GPZ vs. WNTR

Last updated Aug 4, 2026

GPZ (VanEck Alternative Asset Manager ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index, while WNTR is a Derivative Income fund actively managed by YieldMax. GPZ is passively managed, while WNTR is actively managed. Over the past year, GPZ returned -11.39% vs 106.92% for WNTR. Their -0.37 correlation means they have often moved in opposite directions in the past. GPZ charges 0.40%/yr vs 1.00%/yr for WNTR.

Performance

GPZ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Alternative Asset Manager ETF (GPZ) 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, GPZ achieves a -10.76% return, which is significantly lower than WNTR's 10.51% return.

GPZ

• 1D: 3.99%
• 1M: 10.24%
• 6M: -7.66%
• YTD: -10.76%
• 1Y: -11.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -2.17%

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)
GPZ VanEck Alternative Asset Manager ETF	$3.65M	$3.76M	$4.22M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

GPZ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
GPZ VanEck Alternative Asset Manager ETF	-10.76%	9.24%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	83.49%

Correlation

The correlation between GPZ and WNTR is -0.38, 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.	-0.38
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	-0.37

Return for Risk

GPZ vs. WNTR — Risk / Return Rank

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

GPZ

GPZ Risk / Return Rank: 6
GPZ Sharpe Ratio Rank: 6
GPZ Sortino Ratio Rank: 6
GPZ Omega Ratio Rank: 6
GPZ Calmar Ratio Rank: 6
GPZ Martin Ratio Rank: 7

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.

GPZ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Alternative Asset Manager ETF (GPZ) 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.

	GPZ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	1.97	-2.38
Sortino ratio: Return per unit of downside risk	-0.39	2.27	-2.66
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.36	2.52	-2.88
Martin ratio: Return relative to average drawdown	-0.64	6.38	-7.02

GPZ vs. WNTR - Sharpe Ratio Comparison

The current GPZ Sharpe Ratio is -0.41, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of GPZ 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

GPZ vs. WNTR - Drawdown Comparison

The maximum GPZ drawdown since its inception was -31.72%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for GPZ and WNTR.

Drawdown Indicators

	GPZ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-31.72%	-42.65%	+10.93%
Max Drawdown (1Y) Largest decline over 1 year	-31.72%	-42.65%	+10.93%
Current Drawdown Current decline from peak	-18.02%	-9.84%	-8.18%
Average Drawdown Average peak-to-trough decline	-13.43%	-20.15%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.76%	16.83%	+0.93%

Volatility

GPZ vs. WNTR - Volatility Comparison

The current volatility for VanEck Alternative Asset Manager ETF (GPZ) is 7.78%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that GPZ 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

	GPZ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.78%	13.00%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	22.75%	47.22%	-24.47%
Volatility (1Y) Calculated over the trailing 1-year period	28.06%	54.66%	-26.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.57%	53.34%	-25.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.57%	53.34%	-25.77%

GPZ vs. WNTR - Expense Ratio Comparison

GPZ has a 0.40% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

GPZ vs. WNTR - Dividend Comparison

GPZ's dividend yield for the trailing twelve months is around 0.93%, less than WNTR's 107.26% yield.

Position	TTM	2025
GPZ VanEck Alternative Asset Manager ETF	0.93%	0.83%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%

Frequently Asked Questions

Can I hold both GPZ and WNTR in my portfolio?

GPZ and WNTR have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GPZ or WNTR?

WNTR has higher volatility (13.00%) compared to GPZ (7.78%). In terms of maximum drawdown, GPZ dropped -31.72% vs WNTR's -42.65%.

Which ETF is better, GPZ or WNTR?

On 1-year performance, WNTR leads with 106.92% vs -11.39% for GPZ. On fees, GPZ is cheaper at 0.40% per year. On volatility, GPZ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GPZ or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs -11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GPZ or WNTR?

GPZ is cheaper with a 0.40% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.26%, compared with 0.93% for GPZ.

What is the main difference between GPZ and WNTR?

GPZ is categorized as Financials Equities, while WNTR is Derivative Income. They also come from different issuers: VanEck and YieldMax. Their fees differ too: 0.40% for GPZ and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -0.41), 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.