HBTC vs. WNTR

Last updated Jul 14, 2026

HBTC (Fortuna Hedged Bitcoin ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - HBTC is a Blockchain fund actively managed by Fortuna Funds, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HBTC returned -37.51% vs 120.64% for WNTR. At a correlation of -0.74, they often move in opposite directions. HBTC charges 1.75%/yr vs 1.01%/yr for WNTR.

Performance

HBTC vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fortuna Hedged Bitcoin ETF (HBTC) 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, HBTC achieves a -22.42% return, which is significantly lower than WNTR's 10.13% return.

HBTC

• 1D: -2.27%
• 1M: 1.19%
• 6M: -24.82%
• YTD: -22.42%
• 1Y: -37.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBTC vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HBTC Fortuna Hedged Bitcoin ETF	-22.42%	0.16%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between HBTC 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	-0.74

The correlation between HBTC and WNTR has been stable across timeframes, ranging from -0.74 to -0.73 - a consistent structural relationship.

Return for Risk

HBTC vs. WNTR — Risk / Return Rank

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

HBTC

HBTC Risk / Return Rank: 1
HBTC Sharpe Ratio Rank: 0
HBTC Sortino Ratio Rank: 0
HBTC Omega Ratio Rank: 1
HBTC Calmar Ratio Rank: 1
HBTC Martin Ratio Rank: 0

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

HBTC vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fortuna Hedged Bitcoin ETF (HBTC) 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.

	HBTC	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.35	2.26	-3.61
Sortino ratio: Return per unit of downside risk	-2.09	2.47	-4.56
Omega ratio: Gain probability vs. loss probability	0.78	1.34	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.93	2.84	-3.78
Martin ratio: Return relative to average drawdown	-1.59	7.31	-8.89

HBTC vs. WNTR - Sharpe Ratio Comparison

The current HBTC Sharpe Ratio is -1.35, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of HBTC 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

HBTC vs. WNTR - Drawdown Comparison

The maximum HBTC drawdown since its inception was -40.45%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HBTC and WNTR.

Drawdown Indicators

	HBTC	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-40.45%	-42.65%	+2.20%
Max Drawdown (1Y) Largest decline over 1 year	-40.45%	-42.65%	+2.20%
Current Drawdown Current decline from peak	-38.73%	-10.15%	-28.58%
Average Drawdown Average peak-to-trough decline	-16.29%	-20.53%	+4.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.66%	16.58%	+7.08%

Volatility

HBTC vs. WNTR - Volatility Comparison

The current volatility for Fortuna Hedged Bitcoin ETF (HBTC) is 5.39%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that HBTC 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

	HBTC	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	18.84%	-13.45%
Volatility (6M) Calculated over the trailing 6-month period	19.08%	47.46%	-28.38%
Volatility (1Y) Calculated over the trailing 1-year period	27.95%	53.83%	-25.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	53.56%	-24.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.83%	53.56%	-24.73%

HBTC vs. WNTR - Expense Ratio Comparison

HBTC has a 1.75% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

HBTC vs. WNTR - Dividend Comparison

HBTC's dividend yield for the trailing twelve months is around 14.12%, less than WNTR's 102.14% yield.

Position	TTM	2025
HBTC Fortuna Hedged Bitcoin ETF	14.12%	10.96%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%

Frequently Asked Questions

Can I hold both HBTC and WNTR in my portfolio?

HBTC 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, HBTC or WNTR?

WNTR has higher volatility (18.84%) compared to HBTC (5.39%). In terms of maximum drawdown, HBTC dropped -40.45% vs WNTR's -42.65%.

Which ETF is better, HBTC or WNTR?

On 1-year performance, WNTR leads with 120.64% vs -37.51% for HBTC. On fees, WNTR is cheaper at 1.01% per year. On volatility, HBTC has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBTC or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs -37.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBTC or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.75% for HBTC.

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

WNTR has the higher dividend yield at 102.14%, compared with 14.12% for HBTC.

What is the main difference between HBTC and WNTR?

HBTC is categorized as Blockchain, while WNTR is Derivative Income. They also come from different issuers: Fortuna Funds and YieldMax. Their fees differ too: 1.75% for HBTC and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs -1.35), 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.