FDEM vs. WNTR

Last updated Jul 7, 2026

FDEM (Fidelity Emerging Markets Multifactor ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FDEM is a Emerging Markets Equities fund tracking the Fidelity Targeted Emerging Markets Factor Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FDEM is passively managed, while WNTR is actively managed. Over the past year, FDEM returned 32.77% vs 91.63% for WNTR. At a correlation of -0.36, they often move in opposite directions. FDEM charges 0.45%/yr vs 1.01%/yr for WNTR.

Performance

FDEM vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Emerging Markets Multifactor ETF (FDEM) 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, FDEM achieves a 19.26% return, which is significantly higher than WNTR's 1.47% return.

FDEM

• 1D: 2.81%
• 1M: 4.24%
• 6M: 15.59%
• YTD: 19.26%
• 1Y: 32.77%
• 3Y*: 22.26%
• 5Y*: 9.53%
• 10Y*: —

WNTR

• 1D: -0.93%
• 1M: 7.15%
• 6M: 7.86%
• YTD: 1.47%
• 1Y: 91.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDEM vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FDEM Fidelity Emerging Markets Multifactor ETF	19.26%	23.03%
WNTR YieldMax Short MSTR Option Income Strategy ETF	1.47%	52.78%

Correlation

The correlation between FDEM 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	-0.36

Return for Risk

FDEM vs. WNTR — Risk / Return Rank

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

FDEM

FDEM Risk / Return Rank: 61
FDEM Sharpe Ratio Rank: 60
FDEM Sortino Ratio Rank: 54
FDEM Omega Ratio Rank: 63
FDEM Calmar Ratio Rank: 64
FDEM Martin Ratio Rank: 64

WNTR

WNTR Risk / Return Rank: 52
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 51
WNTR Omega Ratio Rank: 54
WNTR Calmar Ratio Rank: 52
WNTR Martin Ratio Rank: 41

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.

FDEM vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Emerging Markets Multifactor ETF (FDEM) 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.

	FDEM	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.71	-0.08
Sortino ratio: Return per unit of downside risk	2.18	2.09	+0.09
Omega ratio: Gain probability vs. loss probability	1.31	1.28	+0.03
Calmar ratio: Return relative to maximum drawdown	2.59	2.16	+0.43
Martin ratio: Return relative to average drawdown	9.37	5.54	+3.82

FDEM vs. WNTR - Sharpe Ratio Comparison

The current FDEM Sharpe Ratio is 1.64, which is comparable to the WNTR Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of FDEM 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

FDEM vs. WNTR - Drawdown Comparison

The maximum FDEM drawdown since its inception was -33.65%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FDEM and WNTR.

Drawdown Indicators

	FDEM	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-33.65%	-42.65%	+9.00%
Max Drawdown (1Y) Largest decline over 1 year	-12.70%	-42.65%	+29.95%
Max Drawdown (3Y) Largest decline over 3 years	-16.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.82%	—	—
Current Drawdown Current decline from peak	-4.13%	-17.21%	+13.08%
Average Drawdown Average peak-to-trough decline	-8.78%	-20.67%	+11.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	16.59%	-13.08%

Volatility

FDEM vs. WNTR - Volatility Comparison

The current volatility for Fidelity Emerging Markets Multifactor ETF (FDEM) is 11.16%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 21.13%. This indicates that FDEM 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

	FDEM	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.16%	21.13%	-9.97%
Volatility (6M) Calculated over the trailing 6-month period	18.45%	47.79%	-29.34%
Volatility (1Y) Calculated over the trailing 1-year period	20.15%	53.91%	-33.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	53.83%	-37.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.25%	53.83%	-35.58%

FDEM vs. WNTR - Expense Ratio Comparison

FDEM has a 0.45% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FDEM vs. WNTR - Dividend Comparison

FDEM's dividend yield for the trailing twelve months is around 2.93%, less than WNTR's 107.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FDEM Fidelity Emerging Markets Multifactor ETF	2.93%	3.23%	4.05%	4.41%	3.95%	2.71%	1.84%	2.39%
WNTR YieldMax Short MSTR Option Income Strategy ETF	107.14%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDEM and WNTR in my portfolio?

FDEM 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, FDEM or WNTR?

WNTR has higher volatility (21.13%) compared to FDEM (11.16%). In terms of maximum drawdown, FDEM dropped -33.65% vs WNTR's -42.65%.

Which ETF is better, FDEM or WNTR?

On 1-year performance, WNTR leads with 91.63% vs 32.77% for FDEM. On fees, FDEM is cheaper at 0.45% per year. On volatility, FDEM has been the lower-risk option at 11.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDEM or WNTR?

Over the 1-year period, WNTR has performed better with a 91.63% return vs 32.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDEM or WNTR?

FDEM is cheaper with a 0.45% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 107.14%, compared with 2.93% for FDEM.

What is the main difference between FDEM and WNTR?

FDEM is categorized as Emerging Markets Equities, while WNTR is Derivative Income. They also come from different issuers: Fidelity and YieldMax. Their fees differ too: 0.45% for FDEM and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.71 vs 1.64), 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.