AFOS vs. WNTR

Last updated Aug 4, 2026

AFOS (ARS Focused Opportunities Strategy ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - AFOS is a Large Cap Blend Equities fund actively managed by ARS Investment Partners, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AFOS returned 67.94% vs 106.92% for WNTR. Their -0.38 correlation means they have often moved in opposite directions in the past. AFOS charges 0.45%/yr vs 1.00%/yr for WNTR.

Performance

AFOS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ARS Focused Opportunities Strategy ETF (AFOS) and YieldMax MSTR Short 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, AFOS achieves a 30.16% return, which is significantly higher than WNTR's 10.51% return.

AFOS

• 1D: 1.83%
• 1M: -0.79%
• 6M: 17.12%
• YTD: 30.16%
• 1Y: 67.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 69.03%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

*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)
AFOS ARS Focused Opportunities Strategy ETF	$467.12K	$455.93K	$471.80K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

AFOS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AFOS ARS Focused Opportunities Strategy ETF	30.16%	37.10%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	83.58%

Correlation

The correlation between AFOS and WNTR is -0.39, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.39
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	-0.38

Return for Risk

AFOS vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AFOS

AFOS Risk / Return Rank: 94
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 93
AFOS Omega Ratio Rank: 92
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 95

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

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.

AFOS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ARS Focused Opportunities Strategy ETF (AFOS) and YieldMax MSTR Short 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.

	AFOS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.95	1.97	+0.98
Sortino ratio: Return per unit of downside risk	3.67	2.27	+1.39
Omega ratio: Gain probability vs. loss probability	1.47	1.30	+0.17
Calmar ratio: Return relative to maximum drawdown	5.79	2.52	+3.27
Martin ratio: Return relative to average drawdown	21.79	6.38	+15.41

AFOS vs. WNTR - Sharpe Ratio Comparison

The current AFOS Sharpe Ratio is 2.95, which is higher than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of AFOS 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

AFOS vs. WNTR - Drawdown Comparison

The maximum AFOS drawdown since its inception was -11.80%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AFOS and WNTR.

Drawdown Indicators

	AFOS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-11.80%	-42.65%	+30.85%
Max Drawdown (1Y) Largest decline over 1 year	-11.80%	-42.65%	+30.85%
Current Drawdown Current decline from peak	-4.84%	-9.84%	+5.00%
Average Drawdown Average peak-to-trough decline	-1.81%	-20.15%	+18.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	16.83%	-13.70%

Volatility

AFOS vs. WNTR - Volatility Comparison

The current volatility for ARS Focused Opportunities Strategy ETF (AFOS) is 8.49%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that AFOS experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFOS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	13.00%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	19.31%	47.22%	-27.91%
Volatility (1Y) Calculated over the trailing 1-year period	23.21%	54.66%	-31.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	53.34%	-30.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.38%	53.34%	-30.96%

AFOS vs. WNTR - Expense Ratio Comparison

AFOS has a 0.45% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

AFOS vs. WNTR - Dividend Comparison

AFOS's dividend yield for the trailing twelve months is around 0.23%, less than WNTR's 107.26% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%

Frequently Asked Questions

Can I hold both AFOS and WNTR in my portfolio?

AFOS and WNTR have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFOS or WNTR?

WNTR has higher volatility (13.00%) compared to AFOS (8.49%). In terms of maximum drawdown, AFOS dropped -11.80% vs WNTR's -42.65%.

Which ETF is better, AFOS or WNTR?

On 1-year performance, WNTR leads with 106.92% vs 67.94% for AFOS. On fees, AFOS is cheaper at 0.45% per year. On volatility, AFOS has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFOS or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs 67.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFOS or WNTR?

AFOS is cheaper with a 0.45% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.26%, compared with 0.23% for AFOS.

What is the main difference between AFOS and WNTR?

AFOS is categorized as Large Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: ARS Investment Partners and YieldMax. Their fees differ too: 0.45% for AFOS and 1.00% for WNTR.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (2.95 vs 1.97), 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.