BKEM vs. WNTR

Last updated Aug 4, 2026

BKEM (BNY Mellon Emerging Markets Equity ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - BKEM is a Emerging Markets Equities fund tracking the Morningstar Emerging Markets Large Cap Index, while WNTR is a Derivative Income fund actively managed by YieldMax. BKEM is passively managed, while WNTR is actively managed. Over the past year, BKEM returned 36.20% vs 106.92% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. BKEM charges 0.11%/yr vs 1.00%/yr for WNTR.

Performance

BKEM vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Emerging Markets Equity ETF (BKEM) 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, BKEM achieves a 19.61% return, which is significantly higher than WNTR's 10.51% return.

BKEM

• 1D: 0.10%
• 1M: -2.18%
• 6M: 9.90%
• YTD: 19.61%
• 1Y: 36.20%
• 3Y*: 19.15%
• 5Y*: 6.90%
• 10Y*: —
• ALL TIME*: 12.53%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

*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)
BKEM BNY Mellon Emerging Markets Equity ETF	$481.37K	$317.95K	$245.58K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

BKEM vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
BKEM BNY Mellon Emerging Markets Equity ETF	19.61%	24.19%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	52.78%

Correlation

The correlation between BKEM and WNTR is -0.42, 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.	-0.42
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

BKEM vs. WNTR — Risk / Return Rank

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

BKEM

BKEM Risk / Return Rank: 64
BKEM Sharpe Ratio Rank: 63
BKEM Sortino Ratio Rank: 57
BKEM Omega Ratio Rank: 64
BKEM Calmar Ratio Rank: 72
BKEM Martin Ratio Rank: 64

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

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.

BKEM vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Emerging Markets Equity ETF (BKEM) 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.

	BKEM	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.53	1.97	-0.44
Sortino ratio: Return per unit of downside risk	2.05	2.27	-0.23
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	2.62	2.52	+0.09
Martin ratio: Return relative to average drawdown	8.01	6.38	+1.63

BKEM vs. WNTR - Sharpe Ratio Comparison

The current BKEM Sharpe Ratio is 1.53, which is comparable to the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of BKEM 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

BKEM vs. WNTR - Drawdown Comparison

The maximum BKEM drawdown since its inception was -39.48%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for BKEM and WNTR.

Drawdown Indicators

	BKEM	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-39.48%	-42.65%	+3.17%
Max Drawdown (1Y) Largest decline over 1 year	-13.91%	-42.65%	+28.74%
Max Drawdown (3Y) Largest decline over 3 years	-18.38%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.28%	—	—
Current Drawdown Current decline from peak	-9.43%	-9.84%	+0.41%
Average Drawdown Average peak-to-trough decline	-15.75%	-20.15%	+4.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.53%	16.83%	-12.30%

Volatility

BKEM vs. WNTR - Volatility Comparison

The current volatility for BNY Mellon Emerging Markets Equity ETF (BKEM) is 9.11%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that BKEM 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

	BKEM	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.11%	13.00%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	21.78%	47.22%	-25.44%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	54.66%	-30.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	53.34%	-33.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.75%	53.34%	-33.59%

BKEM vs. WNTR - Expense Ratio Comparison

BKEM has a 0.11% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

BKEM vs. WNTR - Dividend Comparison

BKEM's dividend yield for the trailing twelve months is around 1.96%, less than WNTR's 107.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BKEM BNY Mellon Emerging Markets Equity ETF	1.96%	2.25%	2.76%	3.02%	3.15%	2.22%	1.78%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BKEM and WNTR in my portfolio?

BKEM and WNTR have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKEM or WNTR?

WNTR has higher volatility (13.00%) compared to BKEM (9.11%). In terms of maximum drawdown, BKEM dropped -39.48% vs WNTR's -42.65%.

Which ETF is better, BKEM or WNTR?

On 1-year performance, WNTR leads with 106.92% vs 36.20% for BKEM. On fees, BKEM is cheaper at 0.11% per year. On volatility, BKEM has been the lower-risk option at 9.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BKEM or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs 36.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BKEM or WNTR?

BKEM is cheaper with a 0.11% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.26%, compared with 1.96% for BKEM.

What is the main difference between BKEM and WNTR?

BKEM is categorized as Emerging Markets Equities, while WNTR is Derivative Income. They also come from different issuers: BNY Mellon and YieldMax. Their fees differ too: 0.11% for BKEM and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 1.53), 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.