FCEF vs. WNTR

Last updated Aug 2, 2026

FCEF (First Trust CEF Income Opportunity ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - FCEF is a Diversified Portfolio fund actively managed by First Trust, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, FCEF returned 14.04% vs 107.38% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. FCEF charges 2.91%/yr vs 1.00%/yr for WNTR.

Performance

FCEF vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust CEF Income Opportunity ETF (FCEF) and YieldMax MSTR Short 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, FCEF achieves a 7.77% return, which is significantly lower than WNTR's 10.75% return.

FCEF

• 1D: 0.24%
• 1M: -0.30%
• 6M: 4.68%
• YTD: 7.77%
• 1Y: 14.04%
• 3Y*: 14.33%
• 5Y*: 6.04%
• 10Y*: —
• ALL TIME*: 8.11%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FCEF First Trust CEF Income Opportunity ETF	$305.67K	$550.92K	$440.65K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

FCEF vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FCEF First Trust CEF Income Opportunity ETF	7.77%	11.61%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between FCEF and WNTR is -0.43, 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.	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

FCEF vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCEF

FCEF Risk / Return Rank: 68
FCEF Sharpe Ratio Rank: 75
FCEF Sortino Ratio Rank: 73
FCEF Omega Ratio Rank: 75
FCEF Calmar Ratio Rank: 53
FCEF Martin Ratio Rank: 68

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FCEF vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust CEF Income Opportunity ETF (FCEF) 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.

	FCEF	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.12	-0.44
Sortino ratio: Return per unit of downside risk	2.36	2.37	-0.02
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	1.88	2.71	-0.83
Martin ratio: Return relative to average drawdown	8.25	6.87	+1.38

FCEF vs. WNTR - Sharpe Ratio Comparison

The current FCEF Sharpe Ratio is 1.68, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FCEF 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

FCEF vs. WNTR - Drawdown Comparison

The maximum FCEF drawdown since its inception was -44.81%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FCEF and WNTR.

Drawdown Indicators

	FCEF	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-44.81%	-42.65%	-2.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.03%	-42.65%	+35.62%
Max Drawdown (3Y) Largest decline over 3 years	-12.39%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-25.32%	—	—
Current Drawdown Current decline from peak	-0.77%	-9.64%	+8.87%
Average Drawdown Average peak-to-trough decline	-6.19%	-20.18%	+13.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	16.81%	-15.21%

Volatility

FCEF vs. WNTR - Volatility Comparison

The current volatility for First Trust CEF Income Opportunity ETF (FCEF) is 1.72%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that FCEF 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

	FCEF	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	14.85%	-13.13%
Volatility (6M) Calculated over the trailing 6-month period	6.42%	47.43%	-41.01%
Volatility (1Y) Calculated over the trailing 1-year period	7.87%	54.68%	-46.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.12%	53.42%	-41.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.32%	53.42%	-38.10%

FCEF vs. WNTR - Expense Ratio Comparison

FCEF has a 2.91% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

FCEF vs. WNTR - Dividend Comparison

FCEF's dividend yield for the trailing twelve months is around 6.87%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FCEF First Trust CEF Income Opportunity ETF	6.87%	7.05%	7.13%	7.17%	7.26%	4.74%	5.03%	5.07%	5.96%	4.90%	1.51%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	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 FCEF and WNTR in my portfolio?

FCEF and WNTR have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEF or WNTR?

WNTR has higher volatility (14.85%) compared to FCEF (1.72%). In terms of maximum drawdown, FCEF dropped -44.81% vs WNTR's -42.65%.

Which ETF is better, FCEF or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 14.04% for FCEF. On fees, WNTR is cheaper at 1.00% per year. On volatility, FCEF has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCEF or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 14.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCEF or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 2.91% for FCEF.

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

WNTR has the higher dividend yield at 107.02%, compared with 6.87% for FCEF.

What is the main difference between FCEF and WNTR?

FCEF is categorized as Diversified Portfolio, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 2.91% for FCEF and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.68), 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.