WNTR vs. HECO

Last updated Jun 4, 2026

WNTR (YieldMax Short MSTR Option Income Strategy ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while HECO is a Blockchain fund actively managed by State Street. Both are actively managed. Over the past year, WNTR returned 73.88% vs 136.32% for HECO. At a correlation of -0.61, they often move in opposite directions. WNTR charges 1.01%/yr vs 0.90%/yr for HECO.

Performance

WNTR vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short MSTR Option Income Strategy ETF (WNTR) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WNTR achieves a -7.49% return, which is significantly lower than HECO's 71.77% return.

WNTR

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

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WNTR vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	55.25%

Correlation

The correlation between WNTR and HECO is -0.62, 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	-0.62
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.62

The correlation between WNTR and HECO has been stable across timeframes, ranging from -0.62 to -0.61 - a consistent structural relationship.

Return for Risk

WNTR vs. HECO — Risk / Return Rank

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

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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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.

WNTR vs. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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.

	WNTR	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.47	3.68	-2.22
Sortino ratio: Return per unit of downside risk	1.88	4.07	-2.19
Omega ratio: Gain probability vs. loss probability	1.26	1.51	-0.25
Calmar ratio: Return relative to maximum drawdown	1.74	6.52	-4.78
Martin ratio: Return relative to average drawdown	4.63	18.71	-14.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WNTR vs. HECO - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.47, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of WNTR and HECO, 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

	WNTR	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	3.68	-2.22
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.80	-1.12

Drawdowns

WNTR vs. HECO - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, roughly equal to the maximum HECO drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for WNTR and HECO.

Drawdown Indicators

	WNTR	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-44.59%	+1.94%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-21.03%	-21.62%
Current Drawdown Current decline from peak	-24.53%	-1.18%	-23.35%
Average Drawdown Average peak-to-trough decline	-20.98%	-11.81%	-9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.02%	7.31%	+8.71%

Volatility

WNTR vs. HECO - Volatility Comparison

YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a higher volatility of 13.12% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.30%. This indicates that WNTR's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.12%	10.30%	+2.82%
Volatility (6M) Calculated over the trailing 6-month period	44.34%	29.36%	+14.98%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	37.32%	+13.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.42%	44.93%	+7.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.42%	44.93%	+7.49%

WNTR vs. HECO - Expense Ratio Comparison

WNTR has a 1.01% expense ratio, which is higher than HECO's 0.90% expense ratio.

Dividends

WNTR vs. HECO - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 116.75%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
WNTR YieldMax Short MSTR Option Income Strategy ETF	116.75%	58.56%	0.00%

Frequently Asked Questions

Can I hold both WNTR and HECO in my portfolio?

WNTR and HECO have a correlation of -0.62, 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 HECO?

WNTR has higher volatility (13.12%) compared to HECO (10.30%). In terms of maximum drawdown, WNTR dropped -42.65% vs HECO's -44.59%.

Which ETF is better, WNTR or HECO?

On 1-year performance, HECO leads with 136.32% vs 73.88% for WNTR. On fees, HECO is cheaper at 0.90% per year. On volatility, HECO has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or HECO?

Over the 1-year period, HECO has performed better with a 136.32% return vs 73.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or HECO?

HECO is cheaper with a 0.90% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 116.75%, compared with 0.00% for HECO.

What is the main difference between WNTR and HECO?

WNTR is categorized as Derivative Income, while HECO is Blockchain. They also come from different issuers: YieldMax and State Street. Their fees differ too: 1.01% for WNTR and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 1.47), 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.