HCMT vs. WNTR

Last updated Jul 14, 2026

HCMT (Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - HCMT is a Large Cap Blend Equities fund actively managed by Direxion, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HCMT returned 23.50% vs 120.64% for WNTR. At a correlation of -0.43, they often move in opposite directions. HCMT charges 1.17%/yr vs 1.01%/yr for WNTR.

Performance

HCMT vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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, HCMT achieves a 5.14% return, which is significantly lower than WNTR's 10.13% return.

HCMT

• 1D: -2.63%
• 1M: -1.04%
• 6M: 1.44%
• YTD: 5.14%
• 1Y: 23.50%
• 3Y*: 16.36%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HCMT vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	5.14%	21.06%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between HCMT and WNTR is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.43

Return for Risk

HCMT vs. WNTR — Risk / Return Rank

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

HCMT

HCMT Risk / Return Rank: 31
HCMT Sharpe Ratio Rank: 29
HCMT Sortino Ratio Rank: 28
HCMT Omega Ratio Rank: 29
HCMT Calmar Ratio Rank: 37
HCMT Martin Ratio Rank: 32

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

HCMT vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) 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.

	HCMT	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.87	2.26	-1.39
Sortino ratio: Return per unit of downside risk	1.28	2.47	-1.19
Omega ratio: Gain probability vs. loss probability	1.17	1.34	-0.17
Calmar ratio: Return relative to maximum drawdown	1.55	2.84	-1.30
Martin ratio: Return relative to average drawdown	3.74	7.31	-3.56

HCMT vs. WNTR - Sharpe Ratio Comparison

The current HCMT Sharpe Ratio is 0.87, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of HCMT 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

HCMT vs. WNTR - Drawdown Comparison

The maximum HCMT drawdown since its inception was -36.26%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HCMT and WNTR.

Drawdown Indicators

	HCMT	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-36.26%	-42.65%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-15.27%	-42.65%	+27.38%
Max Drawdown (3Y) Largest decline over 3 years	-36.26%	—	—
Current Drawdown Current decline from peak	-6.27%	-10.15%	+3.88%
Average Drawdown Average peak-to-trough decline	-8.14%	-20.53%	+12.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.29%	16.58%	-10.29%

Volatility

HCMT vs. WNTR - Volatility Comparison

The current volatility for Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF (HCMT) is 12.17%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that HCMT 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

	HCMT	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.17%	18.84%	-6.67%
Volatility (6M) Calculated over the trailing 6-month period	20.85%	47.46%	-26.61%
Volatility (1Y) Calculated over the trailing 1-year period	27.24%	53.83%	-26.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.12%	53.56%	-24.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.12%	53.56%	-24.44%

HCMT vs. WNTR - Expense Ratio Comparison

HCMT has a 1.17% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

HCMT vs. WNTR - Dividend Comparison

HCMT's dividend yield for the trailing twelve months is around 0.59%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024	2023
HCMT Direxion HCM Tactical Enhanced U.S. Equity Strategy ETF	0.59%	0.43%	2.75%	0.63%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCMT and WNTR in my portfolio?

HCMT and WNTR have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCMT or WNTR?

WNTR has higher volatility (18.84%) compared to HCMT (12.17%). In terms of maximum drawdown, HCMT dropped -36.26% vs WNTR's -42.65%.

Which ETF is better, HCMT or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 23.50% for HCMT. On fees, WNTR is cheaper at 1.01% per year. On volatility, HCMT has been the lower-risk option at 12.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCMT or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 23.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCMT or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.17% for HCMT.

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

WNTR has the higher dividend yield at 102.14%, compared with 0.59% for HCMT.

What is the main difference between HCMT and WNTR?

HCMT is categorized as Large Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.17% for HCMT and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 0.87), 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.