DMAX vs. WNTR
DMAX (iShares Large Cap Max Buffer December ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - DMAX is a Defined Outcome fund tracking the S&P 500 Index, while WNTR is a Derivative Income fund actively managed by YieldMax. DMAX is passively managed, while WNTR is actively managed. Over the past year, DMAX returned 7.49% vs 106.92% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. DMAX charges 0.50%/yr vs 1.00%/yr for WNTR.
Performance
DMAX vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, DMAX achieves a 3.26% return, which is significantly lower than WNTR's 10.51% return.
DMAX
- 1D
- 0.07%
- 1M
- 0.73%
- 6M
- 2.85%
- YTD
- 3.26%
- 1Y
- 7.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.83%
WNTR
- 1D
- -0.22%
- 1M
- 7.89%
- 6M
- 8.31%
- YTD
- 10.51%
- 1Y
- 106.92%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.29%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $141.18K | $285.57K | $283.69K | |
| $3.92M | $3.66M | $3.95M |
DMAX vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 3.26% | 7.77% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 10.51% | 52.78% |
Correlation
The correlation between DMAX and WNTR is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025 | -0.40 |
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Return for Risk
DMAX vs. WNTR — Risk / Return Rank
DMAX
WNTR
DMAX vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap Max Buffer December ETF (DMAX) 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.
| DMAX | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.30 | ||
| Sortino ratioReturn per unit of downside risk | +2.78 | ||
| Omega ratioGain probability vs. loss probability | 1.68 | 1.30 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 5.32 | 2.52 | +2.80 |
| Martin ratioReturn relative to average drawdown | 26.29 | 6.38 | +19.92 |
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Drawdowns
DMAX vs. WNTR - Drawdown Comparison
The maximum DMAX drawdown since its inception was -3.37%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DMAX and WNTR.
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Drawdown Indicators
| DMAX | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.37% | -42.65% | +39.28% |
Max Drawdown (1Y)Largest decline over 1 year | -1.41% | -42.65% | +41.24% |
Current DrawdownCurrent decline from peak | 0.00% | -9.84% | +9.84% |
Average DrawdownAverage peak-to-trough decline | -0.36% | -20.15% | +19.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.29% | 16.83% | -16.54% |
Volatility
DMAX vs. WNTR - Volatility Comparison
The current volatility for iShares Large Cap Max Buffer December ETF (DMAX) is 0.60%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that DMAX 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.
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Volatility by Period
| DMAX | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 13.00% | -12.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.70% | 47.22% | -45.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.30% | 54.66% | -52.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.30% | 53.34% | -50.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.30% | 53.34% | -50.04% |
DMAX vs. WNTR - Expense Ratio Comparison
DMAX has a 0.50% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
DMAX vs. WNTR - Dividend Comparison
DMAX's dividend yield for the trailing twelve months is around 1.14%, less than WNTR's 107.26% yield.
| Position | TTM | 2025 |
|---|---|---|
DMAX iShares Large Cap Max Buffer December ETF | 1.14% | 1.18% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 107.26% | 58.56% |
Frequently Asked Questions
DMAX and WNTR have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WNTR has higher volatility (13.00%) compared to DMAX (0.60%). In terms of maximum drawdown, DMAX dropped -3.37% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 106.92% vs 7.49% for DMAX. On fees, DMAX is cheaper at 0.50% per year. On volatility, DMAX has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 106.92% return vs 7.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DMAX is cheaper with a 0.50% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 107.26%, compared with 1.14% for DMAX.
DMAX is categorized as Defined Outcome, while WNTR is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.50% for DMAX and 1.00% for WNTR.
DMAX currently has the higher Sharpe Ratio (3.27 vs 1.97), 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.
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