HFEQ vs. WNTR

Last updated Jul 12, 2026

HFEQ (Unlimited HFEQ Equity Long/Short ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - HFEQ is a Long-Short fund actively managed by Unlimited, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. At a correlation of -0.36, they often move in opposite directions. HFEQ charges 1.00%/yr vs 1.01%/yr for WNTR.

Performance

HFEQ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HFEQ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HFEQ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.98%	14.35%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	107.38%

Correlation

The correlation between HFEQ and WNTR is -0.36, 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 (All Time) Calculated using the full available price history since Jul 15, 2025	-0.36

Return for Risk

HFEQ vs. WNTR — Risk / Return Rank

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

HFEQ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

HFEQ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

	HFEQ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	—	2.06	—
Sortino ratio: Return per unit of downside risk	—	2.34	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.60	—
Martin ratio: Return relative to average drawdown	—	6.69	—

Drawdowns

Drawdown Indicators

	HFEQ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	—	-42.65%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-42.65%	—
Current Drawdown Current decline from peak	—	-11.84%	—
Average Drawdown Average peak-to-trough decline	—	-20.57%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.58%	—

Volatility

Volatility by Period

	HFEQ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.80%	—
Volatility (6M) Calculated over the trailing 6-month period	—	47.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	53.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	53.62%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	53.62%	—

HFEQ vs. WNTR - Expense Ratio Comparison

HFEQ has a 1.00% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

HFEQ vs. WNTR - Dividend Comparison

HFEQ has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 104.11%.

Position	TTM	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	9.59%	10.55%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%

Frequently Asked Questions

Can I hold both HFEQ and WNTR in my portfolio?

HFEQ and WNTR have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ or WNTR?

On fees, HFEQ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HFEQ or WNTR?

HFEQ is cheaper with a 1.00% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 9.59% for HFEQ.

What is the main difference between HFEQ and WNTR?

HFEQ is categorized as Long-Short, while WNTR is Derivative Income. They also come from different issuers: Unlimited and YieldMax. Their fees differ too: 1.00% for HFEQ and 1.01% for WNTR.