APOC vs. WNTR

Last updated Jul 11, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - APOC is a Defined Outcome fund actively managed by Innovator, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, APOC returned 2.89% vs 116.49% for WNTR. At a correlation of -0.29, they often move in opposite directions. APOC charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

APOC vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) 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, APOC achieves a 0.54% return, which is significantly lower than WNTR's 8.06% return.

APOC

• 1D: 0.17%
• 1M: 0.55%
• 6M: 0.22%
• YTD: 0.54%
• 1Y: 2.89%
• 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)

APOC vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.54%	4.08%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between APOC and WNTR is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.29

Return for Risk

APOC vs. WNTR — Risk / Return Rank

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

APOC

APOC Risk / Return Rank: 36
APOC Sharpe Ratio Rank: 38
APOC Sortino Ratio Rank: 38
APOC Omega Ratio Rank: 51
APOC Calmar Ratio Rank: 22
APOC Martin Ratio Rank: 31

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.

APOC vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) 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.

	APOC	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.10	2.06	-0.96
Sortino ratio: Return per unit of downside risk	1.61	2.34	-0.73
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	0.86	2.60	-1.75
Martin ratio: Return relative to average drawdown	3.58	6.69	-3.10

APOC vs. WNTR - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.10, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of APOC 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

APOC vs. WNTR - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for APOC and WNTR.

Drawdown Indicators

	APOC	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-42.65%	+38.48%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-42.65%	+39.25%
Current Drawdown Current decline from peak	-0.36%	-11.84%	+11.48%
Average Drawdown Average peak-to-trough decline	-0.83%	-20.57%	+19.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	16.58%	-15.77%

Volatility

APOC vs. WNTR - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) is 0.43%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that APOC 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

	APOC	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	18.80%	-18.37%
Volatility (6M) Calculated over the trailing 6-month period	2.40%	47.57%	-45.17%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	53.81%	-51.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.96%	53.62%	-50.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.96%	53.62%	-50.66%

APOC vs. WNTR - Expense Ratio Comparison

APOC has a 0.79% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

APOC vs. WNTR - Dividend Comparison

APOC has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 104.11%.

Position	TTM	2025
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both APOC and WNTR in my portfolio?

APOC and WNTR have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or WNTR?

WNTR has higher volatility (18.80%) compared to APOC (0.43%). In terms of maximum drawdown, APOC dropped -4.17% vs WNTR's -42.65%.

Which ETF is better, APOC or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 2.89% for APOC. On fees, APOC is cheaper at 0.79% per year. On volatility, APOC has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 2.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or WNTR?

APOC is cheaper with a 0.79% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.00% for APOC.

What is the main difference between APOC and WNTR?

APOC is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: Innovator and YieldMax. Their fees differ too: 0.79% for APOC and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.10), 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.