WNTR vs. BTCI

Last updated Aug 5, 2026

WNTR (YieldMax MSTR Short Option Income Strategy ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while BTCI is a Cryptocurrency fund actively managed by Neos. Both are actively managed. Over the past year, WNTR returned 106.98% vs -39.55% for BTCI. Their -0.80 correlation means they have often moved in opposite directions in the past. WNTR charges 1.00%/yr vs 0.99%/yr for BTCI.

Performance

WNTR vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSTR Short Option Income Strategy ETF (WNTR) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WNTR achieves a 7.92% return, which is significantly higher than BTCI's -24.11% return.

WNTR

• 1D: -2.34%
• 1M: 5.36%
• 6M: 2.42%
• YTD: 7.92%
• 1Y: 106.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.62%

BTCI

• 1D: 0.81%
• 1M: 4.74%
• 6M: -14.61%
• YTD: -24.11%
• 1Y: -39.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -3.00%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BTCI NEOS Bitcoin High Income ETF	$11.51M	$12.64M	$21.73M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

WNTR vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	52.78%
BTCI NEOS Bitcoin High Income ETF	-24.11%	3.79%

Correlation

The correlation between WNTR and BTCI is -0.80, 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.	-0.80
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.80

The correlation between WNTR and BTCI has been stable across timeframes, ranging from -0.80 to -0.80 - a consistent structural relationship.

Return for Risk

WNTR vs. BTCI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 77
WNTR Sortino Ratio Rank: 59
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 50

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WNTR vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MSTR Short Option Income Strategy ETF (WNTR) and NEOS Bitcoin High Income ETF (BTCI). 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.

	WNTR	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	1.97	-0.99	+2.97
Sortino ratio: Return per unit of downside risk	2.27	-1.41	+3.68
Omega ratio: Gain probability vs. loss probability	1.30	0.84	+0.47
Calmar ratio: Return relative to maximum drawdown	2.52	-0.82	+3.34
Martin ratio: Return relative to average drawdown	6.38	-1.28	+7.65

WNTR vs. BTCI - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.97, which is higher than the BTCI Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of WNTR and BTCI, 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

WNTR vs. BTCI - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum BTCI drawdown of -48.42%. Use the drawdown chart below to compare losses from any high point for WNTR and BTCI.

Drawdown Indicators

	WNTR	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-48.42%	+5.77%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-48.42%	+5.77%
Current Drawdown Current decline from peak	-11.95%	-43.88%	+31.93%
Average Drawdown Average peak-to-trough decline	-20.12%	-17.93%	-2.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.84%	31.03%	-14.19%

Volatility

WNTR vs. BTCI - Volatility Comparison

YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a higher volatility of 13.23% compared to NEOS Bitcoin High Income ETF (BTCI) at 6.57%. This indicates that WNTR's price experiences larger fluctuations and is considered to be riskier than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.23%	6.57%	+6.66%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	30.06%	+16.89%
Volatility (1Y) Calculated over the trailing 1-year period	54.62%	39.96%	+14.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.31%	39.60%	+13.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.31%	39.60%	+13.71%

WNTR vs. BTCI - Expense Ratio Comparison

WNTR has a 1.00% expense ratio, which is higher than BTCI's 0.99% expense ratio.

Dividends

WNTR vs. BTCI - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 109.83%, more than BTCI's 40.38% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	40.38%	36.46%	6.76%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	58.56%	0.00%

Frequently Asked Questions

Can I hold both WNTR and BTCI in my portfolio?

WNTR and BTCI have a correlation of -0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WNTR or BTCI?

WNTR has higher volatility (13.23%) compared to BTCI (6.57%). In terms of maximum drawdown, WNTR dropped -42.65% vs BTCI's -48.42%.

Which ETF is better, WNTR or BTCI?

On 1-year performance, WNTR leads with 106.98% vs -39.55% for BTCI. On fees, BTCI is cheaper at 0.99% per year. On volatility, BTCI has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or BTCI?

Over the 1-year period, WNTR has performed better with a 106.98% return vs -39.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or BTCI?

BTCI is cheaper with a 0.99% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 109.83%, compared with 40.38% for BTCI.

What is the main difference between WNTR and BTCI?

WNTR is categorized as Derivative Income, while BTCI is Cryptocurrency. They also come from different issuers: YieldMax and Neos. Their fees differ too: 1.00% for WNTR and 0.99% for BTCI.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -0.99), 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.