CVAR vs. WNTR

Last updated Jun 26, 2026

CVAR (Cultivar ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - CVAR is a Mid Cap Value Equities fund actively managed by Cultivar, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, CVAR returned 10.43% vs 115.98% for WNTR. At a correlation of -0.29, they often move in opposite directions. CVAR charges 0.87%/yr vs 1.01%/yr for WNTR.

Performance

CVAR vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cultivar ETF (CVAR) 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, CVAR achieves a 0.20% return, which is significantly lower than WNTR's 17.65% return.

CVAR

• 1D: 0.31%
• 1M: -0.78%
• YTD: 0.20%
• 6M: -0.59%
• 1Y: 10.43%
• 3Y*: 8.18%
• 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)

CVAR vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CVAR Cultivar ETF	0.20%	10.63%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between CVAR and WNTR is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.29

Return for Risk

CVAR vs. WNTR — Risk / Return Rank

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

CVAR

CVAR Risk / Return Rank: 25
CVAR Sharpe Ratio Rank: 26
CVAR Sortino Ratio Rank: 26
CVAR Omega Ratio Rank: 24
CVAR Calmar Ratio Rank: 27
CVAR Martin Ratio Rank: 23

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.

CVAR vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cultivar ETF (CVAR) 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.

	CVAR	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.20	-1.30
Sortino ratio: Return per unit of downside risk	1.35	2.46	-1.11
Omega ratio: Gain probability vs. loss probability	1.16	1.33	-0.17
Calmar ratio: Return relative to maximum drawdown	1.24	2.73	-1.49
Martin ratio: Return relative to average drawdown	2.75	6.99	-4.24

CVAR vs. WNTR - Sharpe Ratio Comparison

The current CVAR Sharpe Ratio is 0.90, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of CVAR 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

CVAR vs. WNTR - Drawdown Comparison

The maximum CVAR drawdown since its inception was -19.39%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CVAR and WNTR.

Drawdown Indicators

	CVAR	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-19.39%	-42.65%	+23.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-42.65%	+34.20%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Current Drawdown Current decline from peak	-6.61%	-4.02%	-2.59%
Average Drawdown Average peak-to-trough decline	-5.51%	-20.87%	+15.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	16.66%	-12.86%

Volatility

CVAR vs. WNTR - Volatility Comparison

The current volatility for Cultivar ETF (CVAR) is 3.44%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that CVAR 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

	CVAR	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	18.14%	-14.70%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	46.41%	-38.63%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	53.16%	-41.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	53.31%	-37.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	53.31%	-37.88%

CVAR vs. WNTR - Expense Ratio Comparison

CVAR has a 0.87% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CVAR vs. WNTR - Dividend Comparison

CVAR's dividend yield for the trailing twelve months is around 1.52%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022
CVAR Cultivar ETF	1.52%	1.53%	3.57%	1.41%	5.52%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVAR and WNTR in my portfolio?

CVAR and WNTR have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVAR or WNTR?

WNTR has higher volatility (18.14%) compared to CVAR (3.44%). In terms of maximum drawdown, CVAR dropped -19.39% vs WNTR's -42.65%.

Which ETF is better, CVAR or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 10.43% for CVAR. On fees, CVAR is cheaper at 0.87% per year. On volatility, CVAR has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVAR or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVAR or WNTR?

CVAR is cheaper with a 0.87% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 1.52% for CVAR.

What is the main difference between CVAR and WNTR?

CVAR is categorized as Mid Cap Value Equities, while WNTR is Derivative Income. They also come from different issuers: Cultivar and YieldMax. Their fees differ too: 0.87% for CVAR and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 0.90), 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.