DVSP vs. WNTR

Last updated Jul 11, 2026

DVSP (WEBs SPY Defined Volatility ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - DVSP is a Large Cap Blend Equities fund tracking the Syntax Defined Volatility US Large Cap 500 Index, while WNTR is a Derivative Income fund actively managed by YieldMax. DVSP is passively managed, while WNTR is actively managed. Over the past year, DVSP returned 22.89% vs 116.49% for WNTR. At a correlation of -0.44, they often move in opposite directions. DVSP charges 0.89%/yr vs 1.01%/yr for WNTR.

Performance

DVSP vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WEBs SPY Defined Volatility ETF (DVSP) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DVSP having a 7.98% return and WNTR slightly higher at 8.06%.

DVSP

• 1D: 0.58%
• 1M: 2.28%
• 6M: 4.49%
• YTD: 7.98%
• 1Y: 22.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DVSP vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
DVSP WEBs SPY Defined Volatility ETF	7.98%	24.72%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between DVSP and WNTR is -0.42, 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	-0.42
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.44

Return for Risk

DVSP vs. WNTR — Risk / Return Rank

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

DVSP

DVSP Risk / Return Rank: 36
DVSP Sharpe Ratio Rank: 37
DVSP Sortino Ratio Rank: 34
DVSP Omega Ratio Rank: 36
DVSP Calmar Ratio Rank: 35
DVSP Martin Ratio Rank: 41

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

DVSP vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WEBs SPY Defined Volatility ETF (DVSP) 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.

	DVSP	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.07	2.06	-0.99
Sortino ratio: Return per unit of downside risk	1.50	2.34	-0.84
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.42	2.60	-1.18
Martin ratio: Return relative to average drawdown	5.19	6.69	-1.50

DVSP vs. WNTR - Sharpe Ratio Comparison

The current DVSP Sharpe Ratio is 1.07, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of DVSP 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

DVSP vs. WNTR - Drawdown Comparison

The maximum DVSP drawdown since its inception was -22.71%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DVSP and WNTR.

Drawdown Indicators

	DVSP	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-22.71%	-42.65%	+19.94%
Max Drawdown (1Y) Largest decline over 1 year	-15.56%	-42.65%	+27.09%
Current Drawdown Current decline from peak	-3.05%	-11.84%	+8.79%
Average Drawdown Average peak-to-trough decline	-5.50%	-20.57%	+15.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	16.58%	-12.32%

Volatility

DVSP vs. WNTR - Volatility Comparison

The current volatility for WEBs SPY Defined Volatility ETF (DVSP) is 5.52%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that DVSP 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

	DVSP	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.52%	18.80%	-13.28%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	47.57%	-31.87%
Volatility (1Y) Calculated over the trailing 1-year period	20.65%	53.81%	-33.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.97%	53.62%	-31.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.97%	53.62%	-31.65%

DVSP vs. WNTR - Expense Ratio Comparison

DVSP has a 0.89% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

DVSP vs. WNTR - Dividend Comparison

DVSP's dividend yield for the trailing twelve months is around 0.26%, less than WNTR's 104.11% yield.

Position	TTM	2025
DVSP WEBs SPY Defined Volatility ETF	0.26%	0.28%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both DVSP and WNTR in my portfolio?

DVSP and WNTR have a correlation of -0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DVSP or WNTR?

WNTR has higher volatility (18.80%) compared to DVSP (5.52%). In terms of maximum drawdown, DVSP dropped -22.71% vs WNTR's -42.65%.

Which ETF is better, DVSP or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 22.89% for DVSP. On fees, DVSP is cheaper at 0.89% per year. On volatility, DVSP has been the lower-risk option at 5.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DVSP or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 22.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DVSP or WNTR?

DVSP is cheaper with a 0.89% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.26% for DVSP.

What is the main difference between DVSP and WNTR?

DVSP is categorized as Large Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: WEBs and YieldMax. Their fees differ too: 0.89% for DVSP and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.07), 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.