CEFZ vs. WNTR

Last updated Jul 12, 2026

CEFZ (RiverNorth Active Income ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - CEFZ is a Tactical Allocation fund actively managed by RiverNorth, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. At a correlation of -0.44, they often move in opposite directions. CEFZ charges 3.36%/yr vs 1.01%/yr for WNTR.

Performance

CEFZ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RiverNorth Active Income ETF (CEFZ) 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, CEFZ achieves a 5.56% return, which is significantly lower than WNTR's 8.06% return.

CEFZ

• 1D: 0.34%
• 1M: 1.24%
• 6M: 4.54%
• YTD: 5.56%
• 1Y: —
• 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)

CEFZ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	5.56%	7.41%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	87.24%

Correlation

The correlation between CEFZ and WNTR is -0.44, 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 (All Time) Calculated using the full available price history since Aug 4, 2025	-0.44

Return for Risk

CEFZ vs. WNTR — Risk / Return Rank

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

CEFZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

CEFZ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RiverNorth Active Income ETF (CEFZ) 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.

	CEFZ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.06	—
Sortino ratio: Return per unit of downside risk	—	2.34	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.60	—
Martin ratio: Return relative to average drawdown	—	6.69	—

Drawdowns

CEFZ vs. WNTR - Drawdown Comparison

The maximum CEFZ drawdown since its inception was -6.66%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CEFZ and WNTR.

Drawdown Indicators

	CEFZ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-6.66%	-42.65%	+35.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-42.65%	—
Current Drawdown Current decline from peak	-0.81%	-11.84%	+11.03%
Average Drawdown Average peak-to-trough decline	-1.20%	-20.57%	+19.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.58%	—

Volatility

Volatility by Period

	CEFZ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.39%	53.81%	-43.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.39%	53.62%	-43.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.39%	53.62%	-43.23%

CEFZ vs. WNTR - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

CEFZ vs. WNTR - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 9.13%, less than WNTR's 104.11% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	9.13%	4.17%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both CEFZ and WNTR in my portfolio?

CEFZ and WNTR have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CEFZ or WNTR?

On fees, WNTR is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CEFZ or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 3.36% for CEFZ.

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

WNTR has the higher dividend yield at 104.11%, compared with 9.13% for CEFZ.

What is the main difference between CEFZ and WNTR?

CEFZ is categorized as Tactical Allocation, while WNTR is Derivative Income. They also come from different issuers: RiverNorth and YieldMax. Their fees differ too: 3.36% for CEFZ and 1.01% for WNTR.