WNTR vs. WGMI

Last updated Jun 24, 2026

WNTR (YieldMax Short MSTR Option Income Strategy ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while WGMI is a Cryptocurrency fund actively managed by Valkyrie. Both are actively managed. Over the past year, WNTR returned 82.67% vs 292.37% for WGMI. At a correlation of -0.54, they often move in opposite directions. WNTR charges 1.01%/yr vs 0.75%/yr for WGMI.

Performance

WNTR vs. WGMI - Performance Comparison

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

Returns By Period

In the year-to-date period, WNTR achieves a 4.20% return, which is significantly lower than WGMI's 85.47% return.

WNTR

• 1D: 2.49%
• 1M: 29.67%
• YTD: 4.20%
• 6M: 8.46%
• 1Y: 82.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WGMI

• 1D: -1.39%
• 1M: 14.61%
• YTD: 85.47%
• 6M: 70.99%
• 1Y: 292.37%
• 3Y*: 76.50%
• 5Y*: —
• 10Y*: —

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

WNTR vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	4.20%	52.78%
WGMI Valkyrie Bitcoin Miners ETF	85.47%	167.25%

Correlation

The correlation between WNTR and WGMI is -0.53, 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	-0.53
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.54

The correlation between WNTR and WGMI has been stable across timeframes, ranging from -0.54 to -0.53 - a consistent structural relationship.

Return for Risk

WNTR vs. WGMI — Risk / Return Rank

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

WNTR

WNTR Risk / Return Rank: 41
WNTR Sharpe Ratio Rank: 47
WNTR Sortino Ratio Rank: 41
WNTR Omega Ratio Rank: 43
WNTR Calmar Ratio Rank: 41
WNTR Martin Ratio Rank: 35

WGMI

WGMI Risk / Return Rank: 82
WGMI Sharpe Ratio Rank: 96
WGMI Sortino Ratio Rank: 81
WGMI Omega Ratio Rank: 75
WGMI Calmar Ratio Rank: 92
WGMI Martin Ratio Rank: 67

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. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and Valkyrie Bitcoin Miners ETF (WGMI). 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	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.58	3.84	-2.25
Sortino ratio: Return per unit of downside risk	1.99	3.41	-1.42
Omega ratio: Gain probability vs. loss probability	1.27	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	1.95	5.78	-3.83
Martin ratio: Return relative to average drawdown	4.97	11.70	-6.73

WNTR vs. WGMI - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.58, which is lower than the WGMI Sharpe Ratio of 3.84. The chart below compares the historical Sharpe Ratios of WNTR and WGMI, 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. WGMI - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for WNTR and WGMI.

Drawdown Indicators

	WNTR	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-85.76%	+43.11%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-50.94%	+8.29%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-14.99%	-1.55%	-13.44%
Average Drawdown Average peak-to-trough decline	-20.96%	-42.43%	+21.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.80%	25.12%	-8.32%

Volatility

WNTR vs. WGMI - Volatility Comparison

The current volatility for YieldMax Short MSTR Option Income Strategy ETF (WNTR) is 16.94%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 20.98%. This indicates that WNTR experiences smaller price fluctuations and is considered to be less risky than WGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.94%	20.98%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	45.74%	55.32%	-9.58%
Volatility (1Y) Calculated over the trailing 1-year period	52.52%	76.84%	-24.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.92%	81.51%	-28.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.92%	81.51%	-28.59%

WNTR vs. WGMI - Expense Ratio Comparison

WNTR has a 1.01% expense ratio, which is higher than WGMI's 0.75% expense ratio.

Dividends

WNTR vs. WGMI - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 102.47%, while WGMI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.47%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WNTR and WGMI in my portfolio?

WNTR and WGMI have a correlation of -0.53, 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 WGMI?

WGMI has higher volatility (20.98%) compared to WNTR (16.94%). In terms of maximum drawdown, WNTR dropped -42.65% vs WGMI's -85.76%.

Which ETF is better, WNTR or WGMI?

On 1-year performance, WGMI leads with 292.37% vs 82.67% for WNTR. On fees, WGMI is cheaper at 0.75% per year. On volatility, WNTR has been the lower-risk option at 16.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or WGMI?

Over the 1-year period, WGMI has performed better with a 292.37% return vs 82.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or WGMI?

WGMI is cheaper with a 0.75% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.47%, compared with 0.00% for WGMI.

What is the main difference between WNTR and WGMI?

WNTR is categorized as Derivative Income, while WGMI is Cryptocurrency. They also come from different issuers: YieldMax and Valkyrie. Their fees differ too: 1.01% for WNTR and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.84 vs 1.58), 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.