FNGS vs. WNTR

Last updated Aug 2, 2026

FNGS (MicroSectors FANG+ ETN) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FNGS is passively managed, while WNTR is actively managed. Over the past year, FNGS returned 15.45% vs 107.38% for WNTR. Their -0.45 correlation means they have often moved in opposite directions in the past. FNGS charges 0.58%/yr vs 1.00%/yr for WNTR.

Performance

FNGS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ ETN (FNGS) 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, FNGS achieves a 9.02% return, which is significantly lower than WNTR's 10.75% return.

FNGS

• 1D: 1.63%
• 1M: 0.59%
• 6M: 12.42%
• YTD: 9.02%
• 1Y: 15.45%
• 3Y*: 28.64%
• 5Y*: 18.98%
• 10Y*: —
• ALL TIME*: 30.45%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
FNGS MicroSectors FANG+ ETN	$1.57M	$1.92M	$2.40M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

FNGS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FNGS MicroSectors FANG+ ETN	9.02%	29.79%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between FNGS 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	-0.45

Return for Risk

FNGS vs. WNTR — Risk / Return Rank

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

FNGS

FNGS Risk / Return Rank: 22
FNGS Sharpe Ratio Rank: 23
FNGS Sortino Ratio Rank: 23
FNGS Omega Ratio Rank: 23
FNGS Calmar Ratio Rank: 20
FNGS Martin Ratio Rank: 21

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

FNGS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ ETN (FNGS) 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.

	FNGS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.52	2.12	-1.60
Sortino ratio: Return per unit of downside risk	0.86	2.37	-1.52
Omega ratio: Gain probability vs. loss probability	1.10	1.32	-0.21
Calmar ratio: Return relative to maximum drawdown	0.51	2.71	-2.20
Martin ratio: Return relative to average drawdown	1.37	6.87	-5.50

FNGS vs. WNTR - Sharpe Ratio Comparison

The current FNGS Sharpe Ratio is 0.52, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of FNGS 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

FNGS vs. WNTR - Drawdown Comparison

The maximum FNGS drawdown since its inception was -48.98%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FNGS and WNTR.

Drawdown Indicators

	FNGS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-42.65%	-6.33%
Max Drawdown (1Y) Largest decline over 1 year	-22.93%	-42.65%	+19.72%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	—	—
Current Drawdown Current decline from peak	-7.74%	-9.64%	+1.90%
Average Drawdown Average peak-to-trough decline	-10.80%	-20.18%	+9.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.61%	16.81%	-8.20%

Volatility

FNGS vs. WNTR - Volatility Comparison

The current volatility for MicroSectors FANG+ ETN (FNGS) is 5.87%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that FNGS 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

	FNGS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	14.85%	-8.98%
Volatility (6M) Calculated over the trailing 6-month period	18.36%	47.43%	-29.07%
Volatility (1Y) Calculated over the trailing 1-year period	22.86%	54.68%	-31.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.29%	53.42%	-23.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.07%	53.42%	-22.35%

FNGS vs. WNTR - Expense Ratio Comparison

FNGS has a 0.58% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

FNGS vs. WNTR - Dividend Comparison

FNGS has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.02%.

Position	TTM	2025
FNGS MicroSectors FANG+ ETN	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%

Frequently Asked Questions

Can I hold both FNGS and WNTR in my portfolio?

FNGS 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, FNGS or WNTR?

WNTR has higher volatility (14.85%) compared to FNGS (5.87%). In terms of maximum drawdown, FNGS dropped -48.98% vs WNTR's -42.65%.

Which ETF is better, FNGS or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 15.45% for FNGS. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 5.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGS or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 15.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGS or WNTR?

FNGS is cheaper with a 0.58% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.00% for FNGS.

What is the main difference between FNGS and WNTR?

FNGS is categorized as Large Cap Growth Equities, while WNTR is Derivative Income. They also come from different issuers: BMO and YieldMax. Their fees differ too: 0.58% for FNGS and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 0.52), 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.