FXL vs. WNTR

Last updated Jun 25, 2026

FXL (First Trust Technology AlphaDEX Fund) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while WNTR is a Derivative Income fund actively managed by YieldMax. FXL is passively managed, while WNTR is actively managed. Over the past year, FXL returned 34.37% vs 97.02% for WNTR. At a correlation of -0.48, they often move in opposite directions. FXL charges 0.61%/yr vs 1.01%/yr for WNTR.

Performance

FXL vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) 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, FXL achieves a 23.68% return, which is significantly higher than WNTR's 10.46% return.

FXL

• 1D: -0.17%
• 1M: 2.94%
• YTD: 23.68%
• 6M: 21.04%
• 1Y: 34.37%
• 3Y*: 23.68%
• 5Y*: 11.18%
• 10Y*: 20.78%

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXL vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
FXL First Trust Technology AlphaDEX Fund	23.68%	21.37%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between FXL and WNTR is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.48

Return for Risk

FXL vs. WNTR — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 48
FXL Sharpe Ratio Rank: 46
FXL Sortino Ratio Rank: 42
FXL Omega Ratio Rank: 41
FXL Calmar Ratio Rank: 58
FXL Martin Ratio Rank: 52

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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.

FXL vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) 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.

	FXL	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.85	-0.42
Sortino ratio: Return per unit of downside risk	1.94	2.20	-0.26
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.55	2.29	+0.26
Martin ratio: Return relative to average drawdown	8.04	5.85	+2.19

FXL vs. WNTR - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 1.43, which is comparable to the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FXL 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

FXL vs. WNTR - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for FXL and WNTR.

Drawdown Indicators

	FXL	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-42.65%	-18.76%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-42.65%	+29.09%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	—	—
Current Drawdown Current decline from peak	-7.11%	-9.88%	+2.77%
Average Drawdown Average peak-to-trough decline	-11.35%	-20.93%	+9.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	16.70%	-12.41%

Volatility

FXL vs. WNTR - Volatility Comparison

The current volatility for First Trust Technology AlphaDEX Fund (FXL) is 11.69%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that FXL 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

	FXL	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.69%	17.54%	-5.85%
Volatility (6M) Calculated over the trailing 6-month period	19.54%	45.99%	-26.45%
Volatility (1Y) Calculated over the trailing 1-year period	24.23%	52.83%	-28.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.48%	53.10%	-27.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.42%	53.10%	-27.68%

FXL vs. WNTR - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

FXL vs. WNTR - Dividend Comparison

FXL has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 96.66%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXL First Trust Technology AlphaDEX Fund	0.00%	0.01%	0.11%	0.41%	0.34%	0.11%	0.04%	0.37%	0.32%	0.27%	1.12%	0.36%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	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 FXL and WNTR in my portfolio?

FXL and WNTR have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXL or WNTR?

WNTR has higher volatility (17.54%) compared to FXL (11.69%). In terms of maximum drawdown, FXL dropped -61.41% vs WNTR's -42.65%.

Which ETF is better, FXL or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 34.37% for FXL. On fees, FXL is cheaper at 0.61% per year. On volatility, FXL has been the lower-risk option at 11.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 34.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or WNTR?

FXL is cheaper with a 0.61% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 0.00% for FXL.

What is the main difference between FXL and WNTR?

FXL is categorized as Technology Equities, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.61% for FXL and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 1.43), 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.