HCOW vs. WNTR

Last updated Aug 2, 2026

HCOW (Amplify Cash Flow High Income ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - HCOW is a Large Cap Value Equities fund actively managed by Amplify, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HCOW returned 23.43% vs 107.38% for WNTR. Their -0.31 correlation means they have often moved in opposite directions in the past. HCOW charges 0.65%/yr vs 1.00%/yr for WNTR.

Performance

HCOW vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify Cash Flow High Income ETF (HCOW) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with HCOW having a 10.71% return and WNTR slightly higher at 10.75%.

HCOW

• 1D: 0.33%
• 1M: 5.12%
• 6M: 9.66%
• YTD: 10.71%
• 1Y: 23.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.16%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
HCOW Amplify Cash Flow High Income ETF	$145.82K	$136.25K	$131.36K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

HCOW vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HCOW Amplify Cash Flow High Income ETF	10.71%	8.78%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between HCOW and WNTR is -0.30, 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.	-0.30
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.31

Return for Risk

HCOW vs. WNTR — Risk / Return Rank

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

HCOW

HCOW Risk / Return Rank: 76
HCOW Sharpe Ratio Rank: 68
HCOW Sortino Ratio Rank: 72
HCOW Omega Ratio Rank: 68
HCOW Calmar Ratio Rank: 87
HCOW Martin Ratio Rank: 83

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

HCOW vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify Cash Flow High Income ETF (HCOW) 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.

	HCOW	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.56	2.12	-0.56
Sortino ratio: Return per unit of downside risk	2.33	2.37	-0.04
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	3.42	2.71	+0.71
Martin ratio: Return relative to average drawdown	11.36	6.87	+4.50

HCOW vs. WNTR - Sharpe Ratio Comparison

The current HCOW Sharpe Ratio is 1.56, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of HCOW 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

HCOW vs. WNTR - Drawdown Comparison

The maximum HCOW drawdown since its inception was -24.15%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HCOW and WNTR.

Drawdown Indicators

	HCOW	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-24.15%	-42.65%	+18.50%
Max Drawdown (1Y) Largest decline over 1 year	-6.29%	-42.65%	+36.36%
Current Drawdown Current decline from peak	-0.92%	-9.64%	+8.72%
Average Drawdown Average peak-to-trough decline	-4.73%	-20.18%	+15.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	16.81%	-14.92%

Volatility

HCOW vs. WNTR - Volatility Comparison

The current volatility for Amplify Cash Flow High Income ETF (HCOW) is 4.10%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that HCOW 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

	HCOW	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	14.85%	-10.75%
Volatility (6M) Calculated over the trailing 6-month period	9.13%	47.43%	-38.30%
Volatility (1Y) Calculated over the trailing 1-year period	13.86%	54.68%	-40.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.39%	53.42%	-36.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	53.42%	-36.03%

HCOW vs. WNTR - Expense Ratio Comparison

HCOW has a 0.65% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

HCOW vs. WNTR - Dividend Comparison

HCOW's dividend yield for the trailing twelve months is around 11.56%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
HCOW Amplify Cash Flow High Income ETF	11.56%	10.88%	8.13%	1.99%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HCOW and WNTR in my portfolio?

HCOW and WNTR have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HCOW or WNTR?

WNTR has higher volatility (14.85%) compared to HCOW (4.10%). In terms of maximum drawdown, HCOW dropped -24.15% vs WNTR's -42.65%.

Which ETF is better, HCOW or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 23.43% for HCOW. On fees, HCOW is cheaper at 0.65% per year. On volatility, HCOW has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HCOW or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 23.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HCOW or WNTR?

HCOW is cheaper with a 0.65% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 11.56% for HCOW.

What is the main difference between HCOW and WNTR?

HCOW is categorized as Large Cap Value Equities, while WNTR is Derivative Income. They also come from different issuers: Amplify and YieldMax. Their fees differ too: 0.65% for HCOW and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.56), 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.