KBAB vs. WNTR

Last updated Jun 25, 2026

KBAB (KraneShares 2x Long BABA Daily ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - KBAB is a Leveraged Equities fund actively managed by KraneShares, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, KBAB returned -44.34% vs 97.02% for WNTR. At a correlation of -0.33, they often move in opposite directions. KBAB charges 1.00%/yr vs 1.01%/yr for WNTR.

Performance

KBAB vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares 2x Long BABA Daily ETF (KBAB) 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, KBAB achieves a -58.82% return, which is significantly lower than WNTR's 10.46% return.

KBAB

• 1D: -5.83%
• 1M: -41.18%
• YTD: -58.82%
• 6M: -60.84%
• 1Y: -44.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KBAB vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
KBAB KraneShares 2x Long BABA Daily ETF	-58.82%	-0.03%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between KBAB and WNTR is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.33

Return for Risk

KBAB vs. WNTR — Risk / Return Rank

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

KBAB

KBAB Risk / Return Rank: 5
KBAB Sharpe Ratio Rank: 5
KBAB Sortino Ratio Rank: 6
KBAB Omega Ratio Rank: 6
KBAB Calmar Ratio Rank: 4
KBAB Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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.

KBAB vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares 2x Long BABA Daily ETF (KBAB) 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.

	KBAB	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	1.85	-2.35
Sortino ratio: Return per unit of downside risk	-0.39	2.20	-2.59
Omega ratio: Gain probability vs. loss probability	0.96	1.30	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.58	2.29	-2.87
Martin ratio: Return relative to average drawdown	-1.11	5.85	-6.96

KBAB vs. WNTR - Sharpe Ratio Comparison

The current KBAB Sharpe Ratio is -0.51, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of KBAB 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

KBAB vs. WNTR - Drawdown Comparison

The maximum KBAB drawdown since its inception was -76.81%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for KBAB and WNTR.

Drawdown Indicators

	KBAB	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-76.81%	-42.65%	-34.16%
Max Drawdown (1Y) Largest decline over 1 year	-76.81%	-42.65%	-34.16%
Current Drawdown Current decline from peak	-76.81%	-9.88%	-66.93%
Average Drawdown Average peak-to-trough decline	-38.70%	-20.93%	-17.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.97%	16.70%	+23.27%

Volatility

KBAB vs. WNTR - Volatility Comparison

The current volatility for KraneShares 2x Long BABA Daily ETF (KBAB) is 16.29%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that KBAB 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

	KBAB	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.29%	17.54%	-1.25%
Volatility (6M) Calculated over the trailing 6-month period	58.39%	45.99%	+12.40%
Volatility (1Y) Calculated over the trailing 1-year period	88.08%	52.83%	+35.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.95%	53.10%	+36.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.95%	53.10%	+36.85%

KBAB vs. WNTR - Expense Ratio Comparison

KBAB has a 1.00% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

KBAB vs. WNTR - Dividend Comparison

KBAB's dividend yield for the trailing twelve months is around 145.42%, more than WNTR's 96.66% yield.

Position	TTM	2025
KBAB KraneShares 2x Long BABA Daily ETF	145.42%	59.88%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%

Frequently Asked Questions

Can I hold both KBAB and WNTR in my portfolio?

KBAB and WNTR have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBAB or WNTR?

WNTR has higher volatility (17.54%) compared to KBAB (16.29%). In terms of maximum drawdown, KBAB dropped -76.81% vs WNTR's -42.65%.

Which ETF is better, KBAB or WNTR?

On 1-year performance, WNTR leads with 97.02% vs -44.34% for KBAB. On fees, KBAB is cheaper at 1.00% per year. On volatility, KBAB has been the lower-risk option at 16.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBAB or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs -44.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBAB or WNTR?

KBAB is cheaper with a 1.00% expense ratio, compared with 1.01% for WNTR.

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

KBAB has the higher dividend yield at 145.42%, compared with 96.66% for WNTR.

What is the main difference between KBAB and WNTR?

KBAB is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: KraneShares and YieldMax. Their fees differ too: 1.00% for KBAB and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs -0.51), 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.