AIYY vs. WNTR

Last updated Jul 12, 2026

AIYY (YieldMax AI Option Income Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, AIYY returned -64.36% vs 116.49% for WNTR. At a correlation of -0.40, they often move in opposite directions. AIYY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

AIYY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AI Option Income Strategy ETF (AIYY) 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, AIYY achieves a -34.82% return, which is significantly lower than WNTR's 8.06% return.

AIYY

• 1D: 0.27%
• 1M: -14.31%
• 6M: -36.75%
• YTD: -34.82%
• 1Y: -64.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AIYY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
AIYY YieldMax AI Option Income Strategy ETF	-34.82%	-42.61%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between AIYY and WNTR is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

AIYY vs. WNTR — Risk / Return Rank

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

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 0
AIYY Sortino Ratio Rank: 1
AIYY Omega Ratio Rank: 0
AIYY Calmar Ratio Rank: 1
AIYY Martin Ratio Rank: 3

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

AIYY vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) 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.

	AIYY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	2.06	-3.26
Sortino ratio: Return per unit of downside risk	-1.96	2.34	-4.30
Omega ratio: Gain probability vs. loss probability	0.73	1.32	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.95	2.60	-3.55
Martin ratio: Return relative to average drawdown	-1.25	6.69	-7.94

AIYY vs. WNTR - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.19, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of AIYY 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

AIYY vs. WNTR - Drawdown Comparison

The maximum AIYY drawdown since its inception was -79.56%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for AIYY and WNTR.

Drawdown Indicators

	AIYY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-79.56%	-42.65%	-36.91%
Max Drawdown (1Y) Largest decline over 1 year	-68.45%	-42.65%	-25.80%
Current Drawdown Current decline from peak	-78.71%	-11.84%	-66.87%
Average Drawdown Average peak-to-trough decline	-42.36%	-20.57%	-21.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	51.80%	16.58%	+35.22%

Volatility

AIYY vs. WNTR - Volatility Comparison

The current volatility for YieldMax AI Option Income Strategy ETF (AIYY) is 13.32%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that AIYY 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

	AIYY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.32%	18.80%	-5.48%
Volatility (6M) Calculated over the trailing 6-month period	40.11%	47.57%	-7.46%
Volatility (1Y) Calculated over the trailing 1-year period	54.42%	53.81%	+0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.19%	53.62%	-3.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.19%	53.62%	-3.43%

AIYY vs. WNTR - Expense Ratio Comparison

AIYY has a 0.99% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

AIYY vs. WNTR - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 152.32%, more than WNTR's 104.11% yield.

Position	TTM	2025	2024
AIYY YieldMax AI Option Income Strategy ETF	152.32%	168.33%	98.26%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%

Frequently Asked Questions

Can I hold both AIYY and WNTR in my portfolio?

AIYY and WNTR have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIYY or WNTR?

WNTR has higher volatility (18.80%) compared to AIYY (13.32%). In terms of maximum drawdown, AIYY dropped -79.56% vs WNTR's -42.65%.

Which ETF is better, AIYY or WNTR?

On 1-year performance, WNTR leads with 116.49% vs -64.36% for AIYY. On fees, AIYY is cheaper at 0.99% per year. On volatility, AIYY has been the lower-risk option at 13.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIYY or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs -64.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIYY or WNTR?

AIYY is cheaper with a 0.99% expense ratio, compared with 1.01% for WNTR.

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

AIYY has the higher dividend yield at 152.32%, compared with 104.11% for WNTR.

What is the main difference between AIYY and WNTR?

Their fees differ too: 0.99% for AIYY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs -1.19), 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.