FGSM vs. WNTR

Last updated Jul 11, 2026

FGSM (Frontier Asset Global Small Cap Equity ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FGSM is a Global Equities fund actively managed by Frontier, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, FGSM returned 27.51% vs 116.49% for WNTR. At a correlation of -0.38, they often move in opposite directions. FGSM charges 0.90%/yr vs 1.01%/yr for WNTR.

Performance

FGSM vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Frontier Asset Global Small Cap Equity ETF (FGSM) 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, FGSM achieves a 15.78% return, which is significantly higher than WNTR's 8.06% return.

FGSM

• 1D: 0.46%
• 1M: 0.03%
• 6M: 11.00%
• YTD: 15.78%
• 1Y: 27.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FGSM vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FGSM Frontier Asset Global Small Cap Equity ETF	15.78%	21.80%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between FGSM and WNTR is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.38

Return for Risk

FGSM vs. WNTR — Risk / Return Rank

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

FGSM

FGSM Risk / Return Rank: 69
FGSM Sharpe Ratio Rank: 68
FGSM Sortino Ratio Rank: 71
FGSM Omega Ratio Rank: 65
FGSM Calmar Ratio Rank: 68
FGSM Martin Ratio Rank: 72

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.

FGSM vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Frontier Asset Global Small Cap Equity ETF (FGSM) 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.

	FGSM	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.06	-0.30
Sortino ratio: Return per unit of downside risk	2.54	2.34	+0.20
Omega ratio: Gain probability vs. loss probability	1.31	1.32	-0.01
Calmar ratio: Return relative to maximum drawdown	2.71	2.60	+0.11
Martin ratio: Return relative to average drawdown	10.49	6.69	+3.80

FGSM vs. WNTR - Sharpe Ratio Comparison

The current FGSM Sharpe Ratio is 1.76, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of FGSM 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

FGSM vs. WNTR - Drawdown Comparison

The maximum FGSM drawdown since its inception was -17.72%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FGSM and WNTR.

Drawdown Indicators

	FGSM	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-17.72%	-42.65%	+24.93%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-42.65%	+32.81%
Current Drawdown Current decline from peak	-1.00%	-11.84%	+10.84%
Average Drawdown Average peak-to-trough decline	-2.12%	-20.57%	+18.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	16.58%	-14.03%

Volatility

FGSM vs. WNTR - Volatility Comparison

The current volatility for Frontier Asset Global Small Cap Equity ETF (FGSM) is 4.15%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that FGSM 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

	FGSM	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.15%	18.80%	-14.65%
Volatility (6M) Calculated over the trailing 6-month period	11.63%	47.57%	-35.94%
Volatility (1Y) Calculated over the trailing 1-year period	15.17%	53.81%	-38.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.65%	53.62%	-35.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.65%	53.62%	-35.97%

FGSM vs. WNTR - Expense Ratio Comparison

FGSM has a 0.90% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FGSM vs. WNTR - Dividend Comparison

FGSM's dividend yield for the trailing twelve months is around 1.29%, less than WNTR's 104.11% yield.

Position	TTM	2025
FGSM Frontier Asset Global Small Cap Equity ETF	1.29%	1.56%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both FGSM and WNTR in my portfolio?

FGSM and WNTR have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGSM or WNTR?

WNTR has higher volatility (18.80%) compared to FGSM (4.15%). In terms of maximum drawdown, FGSM dropped -17.72% vs WNTR's -42.65%.

Which ETF is better, FGSM or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 27.51% for FGSM. On fees, FGSM is cheaper at 0.90% per year. On volatility, FGSM has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FGSM or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 27.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FGSM or WNTR?

FGSM is cheaper with a 0.90% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 1.29% for FGSM.

What is the main difference between FGSM and WNTR?

FGSM is categorized as Global Equities, while WNTR is Derivative Income. They also come from different issuers: Frontier and YieldMax. Their fees differ too: 0.90% for FGSM and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.76), 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.