IPAY vs. WNTR

Last updated Jul 12, 2026

IPAY (ETFMG Prime Mobile Payments ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - IPAY is a Technology Equities fund tracking the Prime Mobile Payments Index, while WNTR is a Derivative Income fund actively managed by YieldMax. IPAY is passively managed, while WNTR is actively managed. Over the past year, IPAY returned -17.35% vs 116.49% for WNTR. At a correlation of -0.46, they often move in opposite directions. IPAY charges 0.75%/yr vs 1.01%/yr for WNTR.

Performance

IPAY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETFMG Prime Mobile Payments ETF (IPAY) 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, IPAY achieves a -7.22% return, which is significantly lower than WNTR's 8.06% return.

IPAY

• 1D: 0.79%
• 1M: 10.27%
• 6M: -9.54%
• YTD: -7.22%
• 1Y: -17.35%
• 3Y*: 3.92%
• 5Y*: -7.21%
• 10Y*: 7.42%

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)

IPAY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
IPAY ETFMG Prime Mobile Payments ETF	-7.22%	-4.49%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between IPAY and WNTR is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.46

Return for Risk

IPAY vs. WNTR — Risk / Return Rank

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

IPAY

IPAY Risk / Return Rank: 4
IPAY Sharpe Ratio Rank: 3
IPAY Sortino Ratio Rank: 3
IPAY Omega Ratio Rank: 3
IPAY Calmar Ratio Rank: 4
IPAY Martin Ratio Rank: 4

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.

IPAY vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETFMG Prime Mobile Payments ETF (IPAY) 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.

	IPAY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	2.06	-2.87
Sortino ratio: Return per unit of downside risk	-1.00	2.34	-3.34
Omega ratio: Gain probability vs. loss probability	0.88	1.32	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.64	2.60	-3.24
Martin ratio: Return relative to average drawdown	-1.10	6.69	-7.78

IPAY vs. WNTR - Sharpe Ratio Comparison

The current IPAY Sharpe Ratio is -0.81, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IPAY 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

IPAY vs. WNTR - Drawdown Comparison

The maximum IPAY drawdown since its inception was -51.75%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for IPAY and WNTR.

Drawdown Indicators

	IPAY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-51.75%	-42.65%	-9.10%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-42.65%	+11.34%
Max Drawdown (3Y) Largest decline over 3 years	-32.74%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-51.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-51.75%	—	—
Current Drawdown Current decline from peak	-32.83%	-11.84%	-20.99%
Average Drawdown Average peak-to-trough decline	-16.85%	-20.57%	+3.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.12%	16.58%	+1.54%

Volatility

IPAY vs. WNTR - Volatility Comparison

The current volatility for ETFMG Prime Mobile Payments ETF (IPAY) is 7.95%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that IPAY 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

	IPAY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	18.80%	-10.85%
Volatility (6M) Calculated over the trailing 6-month period	19.71%	47.57%	-27.86%
Volatility (1Y) Calculated over the trailing 1-year period	24.51%	53.81%	-29.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.27%	53.62%	-27.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.37%	53.62%	-28.25%

IPAY vs. WNTR - Expense Ratio Comparison

IPAY has a 0.75% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

IPAY vs. WNTR - Dividend Comparison

IPAY's dividend yield for the trailing twelve months is around 0.85%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024
IPAY ETFMG Prime Mobile Payments ETF	0.85%	0.79%	0.77%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%

Frequently Asked Questions

Can I hold both IPAY and WNTR in my portfolio?

IPAY and WNTR have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IPAY or WNTR?

WNTR has higher volatility (18.80%) compared to IPAY (7.95%). In terms of maximum drawdown, IPAY dropped -51.75% vs WNTR's -42.65%.

Which ETF is better, IPAY or WNTR?

On 1-year performance, WNTR leads with 116.49% vs -17.35% for IPAY. On fees, IPAY is cheaper at 0.75% per year. On volatility, IPAY has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPAY or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs -17.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPAY or WNTR?

IPAY is cheaper with a 0.75% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.85% for IPAY.

What is the main difference between IPAY and WNTR?

IPAY is categorized as Technology Equities, while WNTR is Derivative Income. They also come from different issuers: ETFMG and YieldMax. Their fees differ too: 0.75% for IPAY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs -0.81), 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.