CEFZ vs. WNTR

Last updated Aug 2, 2026

CEFZ (RiverNorth Active Income ETF) and WNTR (YieldMax MSTR Short 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. Their -0.44 correlation means they have often moved in opposite directions in the past. CEFZ charges 3.36%/yr vs 1.00%/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 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, CEFZ achieves a 4.53% return, which is significantly lower than WNTR's 10.75% return.

CEFZ

• 1D: 0.31%
• 1M: -1.16%
• 6M: 2.29%
• YTD: 4.53%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
CEFZ RiverNorth Active Income ETF	$177.45K	$117.53K	$123.01K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

CEFZ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CEFZ RiverNorth Active Income ETF	4.53%	7.41%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	87.24%

Correlation

The correlation between CEFZ and WNTR is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	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 historical risk-adjusted metric ranks 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: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

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 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.

	CEFZ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.12	—
Sortino ratio: Return per unit of downside risk	—	2.37	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.71	—
Martin ratio: Return relative to average drawdown	—	6.87	—

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	-1.78%	-9.64%	+7.86%
Average Drawdown Average peak-to-trough decline	-1.22%	-20.18%	+18.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.81%	—

Volatility

Volatility by Period

	CEFZ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.43%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	54.68%	-44.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	53.42%	-43.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.23%	53.42%	-43.19%

CEFZ vs. WNTR - Expense Ratio Comparison

CEFZ has a 3.36% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

CEFZ vs. WNTR - Dividend Comparison

CEFZ's dividend yield for the trailing twelve months is around 10.13%, less than WNTR's 107.02% yield.

Position	TTM	2025
CEFZ RiverNorth Active Income ETF	10.13%	4.17%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	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 1.00% 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 1.00% 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 107.02%, compared with 10.13% 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 1.00% for WNTR.