FNGO vs. WNTR

Last updated Aug 4, 2026

FNGO (MicroSectors FANG+ Index 2X Leveraged ETN) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - FNGO is a Leveraged Equities fund tracking the NYSE FANG+ Index (+200%), while WNTR is a Derivative Income fund actively managed by YieldMax. FNGO is passively managed, while WNTR is actively managed. Over the past year, FNGO returned 28.44% vs 106.92% for WNTR. Their -0.46 correlation means they have often moved in opposite directions in the past. FNGO charges 0.95%/yr vs 1.00%/yr for WNTR.

Performance

FNGO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) 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, FNGO achieves a 18.42% return, which is significantly higher than WNTR's 10.51% return.

FNGO

• 1D: 5.45%
• 1M: 6.86%
• 6M: 26.78%
• YTD: 18.42%
• 1Y: 28.44%
• 3Y*: 52.84%
• 5Y*: 24.54%
• 10Y*: —
• ALL TIME*: 38.55%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

*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)
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	$868.76K	$607.15K	$806.76K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

FNGO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	18.42%	54.68%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	52.78%

Correlation

The correlation between FNGO and WNTR is -0.46, 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.	-0.46
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.46

Return for Risk

FNGO vs. WNTR — Risk / Return Rank

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

FNGO

FNGO Risk / Return Rank: 26
FNGO Sharpe Ratio Rank: 27
FNGO Sortino Ratio Rank: 30
FNGO Omega Ratio Rank: 29
FNGO Calmar Ratio Rank: 23
FNGO Martin Ratio Rank: 23

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

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.

FNGO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) 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.

	FNGO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.64	1.97	-1.33
Sortino ratio: Return per unit of downside risk	1.14	2.27	-1.13
Omega ratio: Gain probability vs. loss probability	1.14	1.30	-0.17
Calmar ratio: Return relative to maximum drawdown	0.67	2.52	-1.85
Martin ratio: Return relative to average drawdown	1.62	6.38	-4.75

FNGO vs. WNTR - Sharpe Ratio Comparison

The current FNGO Sharpe Ratio is 0.64, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of FNGO 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

FNGO vs. WNTR - Drawdown Comparison

The maximum FNGO drawdown since its inception was -78.39%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FNGO and WNTR.

Drawdown Indicators

	FNGO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-78.39%	-42.65%	-35.74%
Max Drawdown (1Y) Largest decline over 1 year	-42.73%	-42.65%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-78.39%	—	—
Current Drawdown Current decline from peak	-11.33%	-9.84%	-1.49%
Average Drawdown Average peak-to-trough decline	-23.75%	-20.15%	-3.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.56%	16.83%	+0.73%

Volatility

FNGO vs. WNTR - Volatility Comparison

MicroSectors FANG+ Index 2X Leveraged ETN (FNGO) and YieldMax MSTR Short Option Income Strategy ETF (WNTR) have volatilities of 13.31% and 13.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FNGO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.31%	13.00%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	36.50%	47.22%	-10.72%
Volatility (1Y) Calculated over the trailing 1-year period	44.91%	54.66%	-9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.93%	53.34%	+7.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.48%	53.34%	+8.14%

FNGO vs. WNTR - Expense Ratio Comparison

FNGO has a 0.95% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

FNGO vs. WNTR - Dividend Comparison

FNGO has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.26%.

Position	TTM	2025
FNGO MicroSectors FANG+ Index 2X Leveraged ETN	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%

Frequently Asked Questions

Can I hold both FNGO and WNTR in my portfolio?

FNGO and WNTR have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGO or WNTR?

FNGO has higher volatility (13.31%) compared to WNTR (13.00%). In terms of maximum drawdown, FNGO dropped -78.39% vs WNTR's -42.65%.

Which ETF is better, FNGO or WNTR?

On 1-year performance, WNTR leads with 106.92% vs 28.44% for FNGO. On fees, FNGO is cheaper at 0.95% per year. On volatility, WNTR has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGO or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs 28.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGO or WNTR?

FNGO is cheaper with a 0.95% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.26%, compared with 0.00% for FNGO.

What is the main difference between FNGO and WNTR?

FNGO is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: BMO and YieldMax. Their fees differ too: 0.95% for FNGO and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 0.64), 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.