IWML vs. WNTR

Last updated Aug 1, 2026

IWML (ETRACS 2x Leveraged US Size Factor TR ETN) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - IWML is a Leveraged Equities fund tracking the Russell 2000 Index, while WNTR is a Derivative Income fund actively managed by YieldMax. IWML is passively managed, while WNTR is actively managed. Over the past year, IWML returned 73.81% vs 107.38% for WNTR. Their -0.45 correlation means they have often moved in opposite directions in the past. IWML charges 0.95%/yr vs 1.00%/yr for WNTR.

Performance

IWML vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and YieldMax MSTR Short 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, IWML achieves a 34.47% return, which is significantly higher than WNTR's 10.75% return.

IWML

• 1D: -0.99%
• 1M: -4.29%
• 6M: 22.16%
• YTD: 34.47%
• 1Y: 73.81%
• 3Y*: 19.08%
• 5Y*: 4.38%
• 10Y*: —
• ALL TIME*: 3.99%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWML ETRACS 2x Leveraged US Size Factor TR ETN	$3.57K	$4.29K	$17.25K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

IWML vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	34.47%	28.67%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between IWML and WNTR is -0.44, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.44
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.45

Return for Risk

IWML vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWML

IWML Risk / Return Rank: 75
IWML Sharpe Ratio Rank: 74
IWML Sortino Ratio Rank: 72
IWML Omega Ratio Rank: 67
IWML Calmar Ratio Rank: 82
IWML Martin Ratio Rank: 80

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWML vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) and YieldMax MSTR Short 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.

	IWML	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.68	2.12	-0.44
Sortino ratio: Return per unit of downside risk	2.35	2.37	-0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.03
Calmar ratio: Return relative to maximum drawdown	2.95	2.71	+0.24
Martin ratio: Return relative to average drawdown	10.37	6.87	+3.50

IWML vs. WNTR - Sharpe Ratio Comparison

The current IWML Sharpe Ratio is 1.68, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of IWML 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

IWML vs. WNTR - Drawdown Comparison

The maximum IWML drawdown since its inception was -60.06%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for IWML and WNTR.

Drawdown Indicators

	IWML	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-60.06%	-42.65%	-17.41%
Max Drawdown (1Y) Largest decline over 1 year	-22.75%	-42.65%	+19.90%
Max Drawdown (3Y) Largest decline over 3 years	-51.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-60.06%	—	—
Current Drawdown Current decline from peak	-5.50%	-9.64%	+4.14%
Average Drawdown Average peak-to-trough decline	-31.04%	-20.18%	-10.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.48%	16.81%	-10.33%

Volatility

IWML vs. WNTR - Volatility Comparison

The current volatility for ETRACS 2x Leveraged US Size Factor TR ETN (IWML) is 7.48%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that IWML 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

	IWML	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.48%	14.85%	-7.37%
Volatility (6M) Calculated over the trailing 6-month period	29.58%	47.43%	-17.85%
Volatility (1Y) Calculated over the trailing 1-year period	40.08%	54.68%	-14.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.16%	53.42%	-7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.03%	53.42%	-7.39%

IWML vs. WNTR - Expense Ratio Comparison

IWML has a 0.95% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

IWML vs. WNTR - Dividend Comparison

IWML has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.02%.

Position	TTM	2025
IWML ETRACS 2x Leveraged US Size Factor TR ETN	0.00%	0.00%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%

Frequently Asked Questions

Can I hold both IWML and WNTR in my portfolio?

IWML and WNTR have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWML or WNTR?

WNTR has higher volatility (14.85%) compared to IWML (7.48%). In terms of maximum drawdown, IWML dropped -60.06% vs WNTR's -42.65%.

Which ETF is better, IWML or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 73.81% for IWML. On fees, IWML is cheaper at 0.95% per year. On volatility, IWML has been the lower-risk option at 7.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWML or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 73.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWML or WNTR?

IWML is cheaper with a 0.95% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.00% for IWML.

What is the main difference between IWML and WNTR?

IWML is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: UBS and YieldMax. Their fees differ too: 0.95% for IWML and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.68), 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.