WNTR vs. SETH

Last updated Jul 16, 2026

WNTR (YieldMax Short MSTR Option Income Strategy ETF) and SETH (ProShares Short Ether Strategy ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while SETH is a Cryptocurrency fund tracking the Bloomberg Galaxy Ethereum (--100%). WNTR is actively managed, while SETH is passively managed. Over the past year, WNTR returned 117.98% vs 5.47% for SETH. A 0.72 correlation means they provide meaningful diversification when combined. WNTR charges 1.01%/yr vs 0.95%/yr for SETH.

Performance

WNTR vs. SETH - Performance Comparison

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

Returns By Period

In the year-to-date period, WNTR achieves a 6.35% return, which is significantly lower than SETH's 26.37% return.

WNTR

• 1D: 0.37%
• 1M: 20.43%
• 6M: 21.18%
• YTD: 6.35%
• 1Y: 117.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SETH

• 1D: -2.35%
• 1M: -6.92%
• 6M: 45.32%
• YTD: 26.37%
• 1Y: 5.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WNTR vs. SETH - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	6.35%	52.78%
SETH ProShares Short Ether Strategy ETF	26.37%	-53.00%

Correlation

The correlation between WNTR and SETH is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	0.72

The correlation between WNTR and SETH has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

WNTR vs. SETH — Risk / Return Rank

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

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 86
WNTR Sortino Ratio Rank: 66
WNTR Omega Ratio Rank: 70
WNTR Calmar Ratio Rank: 69
WNTR Martin Ratio Rank: 51

SETH

SETH Risk / Return Rank: 12
SETH Sharpe Ratio Rank: 11
SETH Sortino Ratio Rank: 14
SETH Omega Ratio Rank: 14
SETH Calmar Ratio Rank: 11
SETH Martin Ratio Rank: 11

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. SETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and ProShares Short Ether Strategy ETF (SETH). 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	SETH	Difference
Sharpe ratio: Return per unit of total volatility	2.21	0.08	+2.13
Sortino ratio: Return per unit of downside risk	2.44	0.60	+1.84
Omega ratio: Gain probability vs. loss probability	1.33	1.07	+0.26
Calmar ratio: Return relative to maximum drawdown	2.78	0.16	+2.62
Martin ratio: Return relative to average drawdown	7.13	0.30	+6.83

WNTR vs. SETH - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 2.21, which is higher than the SETH Sharpe Ratio of 0.08. The chart below compares the historical Sharpe Ratios of WNTR and SETH, 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. SETH - Drawdown Comparison

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

Drawdown Indicators

	WNTR	SETH	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-80.74%	+38.09%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-33.70%	-8.95%
Current Drawdown Current decline from peak	-13.23%	-65.29%	+52.06%
Average Drawdown Average peak-to-trough decline	-20.49%	-54.93%	+34.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.62%	22.86%	-6.24%

Volatility

WNTR vs. SETH - Volatility Comparison

YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a higher volatility of 18.90% compared to ProShares Short Ether Strategy ETF (SETH) at 17.31%. This indicates that WNTR's price experiences larger fluctuations and is considered to be riskier than SETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	SETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.90%	17.31%	+1.59%
Volatility (6M) Calculated over the trailing 6-month period	47.35%	47.21%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	53.75%	68.49%	-14.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.51%	69.32%	-15.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.51%	69.32%	-15.81%

WNTR vs. SETH - Expense Ratio Comparison

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

Dividends

WNTR vs. SETH - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 105.78%, more than SETH's 17.66% yield.

Position	TTM	2025	2024	2023
SETH ProShares Short Ether Strategy ETF	17.66%	7.01%	3.44%	0.38%
WNTR YieldMax Short MSTR Option Income Strategy ETF	105.78%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WNTR and SETH in my portfolio?

WNTR and SETH have a correlation of 0.73, 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 SETH?

WNTR has higher volatility (18.90%) compared to SETH (17.31%). In terms of maximum drawdown, WNTR dropped -42.65% vs SETH's -80.74%.

Which ETF is better, WNTR or SETH?

On 1-year performance, WNTR leads with 117.98% vs 5.47% for SETH. On fees, SETH is cheaper at 0.95% per year. On volatility, SETH has been the lower-risk option at 17.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or SETH?

Over the 1-year period, WNTR has performed better with a 117.98% return vs 5.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or SETH?

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

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

WNTR has the higher dividend yield at 105.78%, compared with 17.66% for SETH.

What is the main difference between WNTR and SETH?

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

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.21 vs 0.08), 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.