WNTR vs. ETHD

Last updated Aug 5, 2026

WNTR (YieldMax MSTR Short Option Income Strategy ETF) and ETHD (ProShares UltraShort Ether ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while ETHD is a Cryptocurrency fund actively managed by ProShares. Both are actively managed. Over the past year, WNTR returned 106.98% vs 6.93% for ETHD. Their 0.72 correlation means they have sometimes moved together and sometimes differently. WNTR charges 1.00%/yr vs 1.01%/yr for ETHD.

Performance

WNTR vs. ETHD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSTR Short Option Income Strategy ETF (WNTR) and ProShares UltraShort Ether ETF (ETHD). 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 lower than ETHD's 28.16% return.

WNTR

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

ETHD

• 1D: -0.69%
• 1M: -21.42%
• 6M: -13.33%
• YTD: 28.16%
• 1Y: 6.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -50.80%

*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)
ETHD ProShares UltraShort Ether ETF	$15.91M	$15.40M	$23.23M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

WNTR vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	52.78%
ETHD ProShares UltraShort Ether ETF	28.16%	-86.64%

Correlation

The correlation between WNTR and ETHD is 0.75, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.75
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.72

The correlation between WNTR and ETHD has been stable across timeframes, ranging from 0.72 to 0.75 - a consistent structural relationship.

Return for Risk

WNTR vs. ETHD — 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

ETHD

ETHD Risk / Return Rank: 17
ETHD Sharpe Ratio Rank: 11
ETHD Sortino Ratio Rank: 26
ETHD Omega Ratio Rank: 25
ETHD Calmar Ratio Rank: 12
ETHD Martin Ratio Rank: 11

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MSTR Short Option Income Strategy ETF (WNTR) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	1.97	0.05	+1.92
Sortino ratio: Return per unit of downside risk	2.27	1.04	+1.23
Omega ratio: Gain probability vs. loss probability	1.30	1.13	+0.18
Calmar ratio: Return relative to maximum drawdown	2.52	0.13	+2.40
Martin ratio: Return relative to average drawdown	6.38	0.19	+6.18

WNTR vs. ETHD - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.97, which is higher than the ETHD Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of WNTR and ETHD, 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. ETHD - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for WNTR and ETHD.

Drawdown Indicators

	WNTR	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-95.59%	+52.94%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-55.14%	+12.49%
Current Drawdown Current decline from peak	-11.95%	-89.99%	+78.04%
Average Drawdown Average peak-to-trough decline	-20.12%	-67.60%	+47.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.84%	35.65%	-18.81%

Volatility

WNTR vs. ETHD - Volatility Comparison

The current volatility for YieldMax MSTR Short Option Income Strategy ETF (WNTR) is 13.23%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 22.21%. This indicates that WNTR experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.23%	22.21%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	88.19%	-41.24%
Volatility (1Y) Calculated over the trailing 1-year period	54.62%	133.41%	-78.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.31%	140.15%	-86.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.31%	140.15%	-86.84%

WNTR vs. ETHD - Expense Ratio Comparison

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

Dividends

WNTR vs. ETHD - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 109.83%, more than ETHD's 8.92% yield.

Position	TTM	2025	2024
ETHD ProShares UltraShort Ether ETF	8.92%	156.62%	19.15%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	58.56%	0.00%

Frequently Asked Questions

Can I hold both WNTR and ETHD in my portfolio?

WNTR and ETHD have a correlation of 0.75, 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 ETHD?

ETHD has higher volatility (22.21%) compared to WNTR (13.23%). In terms of maximum drawdown, WNTR dropped -42.65% vs ETHD's -95.59%.

Which ETF is better, WNTR or ETHD?

On 1-year performance, WNTR leads with 106.98% vs 6.93% for ETHD. On fees, WNTR is cheaper at 1.00% per year. On volatility, WNTR has been the lower-risk option at 13.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or ETHD?

Over the 1-year period, WNTR has performed better with a 106.98% return vs 6.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or ETHD?

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

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

WNTR has the higher dividend yield at 109.83%, compared with 8.92% for ETHD.

What is the main difference between WNTR and ETHD?

WNTR is categorized as Derivative Income, while ETHD is Cryptocurrency. They also come from different issuers: YieldMax and ProShares. Their fees differ too: 1.00% for WNTR and 1.01% for ETHD.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 0.05), 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.