IPO vs. WNTR

Last updated Jun 26, 2026

IPO (Renaissance IPO ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - IPO is a Mid Cap Growth Equities fund tracking the Renaissance IPO Index, while WNTR is a Derivative Income fund actively managed by YieldMax. IPO is passively managed, while WNTR is actively managed. Over the past year, IPO returned 29.33% vs 115.98% for WNTR. At a correlation of -0.50, they often move in opposite directions. IPO charges 0.60%/yr vs 1.01%/yr for WNTR.

Performance

IPO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Renaissance IPO ETF (IPO) 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, IPO achieves a 23.60% return, which is significantly higher than WNTR's 17.65% return.

IPO

• 1D: -0.35%
• 1M: 4.80%
• YTD: 23.60%
• 6M: 20.33%
• 1Y: 29.33%
• 3Y*: 22.52%
• 5Y*: -2.92%
• 10Y*: 12.31%

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IPO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
IPO Renaissance IPO ETF	23.60%	16.80%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between IPO 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	-0.50

The correlation between IPO and WNTR has been stable across timeframes, ranging from -0.50 to -0.50 - a consistent structural relationship.

Return for Risk

IPO vs. WNTR — Risk / Return Rank

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

IPO

IPO Risk / Return Rank: 27
IPO Sharpe Ratio Rank: 29
IPO Sortino Ratio Rank: 29
IPO Omega Ratio Rank: 27
IPO Calmar Ratio Rank: 26
IPO Martin Ratio Rank: 22

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

IPO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Renaissance IPO ETF (IPO) 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.

	IPO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.20	-1.22
Sortino ratio: Return per unit of downside risk	1.47	2.46	-0.99
Omega ratio: Gain probability vs. loss probability	1.17	1.33	-0.16
Calmar ratio: Return relative to maximum drawdown	1.12	2.73	-1.61
Martin ratio: Return relative to average drawdown	2.51	6.99	-4.48

IPO vs. WNTR - Sharpe Ratio Comparison

The current IPO Sharpe Ratio is 0.97, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of IPO 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

IPO vs. WNTR - Drawdown Comparison

The maximum IPO drawdown since its inception was -68.76%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for IPO and WNTR.

Drawdown Indicators

	IPO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-68.76%	-42.65%	-26.11%
Max Drawdown (1Y) Largest decline over 1 year	-26.24%	-42.65%	+16.41%
Max Drawdown (3Y) Largest decline over 3 years	-32.04%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.76%	—	—
Current Drawdown Current decline from peak	-25.32%	-4.02%	-21.30%
Average Drawdown Average peak-to-trough decline	-22.93%	-20.87%	-2.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.73%	16.66%	-4.93%

Volatility

IPO vs. WNTR - Volatility Comparison

The current volatility for Renaissance IPO ETF (IPO) is 11.36%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that IPO 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

	IPO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.36%	18.14%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	23.64%	46.41%	-22.77%
Volatility (1Y) Calculated over the trailing 1-year period	30.25%	53.16%	-22.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.08%	53.31%	-17.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.60%	53.31%	-21.71%

IPO vs. WNTR - Expense Ratio Comparison

IPO has a 0.60% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

IPO vs. WNTR - Dividend Comparison

IPO's dividend yield for the trailing twelve months is around 0.42%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IPO Renaissance IPO ETF	0.42%	0.66%	0.12%	0.00%	0.00%	0.00%	0.10%	0.26%	0.49%	0.43%	0.40%	0.11%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	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 IPO and WNTR in my portfolio?

IPO 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, IPO or WNTR?

WNTR has higher volatility (18.14%) compared to IPO (11.36%). In terms of maximum drawdown, IPO dropped -68.76% vs WNTR's -42.65%.

Which ETF is better, IPO or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 29.33% for IPO. On fees, IPO is cheaper at 0.60% per year. On volatility, IPO has been the lower-risk option at 11.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IPO or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 29.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IPO or WNTR?

IPO is cheaper with a 0.60% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 0.42% for IPO.

What is the main difference between IPO and WNTR?

IPO is categorized as Mid Cap Growth Equities, while WNTR is Derivative Income. They also come from different issuers: Renaissance Capital and YieldMax. Their fees differ too: 0.60% for IPO and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 0.97), 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.