
EZET Omega Ratio Rank: 4
EZET Calmar Ratio Rank: 3
EZET Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EZET vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin Ethereum ETF (EZET) 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.

	EZET	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.75	2.12	-2.87
Sortino ratio: Return per unit of downside risk	-0.98	2.37	-3.35
Omega ratio: Gain probability vs. loss probability	0.89	1.32	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.74	2.71	-3.45
Martin ratio: Return relative to average drawdown	-1.11	6.87	-7.97

EZET vs. WNTR - Sharpe Ratio Comparison

The current EZET Sharpe Ratio is -0.75, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of EZET 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

EZET vs. WNTR - Drawdown Comparison

The maximum EZET drawdown since its inception was -67.89%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for EZET and WNTR.

Drawdown Indicators

	EZET	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-67.89%	-42.65%	-25.24%
Max Drawdown (1Y) Largest decline over 1 year	-67.89%	-42.65%	-25.24%
Current Drawdown Current decline from peak	-61.51%	-9.64%	-51.87%
Average Drawdown Average peak-to-trough decline	-35.20%	-20.18%	-15.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.36%	16.81%	+28.55%

Volatility

EZET vs. WNTR - Volatility Comparison

The current volatility for Franklin Ethereum ETF (EZET) is 13.02%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that EZET 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

	EZET	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.02%	14.85%	-1.83%
Volatility (6M) Calculated over the trailing 6-month period	45.86%	47.43%	-1.57%
Volatility (1Y) Calculated over the trailing 1-year period	67.21%	54.68%	+12.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.33%	53.42%	+17.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.33%	53.42%	+17.91%

EZET vs. WNTR - Expense Ratio Comparison

EZET has a 0.19% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

EZET vs. WNTR - Dividend Comparison

EZET has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.02%.

Position	TTM	2025
EZET Franklin Ethereum ETF	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%

Frequently Asked Questions

Can I hold both EZET and WNTR in my portfolio?

EZET and WNTR have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZET or WNTR?

WNTR has higher volatility (14.85%) compared to EZET (13.02%). In terms of maximum drawdown, EZET dropped -67.89% vs WNTR's -42.65%.

Which ETF is better, EZET or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -46.86% for EZET. On fees, EZET is cheaper at 0.19% per year. On volatility, EZET has been the lower-risk option at 13.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EZET or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs -46.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EZET or WNTR?

EZET is cheaper with a 0.19% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.00% for EZET.

What is the main difference between EZET and WNTR?

EZET is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Franklin Templeton and YieldMax. Their fees differ too: 0.19% for EZET and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs -0.75), 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.