AAPB vs. WNTR

Last updated Jul 15, 2026

AAPB (GraniteShares 2x Long AAPL Daily ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - AAPB is a Leveraged Equities fund actively managed by GraniteShares, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AAPB returned 101.58% vs 119.74% for WNTR. At a correlation of -0.24, they often move in opposite directions. AAPB charges 1.15%/yr vs 1.01%/yr for WNTR.

Performance

AAPB vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AAPL Daily ETF (AAPB) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPB achieves a 24.90% return, which is significantly higher than WNTR's 5.96% return.

AAPB

• 1D: -1.57%
• 1M: 15.15%
• 6M: 36.26%
• YTD: 24.90%
• 1Y: 101.58%
• 3Y*: 20.47%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -3.79%
• 1M: 13.60%
• 6M: 16.72%
• YTD: 5.96%
• 1Y: 119.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AAPB vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AAPB GraniteShares 2x Long AAPL Daily ETF	24.90%	31.25%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between AAPB and WNTR is -0.20, 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	-0.20
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.24

Return for Risk

AAPB vs. WNTR — Risk / Return Rank

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

AAPB

AAPB Risk / Return Rank: 75
AAPB Sharpe Ratio Rank: 83
AAPB Sortino Ratio Rank: 74
AAPB Omega Ratio Rank: 76
AAPB Calmar Ratio Rank: 84
AAPB Martin Ratio Rank: 60

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 87
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 53

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.

AAPB vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AAPL Daily ETF (AAPB) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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.

	AAPB	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.24	-0.15
Sortino ratio: Return per unit of downside risk	2.64	2.46	+0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	3.63	2.82	+0.81
Martin ratio: Return relative to average drawdown	8.32	7.24	+1.08

AAPB vs. WNTR - Sharpe Ratio Comparison

The current AAPB Sharpe Ratio is 2.09, which is comparable to the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of AAPB and WNTR, 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

AAPB vs. WNTR - Drawdown Comparison

The maximum AAPB drawdown since its inception was -58.13%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AAPB and WNTR.

Drawdown Indicators

	AAPB	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-58.13%	-42.65%	-15.48%
Max Drawdown (1Y) Largest decline over 1 year	-28.11%	-42.65%	+14.54%
Max Drawdown (3Y) Largest decline over 3 years	-58.13%	—	—
Current Drawdown Current decline from peak	-2.36%	-13.55%	+11.19%
Average Drawdown Average peak-to-trough decline	-19.10%	-20.51%	+1.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.25%	16.60%	-4.35%

Volatility

AAPB vs. WNTR - Volatility Comparison

GraniteShares 2x Long AAPL Daily ETF (AAPB) has a higher volatility of 21.25% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 19.07%. This indicates that AAPB's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPB	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.25%	19.07%	+2.18%
Volatility (6M) Calculated over the trailing 6-month period	38.48%	47.38%	-8.90%
Volatility (1Y) Calculated over the trailing 1-year period	48.86%	53.89%	-5.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.87%	53.60%	-1.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.87%	53.60%	-1.73%

AAPB vs. WNTR - Expense Ratio Comparison

AAPB has a 1.15% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

AAPB vs. WNTR - Dividend Comparison

AAPB's dividend yield for the trailing twelve months is around 3.52%, less than WNTR's 106.17% yield.

Position	TTM	2025	2024	2023
AAPB GraniteShares 2x Long AAPL Daily ETF	3.52%	4.39%	0.00%	18.75%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPB and WNTR in my portfolio?

AAPB and WNTR have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPB or WNTR?

AAPB has higher volatility (21.25%) compared to WNTR (19.07%). In terms of maximum drawdown, AAPB dropped -58.13% vs WNTR's -42.65%.

Which ETF is better, AAPB or WNTR?

On 1-year performance, WNTR leads with 119.74% vs 101.58% for AAPB. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 19.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPB or WNTR?

Over the 1-year period, WNTR has performed better with a 119.74% return vs 101.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPB or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.15% for AAPB.

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

WNTR has the higher dividend yield at 106.17%, compared with 3.52% for AAPB.

What is the main difference between AAPB and WNTR?

AAPB is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for AAPB and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.24 vs 2.09), 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.