FPA vs. WNTR

Last updated Jul 17, 2026

FPA (First Trust Asia Pacific ex-Japan AlphaDEX Fund) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FPA is a Asia Pacific Equities fund tracking the NASDAQ AlphaDEX Asia Pacific Ex-Japan Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FPA is passively managed, while WNTR is actively managed. Over the past year, FPA returned 34.22% vs 127.90% for WNTR. At a correlation of -0.33, they often move in opposite directions. FPA charges 0.80%/yr vs 1.01%/yr for WNTR.

Performance

FPA vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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, FPA achieves a 25.55% return, which is significantly higher than WNTR's 9.49% return.

FPA

• 1D: -2.69%
• 1M: -19.09%
• 6M: 14.95%
• YTD: 25.55%
• 1Y: 34.22%
• 3Y*: 22.30%
• 5Y*: 9.79%
• 10Y*: 8.47%

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPA vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	25.55%	33.41%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between FPA and WNTR is -0.35, 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	-0.35
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.33

Return for Risk

FPA vs. WNTR — Risk / Return Rank

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

FPA

FPA Risk / Return Rank: 41
FPA Sharpe Ratio Rank: 40
FPA Sortino Ratio Rank: 39
FPA Omega Ratio Rank: 42
FPA Calmar Ratio Rank: 40
FPA Martin Ratio Rank: 45

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

FPA vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) 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.

	FPA	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.17	2.39	-1.23
Sortino ratio: Return per unit of downside risk	1.67	2.56	-0.89
Omega ratio: Gain probability vs. loss probability	1.23	1.35	-0.12
Calmar ratio: Return relative to maximum drawdown	1.67	3.02	-1.34
Martin ratio: Return relative to average drawdown	5.95	7.72	-1.77

FPA vs. WNTR - Sharpe Ratio Comparison

The current FPA Sharpe Ratio is 1.17, which is lower than the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of FPA 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

FPA vs. WNTR - Drawdown Comparison

The maximum FPA drawdown since its inception was -52.91%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FPA and WNTR.

Drawdown Indicators

	FPA	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-52.91%	-42.65%	-10.26%
Max Drawdown (1Y) Largest decline over 1 year	-20.53%	-42.65%	+22.12%
Max Drawdown (3Y) Largest decline over 3 years	-20.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.59%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-52.91%	—	—
Current Drawdown Current decline from peak	-20.53%	-10.67%	-9.86%
Average Drawdown Average peak-to-trough decline	-13.46%	-20.46%	+7.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.77%	16.63%	-10.86%

Volatility

FPA vs. WNTR - Volatility Comparison

The current volatility for First Trust Asia Pacific ex-Japan AlphaDEX Fund (FPA) is 10.49%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that FPA 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

	FPA	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.49%	17.89%	-7.40%
Volatility (6M) Calculated over the trailing 6-month period	27.45%	47.05%	-19.60%
Volatility (1Y) Calculated over the trailing 1-year period	29.51%	53.81%	-24.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.08%	53.49%	-28.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.86%	53.49%	-30.63%

FPA vs. WNTR - Expense Ratio Comparison

FPA has a 0.80% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FPA vs. WNTR - Dividend Comparison

FPA's dividend yield for the trailing twelve months is around 3.87%, less than WNTR's 106.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund	3.87%	4.71%	3.40%	3.02%	4.22%	5.12%	1.59%	3.90%	2.81%	3.15%	2.42%	1.74%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FPA and WNTR in my portfolio?

FPA 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, FPA or WNTR?

WNTR has higher volatility (17.89%) compared to FPA (10.49%). In terms of maximum drawdown, FPA dropped -52.91% vs WNTR's -42.65%.

Which ETF is better, FPA or WNTR?

On 1-year performance, WNTR leads with 127.90% vs 34.22% for FPA. On fees, FPA is cheaper at 0.80% per year. On volatility, FPA has been the lower-risk option at 10.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPA or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs 34.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPA or WNTR?

FPA is cheaper with a 0.80% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 3.87% for FPA.

What is the main difference between FPA and WNTR?

FPA is categorized as Asia Pacific Equities, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.80% for FPA and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs 1.17), 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.