APLY vs. WNTR

Last updated Jul 14, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, APLY returned 32.66% vs 120.64% for WNTR. At a correlation of -0.26, they often move in opposite directions. APLY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

APLY vs. WNTR - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with APLY having a 10.37% return and WNTR slightly lower at 10.13%.

APLY

• 1D: 0.53%
• 1M: 6.42%
• 6M: 14.95%
• YTD: 10.37%
• 1Y: 32.66%
• 3Y*: 10.51%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APLY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
APLY YieldMax AAPL Option Income Strategy ETF	10.37%	17.26%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between APLY 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	-0.26

Return for Risk

APLY vs. WNTR — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 63
APLY Sharpe Ratio Rank: 64
APLY Sortino Ratio Rank: 61
APLY Omega Ratio Rank: 69
APLY Calmar Ratio Rank: 70
APLY Martin Ratio Rank: 50

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

APLY vs. WNTR - Risk-Adjusted Trends Comparison

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

	APLY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.26	-0.60
Sortino ratio: Return per unit of downside risk	2.27	2.47	-0.20
Omega ratio: Gain probability vs. loss probability	1.32	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.79	2.84	-0.05
Martin ratio: Return relative to average drawdown	6.71	7.31	-0.60

APLY vs. WNTR - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.66, which is comparable to the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of APLY 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

APLY vs. WNTR - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for APLY and WNTR.

Drawdown Indicators

	APLY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-42.65%	+12.24%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-42.65%	+30.89%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	—	—
Current Drawdown Current decline from peak	-0.06%	-10.15%	+10.09%
Average Drawdown Average peak-to-trough decline	-6.84%	-20.53%	+13.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	16.58%	-11.70%

Volatility

APLY vs. WNTR - Volatility Comparison

The current volatility for YieldMax AAPL Option Income Strategy ETF (APLY) is 9.27%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that APLY 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

	APLY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	18.84%	-9.57%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	47.46%	-31.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.82%	53.83%	-34.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	53.56%	-32.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	53.56%	-32.23%

APLY vs. WNTR - Expense Ratio Comparison

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

Dividends

APLY vs. WNTR - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 35.30%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	35.30%	36.38%	24.95%	14.36%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APLY and WNTR in my portfolio?

APLY 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, APLY or WNTR?

WNTR has higher volatility (18.84%) compared to APLY (9.27%). In terms of maximum drawdown, APLY dropped -30.41% vs WNTR's -42.65%.

Which ETF is better, APLY or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 32.66% for APLY. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 9.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 32.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or WNTR?

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

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

WNTR has the higher dividend yield at 102.14%, compared with 35.30% for APLY.

What is the main difference between APLY and WNTR?

APLY is categorized as Options Trading, while WNTR is Derivative Income. Their fees differ too: 0.99% for APLY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 1.66), 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.