EMDM vs. WNTR

Last updated Jul 17, 2026

EMDM (First Trust Bloomberg Emerging Market Democracies ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - EMDM is a Emerging Markets Diversified fund tracking the Bloomberg Emerging Market Democracies Index - Benchmark TR Net, while WNTR is a Derivative Income fund actively managed by YieldMax. EMDM is passively managed, while WNTR is actively managed. Over the past year, EMDM returned 64.50% vs 127.90% for WNTR. At a correlation of -0.35, they often move in opposite directions. EMDM charges 0.75%/yr vs 1.01%/yr for WNTR.

Performance

EMDM vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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, EMDM achieves a 27.95% return, which is significantly higher than WNTR's 9.49% return.

EMDM

• 1D: -2.74%
• 1M: -8.04%
• 6M: 19.12%
• YTD: 27.95%
• 1Y: 64.50%
• 3Y*: 26.36%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EMDM vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
EMDM First Trust Bloomberg Emerging Market Democracies ETF	27.95%	46.63%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between EMDM and WNTR is -0.36, 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	-0.36
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.35

Return for Risk

EMDM vs. WNTR — Risk / Return Rank

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

EMDM

EMDM Risk / Return Rank: 87
EMDM Sharpe Ratio Rank: 89
EMDM Sortino Ratio Rank: 81
EMDM Omega Ratio Rank: 86
EMDM Calmar Ratio Rank: 88
EMDM Martin Ratio Rank: 89

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

EMDM vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) 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.

	EMDM	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.39	-0.01
Sortino ratio: Return per unit of downside risk	2.90	2.56	+0.34
Omega ratio: Gain probability vs. loss probability	1.42	1.35	+0.07
Calmar ratio: Return relative to maximum drawdown	4.14	3.02	+1.13
Martin ratio: Return relative to average drawdown	15.12	7.72	+7.40

EMDM vs. WNTR - Sharpe Ratio Comparison

The current EMDM Sharpe Ratio is 2.38, which is comparable to the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of EMDM 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

EMDM vs. WNTR - Drawdown Comparison

The maximum EMDM drawdown since its inception was -18.81%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for EMDM and WNTR.

Drawdown Indicators

	EMDM	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-18.81%	-42.65%	+23.84%
Max Drawdown (1Y) Largest decline over 1 year	-15.65%	-42.65%	+27.00%
Max Drawdown (3Y) Largest decline over 3 years	-18.81%	—	—
Current Drawdown Current decline from peak	-10.82%	-10.67%	-0.15%
Average Drawdown Average peak-to-trough decline	-4.11%	-20.46%	+16.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.28%	16.63%	-12.35%

Volatility

EMDM vs. WNTR - Volatility Comparison

The current volatility for First Trust Bloomberg Emerging Market Democracies ETF (EMDM) is 10.68%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that EMDM 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

	EMDM	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	17.89%	-7.21%
Volatility (6M) Calculated over the trailing 6-month period	25.07%	47.05%	-21.98%
Volatility (1Y) Calculated over the trailing 1-year period	27.21%	53.81%	-26.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.98%	53.49%	-32.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.98%	53.49%	-32.51%

EMDM vs. WNTR - Expense Ratio Comparison

EMDM has a 0.75% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

EMDM vs. WNTR - Dividend Comparison

EMDM's dividend yield for the trailing twelve months is around 2.96%, less than WNTR's 106.86% yield.

Position	TTM	2025	2024	2023
EMDM First Trust Bloomberg Emerging Market Democracies ETF	2.96%	3.57%	5.87%	2.16%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMDM and WNTR in my portfolio?

EMDM and WNTR have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EMDM or WNTR?

WNTR has higher volatility (17.89%) compared to EMDM (10.68%). In terms of maximum drawdown, EMDM dropped -18.81% vs WNTR's -42.65%.

Which ETF is better, EMDM or WNTR?

On 1-year performance, WNTR leads with 127.90% vs 64.50% for EMDM. On fees, EMDM is cheaper at 0.75% per year. On volatility, EMDM has been the lower-risk option at 10.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMDM or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs 64.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMDM or WNTR?

EMDM is cheaper with a 0.75% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 2.96% for EMDM.

What is the main difference between EMDM and WNTR?

EMDM is categorized as Emerging Markets Diversified, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.75% for EMDM and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs 2.38), 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.