CVNY vs. WNTR

Last updated Jun 25, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CVNY returned 5.94% vs 97.02% for WNTR. At a correlation of -0.27, they often move in opposite directions. CVNY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

CVNY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CVNA Option Income Strategy ETF (CVNY) 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, CVNY achieves a -16.37% return, which is significantly lower than WNTR's 10.46% return.

CVNY

• 1D: 3.36%
• 1M: 0.39%
• YTD: -16.37%
• 6M: -19.84%
• 1Y: 5.94%
• 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)

CVNY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-16.37%	88.67%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between CVNY and WNTR is -0.27, 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	-0.27
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.27

Return for Risk

CVNY vs. WNTR — Risk / Return Rank

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

CVNY

CVNY Risk / Return Rank: 11
CVNY Sharpe Ratio Rank: 11
CVNY Sortino Ratio Rank: 12
CVNY Omega Ratio Rank: 12
CVNY Calmar Ratio Rank: 11
CVNY Martin Ratio Rank: 10

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.

CVNY vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) 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.

	CVNY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.85	-1.73
Sortino ratio: Return per unit of downside risk	0.51	2.20	-1.69
Omega ratio: Gain probability vs. loss probability	1.06	1.30	-0.23
Calmar ratio: Return relative to maximum drawdown	0.16	2.29	-2.12
Martin ratio: Return relative to average drawdown	0.35	5.85	-5.49

CVNY vs. WNTR - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is 0.12, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of CVNY 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

CVNY vs. WNTR - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for CVNY and WNTR.

Drawdown Indicators

	CVNY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-42.65%	-0.62%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-42.65%	+6.38%
Current Drawdown Current decline from peak	-24.74%	-9.88%	-14.86%
Average Drawdown Average peak-to-trough decline	-13.87%	-20.93%	+7.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	16.70%	+0.22%

Volatility

CVNY vs. WNTR - Volatility Comparison

The current volatility for YieldMax CVNA Option Income Strategy ETF (CVNY) is 15.83%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that CVNY 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

	CVNY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.83%	17.54%	-1.71%
Volatility (6M) Calculated over the trailing 6-month period	37.03%	45.99%	-8.96%
Volatility (1Y) Calculated over the trailing 1-year period	49.85%	52.83%	-2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.96%	53.10%	+4.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.96%	53.10%	+4.86%

CVNY vs. WNTR - Expense Ratio Comparison

CVNY has a 0.99% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

CVNY vs. WNTR - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 111.14%, more than WNTR's 96.66% yield.

Position	TTM	2025
CVNY YieldMax CVNA Option Income Strategy ETF	111.14%	80.86%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%

Frequently Asked Questions

Can I hold both CVNY and WNTR in my portfolio?

CVNY and WNTR have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNY or WNTR?

WNTR has higher volatility (17.54%) compared to CVNY (15.83%). In terms of maximum drawdown, CVNY dropped -43.27% vs WNTR's -42.65%.

Which ETF is better, CVNY or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 5.94% for CVNY. On fees, CVNY is cheaper at 0.99% per year. On volatility, CVNY has been the lower-risk option at 15.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or WNTR?

CVNY is cheaper with a 0.99% expense ratio, compared with 1.01% for WNTR.

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

CVNY has the higher dividend yield at 111.14%, compared with 96.66% for WNTR.

What is the main difference between CVNY and WNTR?

Their fees differ too: 0.99% for CVNY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 0.12), 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.