EMIF vs. WNTR

Last updated Jul 12, 2026

EMIF (iShares Emerging Markets Infrastructure ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - EMIF is a Emerging Markets Equities fund tracking the S&P Emerging Markets Infrastructure Index, while WNTR is a Derivative Income fund actively managed by YieldMax. EMIF is passively managed, while WNTR is actively managed. Over the past year, EMIF returned 15.21% vs 116.49% for WNTR. At a correlation of -0.27, they often move in opposite directions. EMIF charges 0.75%/yr vs 1.01%/yr for WNTR.

Performance

EMIF vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Emerging Markets Infrastructure ETF (EMIF) 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, EMIF achieves a 0.09% return, which is significantly lower than WNTR's 8.06% return.

EMIF

• 1D: 1.13%
• 1M: -1.62%
• 6M: -1.80%
• YTD: 0.09%
• 1Y: 15.21%
• 3Y*: 10.57%
• 5Y*: 5.31%
• 10Y*: 1.79%

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)

EMIF vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
EMIF iShares Emerging Markets Infrastructure ETF	0.09%	29.78%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between EMIF 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	-0.27

Return for Risk

EMIF vs. WNTR — Risk / Return Rank

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

EMIF

EMIF Risk / Return Rank: 29
EMIF Sharpe Ratio Rank: 32
EMIF Sortino Ratio Rank: 32
EMIF Omega Ratio Rank: 32
EMIF Calmar Ratio Rank: 25
EMIF Martin Ratio Rank: 24

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.

EMIF vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Emerging Markets Infrastructure ETF (EMIF) 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.

	EMIF	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.96	2.06	-1.11
Sortino ratio: Return per unit of downside risk	1.43	2.34	-0.91
Omega ratio: Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	0.98	2.60	-1.62
Martin ratio: Return relative to average drawdown	2.54	6.69	-4.15

EMIF vs. WNTR - Sharpe Ratio Comparison

The current EMIF Sharpe Ratio is 0.96, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of EMIF 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

EMIF vs. WNTR - Drawdown Comparison

The maximum EMIF drawdown since its inception was -48.02%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for EMIF and WNTR.

Drawdown Indicators

	EMIF	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-48.02%	-42.65%	-5.37%
Max Drawdown (1Y) Largest decline over 1 year	-15.57%	-42.65%	+27.08%
Max Drawdown (3Y) Largest decline over 3 years	-16.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.02%	—	—
Current Drawdown Current decline from peak	-13.87%	-11.84%	-2.03%
Average Drawdown Average peak-to-trough decline	-15.89%	-20.57%	+4.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.03%	16.58%	-10.55%

Volatility

EMIF vs. WNTR - Volatility Comparison

The current volatility for iShares Emerging Markets Infrastructure ETF (EMIF) is 5.25%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that EMIF 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

	EMIF	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	18.80%	-13.55%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	47.57%	-34.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.04%	53.81%	-37.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.71%	53.62%	-33.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.53%	53.62%	-33.09%

EMIF vs. WNTR - Expense Ratio Comparison

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

Dividends

EMIF vs. WNTR - Dividend Comparison

EMIF's dividend yield for the trailing twelve months is around 4.23%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EMIF iShares Emerging Markets Infrastructure ETF	4.23%	4.96%	4.12%	2.64%	3.08%	3.94%	2.54%	2.07%	2.64%	2.58%	3.16%	2.07%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EMIF and WNTR in my portfolio?

EMIF 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, EMIF or WNTR?

WNTR has higher volatility (18.80%) compared to EMIF (5.25%). In terms of maximum drawdown, EMIF dropped -48.02% vs WNTR's -42.65%.

Which ETF is better, EMIF or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 15.21% for EMIF. On fees, EMIF is cheaper at 0.75% per year. On volatility, EMIF has been the lower-risk option at 5.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EMIF or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 15.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EMIF or WNTR?

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

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

WNTR has the higher dividend yield at 104.11%, compared with 4.23% for EMIF.

What is the main difference between EMIF and WNTR?

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

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 0.96), 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.