COPA vs. WNTR

Last updated Jun 25, 2026

COPA (Themes Copper Miners ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - COPA is a Copper fund tracking the BITA Global Copper Mining Select Index, while WNTR is a Derivative Income fund actively managed by YieldMax. COPA is passively managed, while WNTR is actively managed. Over the past year, COPA returned 89.46% vs 97.02% for WNTR. At a correlation of -0.30, they often move in opposite directions. COPA charges 0.35%/yr vs 1.01%/yr for WNTR.

Performance

COPA vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Copper Miners ETF (COPA) 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, COPA achieves a 9.18% return, which is significantly lower than WNTR's 10.46% return.

COPA

• 1D: -4.21%
• 1M: -5.04%
• YTD: 9.18%
• 6M: 10.29%
• 1Y: 89.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

COPA vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
COPA Themes Copper Miners ETF	9.18%	80.99%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between COPA and WNTR is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.30

Return for Risk

COPA vs. WNTR — Risk / Return Rank

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

COPA

COPA Risk / Return Rank: 68
COPA Sharpe Ratio Rank: 77
COPA Sortino Ratio Rank: 63
COPA Omega Ratio Rank: 63
COPA Calmar Ratio Rank: 73
COPA Martin Ratio Rank: 65

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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.

COPA vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Copper Miners ETF (COPA) 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.

	COPA	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.15	1.85	+0.30
Sortino ratio: Return per unit of downside risk	2.54	2.20	+0.34
Omega ratio: Gain probability vs. loss probability	1.33	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	3.21	2.29	+0.92
Martin ratio: Return relative to average drawdown	10.33	5.85	+4.49

COPA vs. WNTR - Sharpe Ratio Comparison

The current COPA Sharpe Ratio is 2.15, which is comparable to the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of COPA 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

COPA vs. WNTR - Drawdown Comparison

The maximum COPA drawdown since its inception was -34.72%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for COPA and WNTR.

Drawdown Indicators

	COPA	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-34.72%	-42.65%	+7.93%
Max Drawdown (1Y) Largest decline over 1 year	-28.05%	-42.65%	+14.60%
Current Drawdown Current decline from peak	-15.48%	-9.88%	-5.60%
Average Drawdown Average peak-to-trough decline	-9.56%	-20.93%	+11.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.69%	16.70%	-8.01%

Volatility

COPA vs. WNTR - Volatility Comparison

Themes Copper Miners ETF (COPA) and YieldMax Short MSTR Option Income Strategy ETF (WNTR) have volatilities of 18.01% and 17.54%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COPA	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.01%	17.54%	+0.47%
Volatility (6M) Calculated over the trailing 6-month period	36.37%	45.99%	-9.62%
Volatility (1Y) Calculated over the trailing 1-year period	41.91%	52.83%	-10.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.37%	53.10%	-13.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.37%	53.10%	-13.73%

COPA vs. WNTR - Expense Ratio Comparison

COPA has a 0.35% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

COPA vs. WNTR - Dividend Comparison

COPA's dividend yield for the trailing twelve months is around 3.90%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024
COPA Themes Copper Miners ETF	3.90%	4.26%	1.33%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%	0.00%

Frequently Asked Questions

Can I hold both COPA and WNTR in my portfolio?

COPA and WNTR have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COPA or WNTR?

COPA has higher volatility (18.01%) compared to WNTR (17.54%). In terms of maximum drawdown, COPA dropped -34.72% vs WNTR's -42.65%.

Which ETF is better, COPA or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 89.46% for COPA. On fees, COPA is cheaper at 0.35% per year. On volatility, WNTR has been the lower-risk option at 17.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COPA or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 89.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COPA or WNTR?

COPA is cheaper with a 0.35% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 3.90% for COPA.

What is the main difference between COPA and WNTR?

COPA is categorized as Copper, while WNTR is Derivative Income. They also come from different issuers: Themes and YieldMax. Their fees differ too: 0.35% for COPA and 1.01% for WNTR.

Which has better risk-adjusted returns?

COPA currently has the higher Sharpe Ratio (2.15 vs 1.85), 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.