IONL vs. WNTR

Last updated Jul 17, 2026

IONL (GraniteShares 2x Long IONQ Daily ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - IONL is a Leveraged Equities fund tracking the IonQ Inc. (IONQ), while WNTR is a Derivative Income fund actively managed by YieldMax. IONL is passively managed, while WNTR is actively managed. Over the past year, IONL returned -76.53% vs 127.90% for WNTR. At a correlation of -0.46, they often move in opposite directions. IONL charges 1.50%/yr vs 1.01%/yr for WNTR.

Performance

IONL vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long IONQ Daily ETF (IONL) 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, IONL achieves a -65.55% return, which is significantly lower than WNTR's 9.49% return.

IONL

• 1D: -12.69%
• 1M: -63.28%
• 6M: -68.66%
• YTD: -65.55%
• 1Y: -76.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONL vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
IONL GraniteShares 2x Long IONQ Daily ETF	-65.55%	46.50%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between IONL and WNTR is -0.50, 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	-0.50
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.46

Return for Risk

IONL vs. WNTR — Risk / Return Rank

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

IONL

IONL Risk / Return Rank: 6
IONL Sharpe Ratio Rank: 6
IONL Sortino Ratio Rank: 10
IONL Omega Ratio Rank: 10
IONL Calmar Ratio Rank: 2
IONL Martin Ratio Rank: 4

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

IONL vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long IONQ Daily ETF (IONL) 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.

	IONL	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	2.39	-2.80
Sortino ratio: Return per unit of downside risk	0.19	2.56	-2.37
Omega ratio: Gain probability vs. loss probability	1.02	1.35	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.82	3.02	-3.84
Martin ratio: Return relative to average drawdown	-1.13	7.72	-8.85

IONL vs. WNTR - Sharpe Ratio Comparison

The current IONL Sharpe Ratio is -0.41, which is lower than the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of IONL 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

IONL vs. WNTR - Drawdown Comparison

The maximum IONL drawdown since its inception was -93.41%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for IONL and WNTR.

Drawdown Indicators

	IONL	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-93.41%	-42.65%	-50.76%
Max Drawdown (1Y) Largest decline over 1 year	-93.41%	-42.65%	-50.76%
Current Drawdown Current decline from peak	-91.94%	-10.67%	-81.27%
Average Drawdown Average peak-to-trough decline	-52.69%	-20.46%	-32.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.80%	16.63%	+51.17%

Volatility

IONL vs. WNTR - Volatility Comparison

GraniteShares 2x Long IONQ Daily ETF (IONL) has a higher volatility of 41.90% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 17.89%. This indicates that IONL's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IONL	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.90%	17.89%	+24.01%
Volatility (6M) Calculated over the trailing 6-month period	136.05%	47.05%	+89.00%
Volatility (1Y) Calculated over the trailing 1-year period	186.51%	53.81%	+132.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	194.61%	53.49%	+141.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	194.61%	53.49%	+141.12%

IONL vs. WNTR - Expense Ratio Comparison

IONL has a 1.50% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

IONL vs. WNTR - Dividend Comparison

IONL has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 106.86%.

Position	TTM	2025
IONL GraniteShares 2x Long IONQ Daily ETF	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%

Frequently Asked Questions

Can I hold both IONL and WNTR in my portfolio?

IONL and WNTR have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IONL or WNTR?

IONL has higher volatility (41.90%) compared to WNTR (17.89%). In terms of maximum drawdown, IONL dropped -93.41% vs WNTR's -42.65%.

Which ETF is better, IONL or WNTR?

On 1-year performance, WNTR leads with 127.90% vs -76.53% for IONL. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 17.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IONL or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs -76.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IONL or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.50% for IONL.

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

WNTR has the higher dividend yield at 106.86%, compared with 0.00% for IONL.

What is the main difference between IONL and WNTR?

IONL is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.50% for IONL and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs -0.41), 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.