AIOO vs. WNTR

Last updated Aug 6, 2026

AIOO (AllianzIM U.S. Equity Buffer100 Protection ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - AIOO is a Defined Outcome fund actively managed by Allianz, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AIOO returned 5.45% vs 100.15% for WNTR. Their -0.38 correlation means they have often moved in opposite directions in the past. AIOO charges 0.64%/yr vs 1.00%/yr for WNTR.

Performance

AIOO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) 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, AIOO achieves a 3.00% return, which is significantly lower than WNTR's 6.73% return.

AIOO

• 1D: -0.12%
• 1M: 0.65%
• 6M: 2.79%
• YTD: 3.00%
• 1Y: 5.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.22%

WNTR

• 1D: -1.10%
• 1M: 5.18%
• 6M: -1.23%
• YTD: 6.73%
• 1Y: 100.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 43.34%

*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)
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	$415.46K	$304.19K	$420.88K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.24M	$3.75M	$3.99M

AIOO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	3.00%	2.65%
WNTR YieldMax MSTR Short Option Income Strategy ETF	6.73%	88.78%

Correlation

The correlation between AIOO 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 Jul 1, 2025	-0.38

Return for Risk

AIOO vs. WNTR — Risk / Return Rank

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

AIOO

AIOO Risk / Return Rank: 94
AIOO Sharpe Ratio Rank: 92
AIOO Sortino Ratio Rank: 95
AIOO Omega Ratio Rank: 93
AIOO Calmar Ratio Rank: 97
AIOO Martin Ratio Rank: 95

WNTR

WNTR Risk / Return Rank: 58
WNTR Sharpe Ratio Rank: 70
WNTR Sortino Ratio Rank: 55
WNTR Omega Ratio Rank: 58
WNTR Calmar Ratio Rank: 58
WNTR Martin Ratio Rank: 46

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.

AIOO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) 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.

	AIOO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.59	1.85	+0.74
Sortino ratio: Return per unit of downside risk	4.15	2.18	+1.97
Omega ratio: Gain probability vs. loss probability	1.51	1.29	+0.22
Calmar ratio: Return relative to maximum drawdown	7.39	2.36	+5.02
Martin ratio: Return relative to average drawdown	21.31	5.96	+15.35

AIOO vs. WNTR - Sharpe Ratio Comparison

The current AIOO Sharpe Ratio is 2.59, which is higher than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of AIOO 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

AIOO vs. WNTR - Drawdown Comparison

The maximum AIOO drawdown since its inception was -0.74%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AIOO and WNTR.

Drawdown Indicators

	AIOO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-0.74%	-42.65%	+41.91%
Max Drawdown (1Y) Largest decline over 1 year	-0.74%	-42.65%	+41.91%
Current Drawdown Current decline from peak	-0.12%	-12.93%	+12.81%
Average Drawdown Average peak-to-trough decline	-0.18%	-20.10%	+19.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.26%	16.86%	-16.60%

Volatility

AIOO vs. WNTR - Volatility Comparison

The current volatility for AllianzIM U.S. Equity Buffer100 Protection ETF (AIOO) is 0.71%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 12.79%. This indicates that AIOO 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

	AIOO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.71%	12.79%	-12.08%
Volatility (6M) Calculated over the trailing 6-month period	1.50%	46.85%	-45.35%
Volatility (1Y) Calculated over the trailing 1-year period	2.12%	54.57%	-52.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.09%	53.24%	-51.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.09%	53.24%	-51.15%

AIOO vs. WNTR - Expense Ratio Comparison

AIOO has a 0.64% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

AIOO vs. WNTR - Dividend Comparison

AIOO has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 111.06%.

Position	TTM	2025
AIOO AllianzIM U.S. Equity Buffer100 Protection ETF	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	111.06%	58.56%

Frequently Asked Questions

Can I hold both AIOO and WNTR in my portfolio?

AIOO 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, AIOO or WNTR?

WNTR has higher volatility (12.79%) compared to AIOO (0.71%). In terms of maximum drawdown, AIOO dropped -0.74% vs WNTR's -42.65%.

Which ETF is better, AIOO or WNTR?

On 1-year performance, WNTR leads with 100.15% vs 5.45% for AIOO. On fees, AIOO is cheaper at 0.64% per year. On volatility, AIOO has been the lower-risk option at 0.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIOO or WNTR?

Over the 1-year period, WNTR has performed better with a 100.15% return vs 5.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIOO or WNTR?

AIOO is cheaper with a 0.64% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 111.06%, compared with 0.00% for AIOO.

What is the main difference between AIOO and WNTR?

AIOO is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Allianz and YieldMax. Their fees differ too: 0.64% for AIOO and 1.00% for WNTR.

Which has better risk-adjusted returns?

AIOO currently has the higher Sharpe Ratio (2.59 vs 1.85), 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.