GBTC vs. WNTR
GBTC (Grayscale Bitcoin Trust ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while WNTR is a Derivative Income fund actively managed by YieldMax. GBTC is passively managed, while WNTR is actively managed. Over the past year, GBTC returned -45.93% vs 115.98% for WNTR. At a correlation of -0.81, they often move in opposite directions. GBTC charges 1.50%/yr vs 1.01%/yr for WNTR.
Performance
GBTC vs. WNTR - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly lower than WNTR's 17.65% return.
GBTC
- 1D
- -1.10%
- 1M
- -22.12%
- YTD
- -32.86%
- 6M
- -32.70%
- 1Y
- -45.93%
- 3Y*
- 36.17%
- 5Y*
- 10.64%
- 10Y*
- 44.37%
WNTR
- 1D
- 6.51%
- 1M
- 45.64%
- YTD
- 17.65%
- 6M
- 21.49%
- 1Y
- 115.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -0.07% |
WNTR YieldMax Short MSTR Option Income Strategy ETF | 17.65% | 52.78% |
Correlation
The correlation between GBTC and WNTR is -0.81, 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 | -0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.81 |
The correlation between GBTC and WNTR has been stable across timeframes, ranging from -0.81 to -0.81 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GBTC vs. WNTR — Risk / Return Rank
GBTC
WNTR
GBTC vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.24 | ||
| Sortino ratioReturn per unit of downside risk | -4.03 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.33 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.73 | -3.60 |
| Martin ratioReturn relative to average drawdown | -1.48 | 6.99 | -8.47 |
Loading charts...
Drawdowns
GBTC vs. WNTR - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for GBTC and WNTR.
Loading charts...
Drawdown Indicators
| GBTC | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -42.65% | -47.26% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | -42.65% | -10.72% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -53.37% | -4.02% | -49.35% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -20.87% | -22.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 16.66% | +14.49% |
Volatility
GBTC vs. WNTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that GBTC 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.
Loading charts...
Volatility by Period
| GBTC | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 18.14% | -4.87% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 46.41% | -11.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 53.16% | -8.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 53.31% | +8.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 53.31% | +28.13% |
GBTC vs. WNTR - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than WNTR's 1.01% expense ratio.
Dividends
GBTC vs. WNTR - Dividend Comparison
GBTC has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 94.34%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
WNTR YieldMax Short MSTR Option Income Strategy ETF | 94.34% | 58.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GBTC and WNTR have a correlation of -0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (18.14%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 115.98% vs -45.93% for GBTC. On fees, WNTR is cheaper at 1.01% per year. On volatility, GBTC has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 115.98% return vs -45.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WNTR is cheaper with a 1.01% expense ratio, compared with 1.50% for GBTC.
WNTR has the higher dividend yield at 94.34%, compared with 0.00% for GBTC.
GBTC is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: Grayscale and YieldMax. Their fees differ too: 1.50% for GBTC and 1.01% for WNTR.
WNTR currently has the higher Sharpe Ratio (2.20 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.
Find the right allocation for GBTC and WNTR
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer