HYS vs. WNTR

Last updated Jul 14, 2026

HYS (PIMCO 0-5 Year High Yield Corporate Bond Index ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - HYS is a High Yield Bonds fund tracking the ICE BofA 0-5 Year US High Yield Constrained Index, while WNTR is a Derivative Income fund actively managed by YieldMax. HYS is passively managed, while WNTR is actively managed. Over the past year, HYS returned 6.01% vs 120.64% for WNTR. At a correlation of -0.42, they often move in opposite directions. HYS charges 0.56%/yr vs 1.01%/yr for WNTR.

Performance

HYS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) 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, HYS achieves a 1.57% return, which is significantly lower than WNTR's 10.13% return.

HYS

• 1D: -0.12%
• 1M: -0.00%
• 6M: 1.15%
• YTD: 1.57%
• 1Y: 6.01%
• 3Y*: 8.18%
• 5Y*: 5.01%
• 10Y*: 5.16%

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)

HYS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	1.57%	7.28%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between HYS and WNTR is -0.41, 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	-0.41
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.42

Return for Risk

HYS vs. WNTR — Risk / Return Rank

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

HYS

HYS Risk / Return Rank: 76
HYS Sharpe Ratio Rank: 69
HYS Sortino Ratio Rank: 78
HYS Omega Ratio Rank: 72
HYS Calmar Ratio Rank: 77
HYS Martin Ratio Rank: 83

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.

HYS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) 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.

	HYS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.26	-0.49
Sortino ratio: Return per unit of downside risk	2.75	2.47	+0.28
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	3.20	2.84	+0.36
Martin ratio: Return relative to average drawdown	13.01	7.31	+5.70

HYS vs. WNTR - Sharpe Ratio Comparison

The current HYS Sharpe Ratio is 1.77, which is comparable to the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of HYS 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

HYS vs. WNTR - Drawdown Comparison

The maximum HYS drawdown since its inception was -20.91%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for HYS and WNTR.

Drawdown Indicators

	HYS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-20.91%	-42.65%	+21.74%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-42.65%	+40.77%
Max Drawdown (3Y) Largest decline over 3 years	-4.98%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-10.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-20.91%	—	—
Current Drawdown Current decline from peak	-0.38%	-10.15%	+9.77%
Average Drawdown Average peak-to-trough decline	-1.52%	-20.53%	+19.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.46%	16.58%	-16.12%

Volatility

HYS vs. WNTR - Volatility Comparison

The current volatility for PIMCO 0-5 Year High Yield Corporate Bond Index ETF (HYS) is 0.70%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that HYS 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

	HYS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.70%	18.84%	-18.14%
Volatility (6M) Calculated over the trailing 6-month period	2.76%	47.46%	-44.70%
Volatility (1Y) Calculated over the trailing 1-year period	3.42%	53.83%	-50.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.27%	53.56%	-47.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.79%	53.56%	-46.77%

HYS vs. WNTR - Expense Ratio Comparison

HYS has a 0.56% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

HYS vs. WNTR - Dividend Comparison

HYS's dividend yield for the trailing twelve months is around 7.47%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYS PIMCO 0-5 Year High Yield Corporate Bond Index ETF	7.47%	7.20%	7.43%	6.44%	5.01%	3.74%	4.52%	4.98%	4.64%	5.01%	5.13%	5.22%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	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 HYS and WNTR in my portfolio?

HYS and WNTR have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYS or WNTR?

WNTR has higher volatility (18.84%) compared to HYS (0.70%). In terms of maximum drawdown, HYS dropped -20.91% vs WNTR's -42.65%.

Which ETF is better, HYS or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 6.01% for HYS. On fees, HYS is cheaper at 0.56% per year. On volatility, HYS has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYS or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 6.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYS or WNTR?

HYS is cheaper with a 0.56% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.14%, compared with 7.47% for HYS.

What is the main difference between HYS and WNTR?

HYS is categorized as High Yield Bonds, while WNTR is Derivative Income. They also come from different issuers: PIMCO and YieldMax. Their fees differ too: 0.56% for HYS and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 1.77), 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.