FLEU vs. WNTR

Last updated Aug 6, 2026

FLEU (Franklin FTSE Eurozone ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - FLEU is a Europe Equities fund tracking the FTSE Developed Eurozone Index - Benchmark TR Net, while WNTR is a Derivative Income fund actively managed by YieldMax. FLEU is passively managed, while WNTR is actively managed. Over the past year, FLEU returned 24.54% vs 100.15% for WNTR. Their -0.36 correlation means they have often moved in opposite directions in the past. FLEU charges 0.09%/yr vs 1.00%/yr for WNTR.

Performance

FLEU vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin FTSE Eurozone ETF (FLEU) 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, FLEU achieves a 12.16% return, which is significantly higher than WNTR's 6.73% return.

FLEU

• 1D: 0.07%
• 1M: 1.62%
• 6M: 7.38%
• YTD: 12.16%
• 1Y: 24.54%
• 3Y*: 19.29%
• 5Y*: 12.21%
• 10Y*: —
• ALL TIME*: 10.77%

WNTR

• 1D: -1.10%
• 1M: 5.18%
• 6M: -1.23%
• YTD: 6.73%
• 1Y: 100.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 43.34%

*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)
FLEU Franklin FTSE Eurozone ETF	$191.22K	$190.22K	$237.23K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.24M	$3.75M	$3.99M

FLEU vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FLEU Franklin FTSE Eurozone ETF	12.16%	22.94%
WNTR YieldMax MSTR Short Option Income Strategy ETF	6.73%	52.78%

Correlation

The correlation between FLEU and WNTR is -0.35, 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.	-0.35
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.36

Return for Risk

FLEU vs. WNTR — Risk / Return Rank

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

FLEU

FLEU Risk / Return Rank: 49
FLEU Sharpe Ratio Rank: 49
FLEU Sortino Ratio Rank: 49
FLEU Omega Ratio Rank: 49
FLEU Calmar Ratio Rank: 45
FLEU Martin Ratio Rank: 51

WNTR

WNTR Risk / Return Rank: 58
WNTR Sharpe Ratio Rank: 70
WNTR Sortino Ratio Rank: 55
WNTR Omega Ratio Rank: 58
WNTR Calmar Ratio Rank: 58
WNTR Martin Ratio Rank: 46

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.

FLEU vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin FTSE Eurozone ETF (FLEU) 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.

	FLEU	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.85	-0.45
Sortino ratio: Return per unit of downside risk	2.03	2.18	-0.15
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.84	2.36	-0.52
Martin ratio: Return relative to average drawdown	6.71	5.96	+0.74

FLEU vs. WNTR - Sharpe Ratio Comparison

The current FLEU Sharpe Ratio is 1.39, which is comparable to the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FLEU 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

FLEU vs. WNTR - Drawdown Comparison

The maximum FLEU drawdown since its inception was -33.94%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FLEU and WNTR.

Drawdown Indicators

	FLEU	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-42.65%	+8.71%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-42.65%	+29.24%
Max Drawdown (3Y) Largest decline over 3 years	-15.67%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.67%	—	—
Current Drawdown Current decline from peak	0.00%	-12.93%	+12.93%
Average Drawdown Average peak-to-trough decline	-4.64%	-20.10%	+15.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.67%	16.86%	-13.19%

Volatility

FLEU vs. WNTR - Volatility Comparison

The current volatility for Franklin FTSE Eurozone ETF (FLEU) is 4.38%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 12.79%. This indicates that FLEU 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

	FLEU	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.38%	12.79%	-8.41%
Volatility (6M) Calculated over the trailing 6-month period	15.47%	46.85%	-31.38%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	54.57%	-36.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.54%	53.24%	-36.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.24%	53.24%	-35.00%

FLEU vs. WNTR - Expense Ratio Comparison

FLEU has a 0.09% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

FLEU vs. WNTR - Dividend Comparison

FLEU's dividend yield for the trailing twelve months is around 2.62%, less than WNTR's 111.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLEU Franklin FTSE Eurozone ETF	2.62%	2.22%	3.18%	3.25%	21.45%	3.03%	1.94%	6.06%	12.17%	0.07%
WNTR YieldMax MSTR Short Option Income Strategy ETF	111.06%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLEU and WNTR in my portfolio?

FLEU and WNTR have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLEU or WNTR?

WNTR has higher volatility (12.79%) compared to FLEU (4.38%). In terms of maximum drawdown, FLEU dropped -33.94% vs WNTR's -42.65%.

Which ETF is better, FLEU or WNTR?

On 1-year performance, WNTR leads with 100.15% vs 24.54% for FLEU. On fees, FLEU is cheaper at 0.09% per year. On volatility, FLEU has been the lower-risk option at 4.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLEU or WNTR?

Over the 1-year period, WNTR has performed better with a 100.15% return vs 24.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLEU or WNTR?

FLEU is cheaper with a 0.09% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 111.06%, compared with 2.62% for FLEU.

What is the main difference between FLEU and WNTR?

FLEU is categorized as Europe Equities, while WNTR is Derivative Income. They also come from different issuers: Franklin Templeton and YieldMax. Their fees differ too: 0.09% for FLEU and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 1.39), 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.