CNRG vs. WNTR

Last updated Jun 26, 2026

CNRG (SPDR S&P Kensho Clean Power ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - CNRG is a Alternative Energy Equities fund tracking the S&P Kensho Clean Power Index, while WNTR is a Derivative Income fund actively managed by YieldMax. CNRG is passively managed, while WNTR is actively managed. Over the past year, CNRG returned 91.16% vs 115.98% for WNTR. At a correlation of -0.42, they often move in opposite directions. CNRG charges 0.45%/yr vs 1.01%/yr for WNTR.

Performance

CNRG vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Kensho Clean Power ETF (CNRG) 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, CNRG achieves a 21.85% return, which is significantly higher than WNTR's 17.65% return.

CNRG

• 1D: -0.09%
• 1M: -9.76%
• YTD: 21.85%
• 6M: 17.48%
• 1Y: 91.16%
• 3Y*: 11.56%
• 5Y*: 2.37%
• 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)

CNRG vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CNRG SPDR S&P Kensho Clean Power ETF	21.85%	73.26%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between CNRG and WNTR is -0.41, 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	-0.41
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.42

Return for Risk

CNRG vs. WNTR — Risk / Return Rank

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

CNRG

CNRG Risk / Return Rank: 79
CNRG Sharpe Ratio Rank: 86
CNRG Sortino Ratio Rank: 73
CNRG Omega Ratio Rank: 71
CNRG Calmar Ratio Rank: 91
CNRG Martin Ratio Rank: 75

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.

CNRG vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Kensho Clean Power ETF (CNRG) 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.

	CNRG	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.20	+0.21
Sortino ratio: Return per unit of downside risk	2.84	2.46	+0.38
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	5.09	2.73	+2.35
Martin ratio: Return relative to average drawdown	12.22	6.99	+5.23

CNRG vs. WNTR - Sharpe Ratio Comparison

The current CNRG Sharpe Ratio is 2.41, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CNRG 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

CNRG vs. WNTR - Drawdown Comparison

The maximum CNRG drawdown since its inception was -68.49%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CNRG and WNTR.

Drawdown Indicators

	CNRG	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-68.49%	-42.65%	-25.84%
Max Drawdown (1Y) Largest decline over 1 year	-18.01%	-42.65%	+24.64%
Max Drawdown (3Y) Largest decline over 3 years	-48.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-59.17%	—	—
Current Drawdown Current decline from peak	-20.76%	-4.02%	-16.74%
Average Drawdown Average peak-to-trough decline	-31.71%	-20.87%	-10.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.48%	16.66%	-9.18%

Volatility

CNRG vs. WNTR - Volatility Comparison

The current volatility for SPDR S&P Kensho Clean Power ETF (CNRG) is 14.99%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that CNRG 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

	CNRG	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.99%	18.14%	-3.15%
Volatility (6M) Calculated over the trailing 6-month period	27.12%	46.41%	-19.29%
Volatility (1Y) Calculated over the trailing 1-year period	38.03%	53.16%	-15.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.47%	53.31%	-18.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.97%	53.31%	-17.34%

CNRG vs. WNTR - Expense Ratio Comparison

CNRG has a 0.45% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CNRG vs. WNTR - Dividend Comparison

CNRG's dividend yield for the trailing twelve months is around 1.12%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
CNRG SPDR S&P Kensho Clean Power ETF	1.12%	1.46%	1.34%	1.17%	1.23%	1.34%	0.69%	1.16%	0.35%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNRG and WNTR in my portfolio?

CNRG and WNTR have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNRG or WNTR?

WNTR has higher volatility (18.14%) compared to CNRG (14.99%). In terms of maximum drawdown, CNRG dropped -68.49% vs WNTR's -42.65%.

Which ETF is better, CNRG or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 91.16% for CNRG. On fees, CNRG is cheaper at 0.45% per year. On volatility, CNRG has been the lower-risk option at 14.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNRG or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 91.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNRG or WNTR?

CNRG is cheaper with a 0.45% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 1.12% for CNRG.

What is the main difference between CNRG and WNTR?

CNRG is categorized as Alternative Energy Equities, while WNTR is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.45% for CNRG and 1.01% for WNTR.

Which has better risk-adjusted returns?

CNRG currently has the higher Sharpe Ratio (2.41 vs 2.20), 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.