AGOX vs. WNTR

Last updated Aug 2, 2026

AGOX (Adaptive Alpha Opportunities ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - AGOX is a Tactical Allocation fund actively managed by Adaptive, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AGOX returned 16.30% vs 107.38% for WNTR. Their -0.35 correlation means they have often moved in opposite directions in the past. AGOX charges 1.33%/yr vs 1.00%/yr for WNTR.

Performance

AGOX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adaptive Alpha Opportunities ETF (AGOX) 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, AGOX achieves a 16.81% return, which is significantly higher than WNTR's 10.75% return.

AGOX

• 1D: 0.91%
• 1M: -2.77%
• 6M: 12.41%
• YTD: 16.81%
• 1Y: 16.30%
• 3Y*: 14.16%
• 5Y*: 7.88%
• 10Y*: —
• ALL TIME*: 8.63%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
AGOX Adaptive Alpha Opportunities ETF	$2.70M	$2.48M	$2.81M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

AGOX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AGOX Adaptive Alpha Opportunities ETF	16.81%	15.64%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between AGOX and WNTR is -0.34, 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.	-0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.35

Return for Risk

AGOX vs. WNTR — Risk / Return Rank

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

AGOX

AGOX Risk / Return Rank: 33
AGOX Sharpe Ratio Rank: 33
AGOX Sortino Ratio Rank: 35
AGOX Omega Ratio Rank: 33
AGOX Calmar Ratio Rank: 30
AGOX Martin Ratio Rank: 35

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

AGOX vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adaptive Alpha Opportunities ETF (AGOX) 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.

	AGOX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.12	-1.31
Sortino ratio: Return per unit of downside risk	1.31	2.37	-1.06
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	1.02	2.71	-1.70
Martin ratio: Return relative to average drawdown	3.43	6.87	-3.43

AGOX vs. WNTR - Sharpe Ratio Comparison

The current AGOX Sharpe Ratio is 0.81, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of AGOX 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

AGOX vs. WNTR - Drawdown Comparison

The maximum AGOX drawdown since its inception was -26.93%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AGOX and WNTR.

Drawdown Indicators

	AGOX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-26.93%	-42.65%	+15.72%
Max Drawdown (1Y) Largest decline over 1 year	-15.32%	-42.65%	+27.33%
Max Drawdown (3Y) Largest decline over 3 years	-21.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	—	—
Current Drawdown Current decline from peak	-5.98%	-9.64%	+3.66%
Average Drawdown Average peak-to-trough decline	-8.04%	-20.18%	+12.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.52%	16.81%	-12.29%

Volatility

AGOX vs. WNTR - Volatility Comparison

The current volatility for Adaptive Alpha Opportunities ETF (AGOX) is 5.32%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that AGOX 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

	AGOX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	14.85%	-9.53%
Volatility (6M) Calculated over the trailing 6-month period	16.77%	47.43%	-30.66%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	54.68%	-35.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.81%	53.42%	-33.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.64%	53.42%	-33.78%

AGOX vs. WNTR - Expense Ratio Comparison

AGOX has a 1.33% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

AGOX vs. WNTR - Dividend Comparison

AGOX's dividend yield for the trailing twelve months is around 2.76%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021
AGOX Adaptive Alpha Opportunities ETF	2.76%	3.23%	3.94%	0.27%	0.20%	6.36%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AGOX and WNTR in my portfolio?

AGOX and WNTR have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGOX or WNTR?

WNTR has higher volatility (14.85%) compared to AGOX (5.32%). In terms of maximum drawdown, AGOX dropped -26.93% vs WNTR's -42.65%.

Which ETF is better, AGOX or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 16.30% for AGOX. On fees, WNTR is cheaper at 1.00% per year. On volatility, AGOX has been the lower-risk option at 5.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AGOX or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 16.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AGOX or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.33% for AGOX.

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

WNTR has the higher dividend yield at 107.02%, compared with 2.76% for AGOX.

What is the main difference between AGOX and WNTR?

AGOX is categorized as Tactical Allocation, while WNTR is Derivative Income. They also come from different issuers: Adaptive and YieldMax. Their fees differ too: 1.33% for AGOX and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 0.81), 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.