GBTC vs. WNTR
GBTC (Grayscale Bitcoin Trust ETF) and WNTR (YieldMax MSTR Short 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 -44.89% vs 106.98% for WNTR. Their -0.80 correlation means they have often moved in opposite directions in the past. GBTC charges 1.50%/yr vs 1.00%/yr for WNTR.
Performance
GBTC vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -27.25% return, which is significantly lower than WNTR's 7.92% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
WNTR
- 1D
- -2.34%
- 1M
- 5.36%
- 6M
- 2.42%
- YTD
- 7.92%
- 1Y
- 106.98%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 44.62%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $3.95M | $3.66M | $3.95M |
GBTC vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -0.07% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 7.92% | 52.78% |
Correlation
The correlation between GBTC and WNTR is -0.81, 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. | -0.81 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.80 |
The correlation between GBTC and WNTR has been stable across timeframes, ranging from -0.81 to -0.80 - a consistent structural relationship.
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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 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.
| GBTC | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.99 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.30 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.52 | -3.36 |
| Martin ratioReturn relative to average drawdown | -1.28 | 6.38 | -7.65 |
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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.
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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 | -53.75% | -42.65% | -11.10% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | — | — |
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 | -49.48% | -11.95% | -37.53% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -20.12% | -23.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 16.84% | +18.36% |
Volatility
GBTC vs. WNTR - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 8.10%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. 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.
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Volatility by Period
| GBTC | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.10% | 13.23% | -5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 46.95% | -13.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 54.62% | -10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 53.31% | +7.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 53.31% | +27.84% |
GBTC vs. WNTR - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than WNTR's 1.00% 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 109.83%.
| 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 MSTR Short Option Income Strategy ETF | 109.83% | 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 (13.23%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.98% vs -44.89% for GBTC. On fees, WNTR is cheaper at 1.00% per year. On volatility, GBTC has been the lower-risk option at 8.10%. 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 106.98% return vs -44.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WNTR is cheaper with a 1.00% expense ratio, compared with 1.50% for GBTC.
WNTR has the higher dividend yield at 109.83%, 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 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (1.97 vs -1.02), 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.
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