FLQS vs. WNTR

Last updated Jul 16, 2026

FLQS (Franklin LibertyQ U.S. Small Cap Equity ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FLQS is a Small Cap Growth Equities fund tracking the LibertyQ U.S. Small Cap Equity Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FLQS is passively managed, while WNTR is actively managed. Over the past year, FLQS returned 21.76% vs 117.98% for WNTR. At a correlation of -0.34, they often move in opposite directions. FLQS charges 0.35%/yr vs 1.01%/yr for WNTR.

Performance

FLQS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) 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, FLQS achieves a 14.75% return, which is significantly higher than WNTR's 6.35% return.

FLQS

• 1D: 0.25%
• 1M: 4.39%
• 6M: 11.05%
• YTD: 14.75%
• 1Y: 21.76%
• 3Y*: 12.66%
• 5Y*: 7.46%
• 10Y*: —

WNTR

• 1D: 0.37%
• 1M: 20.43%
• 6M: 21.18%
• YTD: 6.35%
• 1Y: 117.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLQS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	14.75%	9.71%
WNTR YieldMax Short MSTR Option Income Strategy ETF	6.35%	52.78%

Correlation

The correlation between FLQS and WNTR is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.34

Return for Risk

FLQS vs. WNTR — Risk / Return Rank

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

FLQS

FLQS Risk / Return Rank: 54
FLQS Sharpe Ratio Rank: 52
FLQS Sortino Ratio Rank: 57
FLQS Omega Ratio Rank: 50
FLQS Calmar Ratio Rank: 59
FLQS Martin Ratio Rank: 52

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 86
WNTR Sortino Ratio Rank: 66
WNTR Omega Ratio Rank: 70
WNTR Calmar Ratio Rank: 69
WNTR Martin Ratio Rank: 51

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.

FLQS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) 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.

	FLQS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.46	2.21	-0.75
Sortino ratio: Return per unit of downside risk	2.23	2.44	-0.21
Omega ratio: Gain probability vs. loss probability	1.26	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.43	2.78	-0.35
Martin ratio: Return relative to average drawdown	7.26	7.13	+0.13

FLQS vs. WNTR - Sharpe Ratio Comparison

The current FLQS Sharpe Ratio is 1.46, which is lower than the WNTR Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of FLQS 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

FLQS vs. WNTR - Drawdown Comparison

The maximum FLQS drawdown since its inception was -42.16%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FLQS and WNTR.

Drawdown Indicators

	FLQS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-42.16%	-42.65%	+0.49%
Max Drawdown (1Y) Largest decline over 1 year	-9.00%	-42.65%	+33.65%
Max Drawdown (3Y) Largest decline over 3 years	-23.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.05%	—	—
Current Drawdown Current decline from peak	-0.16%	-13.23%	+13.07%
Average Drawdown Average peak-to-trough decline	-7.92%	-20.49%	+12.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	16.62%	-13.61%

Volatility

FLQS vs. WNTR - Volatility Comparison

The current volatility for Franklin LibertyQ U.S. Small Cap Equity ETF (FLQS) is 3.21%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.90%. This indicates that FLQS 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

	FLQS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	18.90%	-15.69%
Volatility (6M) Calculated over the trailing 6-month period	10.43%	47.35%	-36.92%
Volatility (1Y) Calculated over the trailing 1-year period	15.13%	53.75%	-38.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.19%	53.51%	-34.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.59%	53.51%	-31.92%

FLQS vs. WNTR - Expense Ratio Comparison

FLQS has a 0.35% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FLQS vs. WNTR - Dividend Comparison

FLQS's dividend yield for the trailing twelve months is around 1.33%, less than WNTR's 105.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF	1.33%	1.16%	1.29%	1.75%	1.40%	0.95%	1.20%	1.41%	1.27%	1.02%
WNTR YieldMax Short MSTR Option Income Strategy ETF	105.78%	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 FLQS and WNTR in my portfolio?

FLQS and WNTR have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLQS or WNTR?

WNTR has higher volatility (18.90%) compared to FLQS (3.21%). In terms of maximum drawdown, FLQS dropped -42.16% vs WNTR's -42.65%.

Which ETF is better, FLQS or WNTR?

On 1-year performance, WNTR leads with 117.98% vs 21.76% for FLQS. On fees, FLQS is cheaper at 0.35% per year. On volatility, FLQS has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLQS or WNTR?

Over the 1-year period, WNTR has performed better with a 117.98% return vs 21.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLQS or WNTR?

FLQS is cheaper with a 0.35% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 105.78%, compared with 1.33% for FLQS.

What is the main difference between FLQS and WNTR?

FLQS is categorized as Small Cap Growth Equities, while WNTR is Derivative Income. They also come from different issuers: Franklin Templeton and YieldMax. Their fees differ too: 0.35% for FLQS and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.21 vs 1.46), 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.