HYLS vs. WNTR

Last updated Jul 12, 2026

HYLS (First Trust Tactical High Yield ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - HYLS is a High Yield Bonds fund actively managed by First Trust, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HYLS returned 4.32% vs 116.49% for WNTR. At a correlation of -0.36, they often move in opposite directions. Both charge a 1.01% expense ratio.

Performance

HYLS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Tactical High Yield ETF (HYLS) 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, HYLS achieves a 0.65% return, which is significantly lower than WNTR's 8.06% return.

HYLS

• 1D: -0.07%
• 1M: 0.22%
• 6M: 0.29%
• YTD: 0.65%
• 1Y: 4.32%
• 3Y*: 7.74%
• 5Y*: 2.91%
• 10Y*: 4.20%

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)

HYLS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HYLS First Trust Tactical High Yield ETF	0.65%	7.21%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between HYLS and WNTR is -0.37, 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	-0.37
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.36

Return for Risk

HYLS vs. WNTR — Risk / Return Rank

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

HYLS

HYLS Risk / Return Rank: 41
HYLS Sharpe Ratio Rank: 41
HYLS Sortino Ratio Rank: 44
HYLS Omega Ratio Rank: 42
HYLS Calmar Ratio Rank: 32
HYLS Martin Ratio Rank: 44

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.

HYLS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Tactical High Yield ETF (HYLS) 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.

	HYLS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.06	-0.87
Sortino ratio: Return per unit of downside risk	1.84	2.34	-0.50
Omega ratio: Gain probability vs. loss probability	1.22	1.32	-0.09
Calmar ratio: Return relative to maximum drawdown	1.34	2.60	-1.26
Martin ratio: Return relative to average drawdown	5.68	6.69	-1.00

HYLS vs. WNTR - Sharpe Ratio Comparison

The current HYLS Sharpe Ratio is 1.19, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of HYLS 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

HYLS vs. WNTR - Drawdown Comparison

The maximum HYLS drawdown since its inception was -22.99%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HYLS and WNTR.

Drawdown Indicators

	HYLS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-22.99%	-42.65%	+19.66%
Max Drawdown (1Y) Largest decline over 1 year	-3.09%	-42.65%	+39.56%
Max Drawdown (3Y) Largest decline over 3 years	-3.96%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-15.75%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.99%	—	—
Current Drawdown Current decline from peak	-0.22%	-11.84%	+11.62%
Average Drawdown Average peak-to-trough decline	-2.14%	-20.57%	+18.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.73%	16.58%	-15.85%

Volatility

HYLS vs. WNTR - Volatility Comparison

The current volatility for First Trust Tactical High Yield ETF (HYLS) is 0.79%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that HYLS 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

	HYLS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.79%	18.80%	-18.01%
Volatility (6M) Calculated over the trailing 6-month period	2.94%	47.57%	-44.63%
Volatility (1Y) Calculated over the trailing 1-year period	3.47%	53.81%	-50.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.62%	53.62%	-47.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.68%	53.62%	-46.94%

HYLS vs. WNTR - Expense Ratio Comparison

Both HYLS and WNTR have an expense ratio of 1.01%.

Dividends

HYLS vs. WNTR - Dividend Comparison

HYLS's dividend yield for the trailing twelve months is around 6.74%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYLS First Trust Tactical High Yield ETF	6.74%	6.38%	6.25%	5.98%	7.38%	5.48%	5.09%	5.17%	5.81%	5.53%	5.37%	6.11%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	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 HYLS and WNTR in my portfolio?

HYLS and WNTR have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYLS or WNTR?

WNTR has higher volatility (18.80%) compared to HYLS (0.79%). In terms of maximum drawdown, HYLS dropped -22.99% vs WNTR's -42.65%.

Which ETF is better, HYLS or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 4.32% for HYLS. Both ETFs have the same 1.01% expense ratio. On volatility, HYLS has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYLS or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYLS or WNTR?

HYLS and WNTR have the same expense ratio: 1.01% per year.

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

WNTR has the higher dividend yield at 104.11%, compared with 6.74% for HYLS.

What is the main difference between HYLS and WNTR?

HYLS is categorized as High Yield Bonds, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.19), 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.