CARU vs. WNTR

Last updated Jun 26, 2026

CARU (Max Auto Industry 3X Leveraged ETN) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - CARU is a Leveraged Equities fund tracking the Prime Auto Industry Index - Benchmark TR Net (--300%), while WNTR is a Derivative Income fund actively managed by YieldMax. CARU is passively managed, while WNTR is actively managed. Over the past year, CARU returned -16.37% vs 115.98% for WNTR. At a correlation of -0.43, they often move in opposite directions. CARU charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

CARU vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Max Auto Industry 3X Leveraged ETN (CARU) 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, CARU achieves a -31.25% return, which is significantly lower than WNTR's 17.65% return.

CARU

• 1D: -0.50%
• 1M: -8.37%
• YTD: -31.25%
• 6M: -38.91%
• 1Y: -16.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CARU vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CARU Max Auto Industry 3X Leveraged ETN	-31.25%	39.44%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between CARU and WNTR is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.43

Return for Risk

CARU vs. WNTR — Risk / Return Rank

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

CARU

CARU Risk / Return Rank: 7
CARU Sharpe Ratio Rank: 7
CARU Sortino Ratio Rank: 9
CARU Omega Ratio Rank: 9
CARU Calmar Ratio Rank: 7
CARU Martin Ratio Rank: 6

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

CARU vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Max Auto Industry 3X Leveraged ETN (CARU) 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.

	CARU	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.24	2.20	-2.43
Sortino ratio: Return per unit of downside risk	0.13	2.46	-2.33
Omega ratio: Gain probability vs. loss probability	1.02	1.33	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.32	2.73	-3.06
Martin ratio: Return relative to average drawdown	-0.64	6.99	-7.63

CARU vs. WNTR - Sharpe Ratio Comparison

The current CARU Sharpe Ratio is -0.24, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CARU 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

CARU vs. WNTR - Drawdown Comparison

The maximum CARU drawdown since its inception was -66.44%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CARU and WNTR.

Drawdown Indicators

	CARU	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-66.44%	-42.65%	-23.79%
Max Drawdown (1Y) Largest decline over 1 year	-50.87%	-42.65%	-8.22%
Current Drawdown Current decline from peak	-45.71%	-4.02%	-41.69%
Average Drawdown Average peak-to-trough decline	-35.99%	-20.87%	-15.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.77%	16.66%	+9.11%

Volatility

CARU vs. WNTR - Volatility Comparison

Max Auto Industry 3X Leveraged ETN (CARU) has a higher volatility of 23.23% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 18.14%. This indicates that CARU's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CARU	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.23%	18.14%	+5.09%
Volatility (6M) Calculated over the trailing 6-month period	52.56%	46.41%	+6.15%
Volatility (1Y) Calculated over the trailing 1-year period	69.88%	53.16%	+16.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.32%	53.31%	+27.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.32%	53.31%	+27.01%

CARU vs. WNTR - Expense Ratio Comparison

CARU has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CARU vs. WNTR - Dividend Comparison

CARU has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 94.34%.

Position	TTM	2025
CARU Max Auto Industry 3X Leveraged ETN	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%

Frequently Asked Questions

Can I hold both CARU and WNTR in my portfolio?

CARU and WNTR have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CARU or WNTR?

CARU has higher volatility (23.23%) compared to WNTR (18.14%). In terms of maximum drawdown, CARU dropped -66.44% vs WNTR's -42.65%.

Which ETF is better, CARU or WNTR?

On 1-year performance, WNTR leads with 115.98% vs -16.37% for CARU. On fees, CARU is cheaper at 0.95% per year. On volatility, WNTR has been the lower-risk option at 18.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CARU or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs -16.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CARU or WNTR?

CARU is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 0.00% for CARU.

What is the main difference between CARU and WNTR?

CARU is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Max and YieldMax. Their fees differ too: 0.95% for CARU and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs -0.24), 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.