SETH vs. WNTR

Last updated Jun 4, 2026

SETH (ProShares Short Ether Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%), while WNTR is a Derivative Income fund actively managed by YieldMax. SETH is passively managed, while WNTR is actively managed. Over the past year, SETH returned -1.33% vs 73.88% for WNTR. A 0.72 correlation means they provide meaningful diversification when combined. SETH charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

SETH vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Ether Strategy ETF (SETH) 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, SETH achieves a 40.93% return, which is significantly higher than WNTR's -7.49% return.

SETH

• 1D: 5.62%
• 1M: 29.74%
• YTD: 40.93%
• 6M: 46.51%
• 1Y: -1.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 4.50%
• 1M: 25.47%
• YTD: -7.49%
• 6M: 10.48%
• 1Y: 73.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SETH vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SETH ProShares Short Ether Strategy ETF	40.93%	-52.84%
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%

Correlation

The correlation between SETH and WNTR is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	0.72

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

Return for Risk

SETH vs. WNTR — Risk / Return Rank

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

SETH

SETH Risk / Return Rank: 10
SETH Sharpe Ratio Rank: 8
SETH Sortino Ratio Rank: 12
SETH Omega Ratio Rank: 12
SETH Calmar Ratio Rank: 9
SETH Martin Ratio Rank: 9

WNTR

WNTR Risk / Return Rank: 36
WNTR Sharpe Ratio Rank: 41
WNTR Sortino Ratio Rank: 35
WNTR Omega Ratio Rank: 39
WNTR Calmar Ratio Rank: 35
WNTR Martin Ratio Rank: 31

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.

SETH vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Ether Strategy ETF (SETH) 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.

	SETH	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.02	1.47	-1.49
Sortino ratio: Return per unit of downside risk	0.45	1.88	-1.42
Omega ratio: Gain probability vs. loss probability	1.05	1.26	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.02	1.74	-1.77
Martin ratio: Return relative to average drawdown	-0.04	4.63	-4.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SETH vs. WNTR - Sharpe Ratio Comparison

The current SETH Sharpe Ratio is -0.02, which is lower than the WNTR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of SETH 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.

Sharpe Ratios by Period

	SETH	WNTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.02	1.47	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	0.68	-1.12

Drawdowns

SETH vs. WNTR - Drawdown Comparison

The maximum SETH drawdown since its inception was -80.74%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SETH and WNTR.

Drawdown Indicators

	SETH	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-80.74%	-42.65%	-38.09%
Max Drawdown (1Y) Largest decline over 1 year	-56.01%	-42.65%	-13.36%
Current Drawdown Current decline from peak	-61.29%	-24.53%	-36.76%
Average Drawdown Average peak-to-trough decline	-54.79%	-20.98%	-33.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.77%	16.02%	+19.75%

Volatility

SETH vs. WNTR - Volatility Comparison

The current volatility for ProShares Short Ether Strategy ETF (SETH) is 9.81%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 13.12%. This indicates that SETH 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

	SETH	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.81%	13.12%	-3.31%
Volatility (6M) Calculated over the trailing 6-month period	46.07%	44.34%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	68.54%	50.83%	+17.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.53%	52.42%	+17.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.53%	52.42%	+17.11%

SETH vs. WNTR - Expense Ratio Comparison

SETH has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

SETH vs. WNTR - Dividend Comparison

SETH's dividend yield for the trailing twelve months is around 10.91%, less than WNTR's 116.75% yield.

Position	TTM	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	10.91%	7.01%	3.44%	0.38%
WNTR YieldMax Short MSTR Option Income Strategy ETF	116.75%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SETH and WNTR in my portfolio?

SETH and WNTR have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SETH or WNTR?

WNTR has higher volatility (13.12%) compared to SETH (9.81%). In terms of maximum drawdown, SETH dropped -80.74% vs WNTR's -42.65%.

Which ETF is better, SETH or WNTR?

On 1-year performance, WNTR leads with 73.88% vs -1.33% for SETH. On fees, SETH is cheaper at 0.95% per year. On volatility, SETH has been the lower-risk option at 9.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SETH or WNTR?

Over the 1-year period, WNTR has performed better with a 73.88% return vs -1.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SETH or WNTR?

SETH is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 116.75%, compared with 10.91% for SETH.

What is the main difference between SETH and WNTR?

SETH is categorized as Cryptocurrency, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for SETH and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.47 vs -0.02), 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.