APRZ vs. WNTR

Last updated Jul 12, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while WNTR is a Derivative Income fund actively managed by YieldMax. APRZ is passively managed, while WNTR is actively managed. Over the past year, APRZ returned 15.81% vs 116.49% for WNTR. At a correlation of -0.48, they often move in opposite directions. APRZ charges 0.79%/yr vs 1.01%/yr for WNTR.

Performance

APRZ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) 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, APRZ achieves a 7.50% return, which is significantly lower than WNTR's 8.06% return.

APRZ

• 1D: 0.51%
• 1M: 1.53%
• 6M: 5.89%
• YTD: 7.50%
• 1Y: 15.81%
• 3Y*: 15.15%
• 5Y*: 10.68%
• 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)

APRZ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
APRZ TrueShares Structured Outcome (April) ETF	7.50%	15.84%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between APRZ and WNTR is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.48

Return for Risk

APRZ vs. WNTR — Risk / Return Rank

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

APRZ

APRZ Risk / Return Rank: 51
APRZ Sharpe Ratio Rank: 52
APRZ Sortino Ratio Rank: 52
APRZ Omega Ratio Rank: 52
APRZ Calmar Ratio Rank: 43
APRZ Martin Ratio Rank: 55

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.

APRZ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) 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.

	APRZ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.06	-0.62
Sortino ratio: Return per unit of downside risk	2.05	2.34	-0.29
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	1.76	2.60	-0.84
Martin ratio: Return relative to average drawdown	7.47	6.69	+0.78

APRZ vs. WNTR - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.44, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of APRZ 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

APRZ vs. WNTR - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for APRZ and WNTR.

Drawdown Indicators

	APRZ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-42.65%	+24.50%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-42.65%	+33.80%
Max Drawdown (3Y) Largest decline over 3 years	-15.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	—	—
Current Drawdown Current decline from peak	-0.45%	-11.84%	+11.39%
Average Drawdown Average peak-to-trough decline	-3.59%	-20.57%	+16.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	16.58%	-14.50%

Volatility

APRZ vs. WNTR - Volatility Comparison

The current volatility for TrueShares Structured Outcome (April) ETF (APRZ) is 3.84%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that APRZ 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

	APRZ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	18.80%	-14.96%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	47.57%	-38.71%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	53.81%	-42.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	53.62%	-40.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	53.62%	-41.18%

APRZ vs. WNTR - Expense Ratio Comparison

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

Dividends

APRZ vs. WNTR - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.12%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and WNTR in my portfolio?

APRZ and WNTR have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRZ or WNTR?

WNTR has higher volatility (18.80%) compared to APRZ (3.84%). In terms of maximum drawdown, APRZ dropped -18.15% vs WNTR's -42.65%.

Which ETF is better, APRZ or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 15.81% for APRZ. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or WNTR?

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

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

WNTR has the higher dividend yield at 104.11%, compared with 3.12% for APRZ.

What is the main difference between APRZ and WNTR?

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

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.44), 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.