FETH vs. WNTR

Last updated Jul 17, 2026

FETH (Fidelity Ethereum Fund) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FETH is a Cryptocurrency fund tracking the Fidelity Ethereum Reference Rate Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FETH is passively managed, while WNTR is actively managed. Over the past year, FETH returned -44.82% vs 127.90% for WNTR. At a correlation of -0.72, they often move in opposite directions. FETH charges 0.25%/yr vs 1.01%/yr for WNTR.

Performance

FETH vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Ethereum Fund (FETH) 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, FETH achieves a -36.91% return, which is significantly lower than WNTR's 9.49% return.

FETH

• 1D: -2.51%
• 1M: 4.47%
• 6M: -43.01%
• YTD: -36.91%
• 1Y: -44.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FETH vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FETH Fidelity Ethereum Fund	-36.91%	48.35%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between FETH and WNTR is -0.73, 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	-0.73
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.72

The correlation between FETH and WNTR has been stable across timeframes, ranging from -0.73 to -0.72 - a consistent structural relationship.

Return for Risk

FETH vs. WNTR — Risk / Return Rank

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

FETH

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

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

FETH vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Ethereum Fund (FETH) 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.

	FETH	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.67	2.39	-3.06
Sortino ratio: Return per unit of downside risk	-0.76	2.56	-3.32
Omega ratio: Gain probability vs. loss probability	0.92	1.35	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.66	3.02	-3.68
Martin ratio: Return relative to average drawdown	-1.03	7.72	-8.75

FETH vs. WNTR - Sharpe Ratio Comparison

The current FETH Sharpe Ratio is -0.67, which is lower than the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FETH 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

FETH vs. WNTR - Drawdown Comparison

The maximum FETH drawdown since its inception was -67.94%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FETH and WNTR.

Drawdown Indicators

	FETH	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-67.94%	-42.65%	-25.29%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-42.65%	-25.29%
Current Drawdown Current decline from peak	-61.40%	-10.67%	-50.73%
Average Drawdown Average peak-to-trough decline	-34.68%	-20.46%	-14.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.63%	16.63%	+27.00%

Volatility

FETH vs. WNTR - Volatility Comparison

The current volatility for Fidelity Ethereum Fund (FETH) is 14.59%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that FETH 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

	FETH	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.59%	17.89%	-3.30%
Volatility (6M) Calculated over the trailing 6-month period	47.31%	47.05%	+0.26%
Volatility (1Y) Calculated over the trailing 1-year period	68.50%	53.81%	+14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.81%	53.49%	+18.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.81%	53.49%	+18.32%

FETH vs. WNTR - Expense Ratio Comparison

FETH has a 0.25% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FETH vs. WNTR - Dividend Comparison

FETH has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 106.86%.

Position	TTM	2025
FETH Fidelity Ethereum Fund	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%

Frequently Asked Questions

Can I hold both FETH and WNTR in my portfolio?

FETH and WNTR have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FETH or WNTR?

WNTR has higher volatility (17.89%) compared to FETH (14.59%). In terms of maximum drawdown, FETH dropped -67.94% vs WNTR's -42.65%.

Which ETF is better, FETH or WNTR?

On 1-year performance, WNTR leads with 127.90% vs -44.82% for FETH. On fees, FETH is cheaper at 0.25% per year. On volatility, FETH has been the lower-risk option at 14.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FETH or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs -44.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FETH or WNTR?

FETH is cheaper with a 0.25% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 0.00% for FETH.

What is the main difference between FETH and WNTR?

FETH is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Fidelity and YieldMax. Their fees differ too: 0.25% for FETH and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs -0.67), 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.