ESN vs. WNTR

Last updated Jun 26, 2026

ESN (Essential 40 Stock ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - ESN is a Large Cap Blend Equities fund tracking the Essential 40 Stock Index, while WNTR is a Derivative Income fund actively managed by YieldMax. ESN is passively managed, while WNTR is actively managed. Over the past year, ESN returned 24.85% vs 115.98% for WNTR. At a correlation of -0.35, they often move in opposite directions. ESN charges 0.70%/yr vs 1.01%/yr for WNTR.

Performance

ESN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Essential 40 Stock ETF (ESN) 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, ESN achieves a 13.63% return, which is significantly lower than WNTR's 17.65% return.

ESN

• 1D: 0.13%
• 1M: -0.57%
• YTD: 13.63%
• 6M: 12.82%
• 1Y: 24.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ESN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
ESN Essential 40 Stock ETF	13.63%	11.67%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between ESN and WNTR is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.35

Return for Risk

ESN vs. WNTR — Risk / Return Rank

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

ESN

ESN Risk / Return Rank: 85
ESN Sharpe Ratio Rank: 88
ESN Sortino Ratio Rank: 88
ESN Omega Ratio Rank: 83
ESN Calmar Ratio Rank: 82
ESN Martin Ratio Rank: 84

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

ESN vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Essential 40 Stock ETF (ESN) 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.

	ESN	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.52	2.20	+0.32
Sortino ratio: Return per unit of downside risk	3.49	2.46	+1.03
Omega ratio: Gain probability vs. loss probability	1.43	1.33	+0.10
Calmar ratio: Return relative to maximum drawdown	3.89	2.73	+1.15
Martin ratio: Return relative to average drawdown	15.16	6.99	+8.17

ESN vs. WNTR - Sharpe Ratio Comparison

The current ESN Sharpe Ratio is 2.52, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of ESN 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

ESN vs. WNTR - Drawdown Comparison

The maximum ESN drawdown since its inception was -13.60%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for ESN and WNTR.

Drawdown Indicators

	ESN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-42.65%	+29.05%
Max Drawdown (1Y) Largest decline over 1 year	-6.42%	-42.65%	+36.23%
Current Drawdown Current decline from peak	-1.96%	-4.02%	+2.06%
Average Drawdown Average peak-to-trough decline	-1.86%	-20.87%	+19.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	16.66%	-15.02%

Volatility

ESN vs. WNTR - Volatility Comparison

The current volatility for Essential 40 Stock ETF (ESN) is 3.17%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that ESN 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

	ESN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.17%	18.14%	-14.97%
Volatility (6M) Calculated over the trailing 6-month period	7.45%	46.41%	-38.96%
Volatility (1Y) Calculated over the trailing 1-year period	9.96%	53.16%	-43.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.25%	53.31%	-40.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.25%	53.31%	-40.06%

ESN vs. WNTR - Expense Ratio Comparison

ESN has a 0.70% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

ESN vs. WNTR - Dividend Comparison

ESN's dividend yield for the trailing twelve months is around 0.80%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024
ESN Essential 40 Stock ETF	0.80%	0.91%	0.76%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%

Frequently Asked Questions

Can I hold both ESN and WNTR in my portfolio?

ESN and WNTR have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ESN or WNTR?

WNTR has higher volatility (18.14%) compared to ESN (3.17%). In terms of maximum drawdown, ESN dropped -13.60% vs WNTR's -42.65%.

Which ETF is better, ESN or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 24.85% for ESN. On fees, ESN is cheaper at 0.70% per year. On volatility, ESN has been the lower-risk option at 3.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESN or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 24.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESN or WNTR?

ESN is cheaper with a 0.70% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 0.80% for ESN.

What is the main difference between ESN and WNTR?

ESN is categorized as Large Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: KKM Financial and YieldMax. Their fees differ too: 0.70% for ESN and 1.01% for WNTR.

Which has better risk-adjusted returns?

ESN currently has the higher Sharpe Ratio (2.52 vs 2.20), 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.