FPX vs. WNTR

Last updated Jun 28, 2026

FPX (First Trust US Equity Opportunities ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FPX is a Large Cap Growth Equities fund tracking the IPOX-100 U.S. Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FPX is passively managed, while WNTR is actively managed. Over the past year, FPX returned 38.08% vs 119.08% for WNTR. At a correlation of -0.45, they often move in opposite directions. FPX charges 0.57%/yr vs 1.01%/yr for WNTR.

Performance

FPX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust US Equity Opportunities ETF (FPX) 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, FPX achieves a 19.70% return, which is significantly lower than WNTR's 20.79% return.

FPX

• 1D: -2.56%
• 1M: 0.36%
• YTD: 19.70%
• 6M: 16.34%
• 1Y: 38.08%
• 3Y*: 31.75%
• 5Y*: 9.48%
• 10Y*: 15.52%

WNTR

• 1D: 2.67%
• 1M: 45.26%
• YTD: 20.79%
• 6M: 24.49%
• 1Y: 119.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FPX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FPX First Trust US Equity Opportunities ETF	19.70%	39.41%
WNTR YieldMax Short MSTR Option Income Strategy ETF	20.79%	52.78%

Correlation

The correlation between FPX and WNTR is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.45

Return for Risk

FPX vs. WNTR — Risk / Return Rank

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

FPX

FPX Risk / Return Rank: 53
FPX Sharpe Ratio Rank: 49
FPX Sortino Ratio Rank: 44
FPX Omega Ratio Rank: 43
FPX Calmar Ratio Rank: 69
FPX Martin Ratio Rank: 60

WNTR

WNTR Risk / Return Rank: 64
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 61
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 48

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.

FPX vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust US Equity Opportunities ETF (FPX) 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.

	FPX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.51	2.28	-0.77
Sortino ratio: Return per unit of downside risk	2.02	2.52	-0.49
Omega ratio: Gain probability vs. loss probability	1.26	1.34	-0.08
Calmar ratio: Return relative to maximum drawdown	3.01	2.84	+0.18
Martin ratio: Return relative to average drawdown	9.56	7.26	+2.30

FPX vs. WNTR - Sharpe Ratio Comparison

The current FPX Sharpe Ratio is 1.51, which is lower than the WNTR Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of FPX 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

FPX vs. WNTR - Drawdown Comparison

The maximum FPX drawdown since its inception was -56.29%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FPX and WNTR.

Drawdown Indicators

	FPX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-56.29%	-42.65%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.28%	-42.65%	+30.37%
Max Drawdown (3Y) Largest decline over 3 years	-30.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.14%	—	—
Current Drawdown Current decline from peak	-3.27%	-1.46%	-1.81%
Average Drawdown Average peak-to-trough decline	-11.31%	-20.81%	+9.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.86%	16.66%	-12.80%

Volatility

FPX vs. WNTR - Volatility Comparison

The current volatility for First Trust US Equity Opportunities ETF (FPX) is 9.76%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.15%. This indicates that FPX 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

	FPX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.76%	18.15%	-8.39%
Volatility (6M) Calculated over the trailing 6-month period	18.37%	46.38%	-28.01%
Volatility (1Y) Calculated over the trailing 1-year period	24.60%	53.11%	-28.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.79%	53.27%	-26.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.40%	53.27%	-28.87%

FPX vs. WNTR - Expense Ratio Comparison

FPX has a 0.57% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FPX vs. WNTR - Dividend Comparison

FPX's dividend yield for the trailing twelve months is around 0.44%, less than WNTR's 91.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FPX First Trust US Equity Opportunities ETF	0.44%	0.53%	0.09%	0.27%	1.08%	0.14%	0.28%	0.67%	0.88%	0.68%	0.77%	0.62%
WNTR YieldMax Short MSTR Option Income Strategy ETF	91.89%	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 FPX and WNTR in my portfolio?

FPX 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, FPX or WNTR?

WNTR has higher volatility (18.15%) compared to FPX (9.76%). In terms of maximum drawdown, FPX dropped -56.29% vs WNTR's -42.65%.

Which ETF is better, FPX or WNTR?

On 1-year performance, WNTR leads with 119.08% vs 38.08% for FPX. On fees, FPX is cheaper at 0.57% per year. On volatility, FPX has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FPX or WNTR?

Over the 1-year period, WNTR has performed better with a 119.08% return vs 38.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FPX or WNTR?

FPX is cheaper with a 0.57% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 91.89%, compared with 0.44% for FPX.

What is the main difference between FPX and WNTR?

FPX is categorized as Large Cap Growth Equities, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.57% for FPX and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.28 vs 1.51), 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.