IWN vs. WNTR

Last updated Jul 12, 2026

IWN (iShares Russell 2000 Value ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - IWN is a Small Cap Value Equities fund tracking the Russell 2000 Value Index, while WNTR is a Derivative Income fund actively managed by YieldMax. IWN is passively managed, while WNTR is actively managed. Over the past year, IWN returned 35.60% vs 116.49% for WNTR. At a correlation of -0.40, they often move in opposite directions. IWN charges 0.24%/yr vs 1.01%/yr for WNTR.

Performance

IWN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 Value ETF (IWN) 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, IWN achieves a 22.16% return, which is significantly higher than WNTR's 8.06% return.

IWN

• 1D: 0.21%
• 1M: 1.11%
• 6M: 15.83%
• YTD: 22.16%
• 1Y: 35.60%
• 3Y*: 17.51%
• 5Y*: 8.21%
• 10Y*: 10.12%

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)

IWN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
IWN iShares Russell 2000 Value ETF	22.16%	18.99%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between IWN and WNTR is -0.38, 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	-0.38
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

IWN vs. WNTR — Risk / Return Rank

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

IWN

IWN Risk / Return Rank: 80
IWN Sharpe Ratio Rank: 77
IWN Sortino Ratio Rank: 78
IWN Omega Ratio Rank: 72
IWN Calmar Ratio Rank: 88
IWN Martin Ratio Rank: 85

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.

IWN vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 Value ETF (IWN) 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.

	IWN	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.06	-0.12
Sortino ratio: Return per unit of downside risk	2.79	2.34	+0.45
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	4.07	2.60	+1.46
Martin ratio: Return relative to average drawdown	13.73	6.69	+7.05

IWN vs. WNTR - Sharpe Ratio Comparison

The current IWN Sharpe Ratio is 1.94, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IWN 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

IWN vs. WNTR - Drawdown Comparison

The maximum IWN drawdown since its inception was -61.55%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for IWN and WNTR.

Drawdown Indicators

	IWN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-42.65%	-18.90%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-42.65%	+34.20%
Max Drawdown (3Y) Largest decline over 3 years	-26.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.08%	—	—
Current Drawdown Current decline from peak	-0.80%	-11.84%	+11.04%
Average Drawdown Average peak-to-trough decline	-10.12%	-20.57%	+10.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.51%	16.58%	-14.07%

Volatility

IWN vs. WNTR - Volatility Comparison

The current volatility for iShares Russell 2000 Value ETF (IWN) is 3.84%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that IWN 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

	IWN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	18.80%	-14.96%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	47.57%	-35.41%
Volatility (1Y) Calculated over the trailing 1-year period	17.69%	53.81%	-36.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.34%	53.62%	-32.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.32%	53.62%	-30.30%

IWN vs. WNTR - Expense Ratio Comparison

IWN has a 0.24% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

IWN vs. WNTR - Dividend Comparison

IWN's dividend yield for the trailing twelve months is around 1.45%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWN iShares Russell 2000 Value ETF	1.45%	1.70%	1.80%	2.04%	2.12%	1.48%	1.60%	1.92%	1.99%	1.78%	1.74%	2.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	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 IWN and WNTR in my portfolio?

IWN and WNTR have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWN or WNTR?

WNTR has higher volatility (18.80%) compared to IWN (3.84%). In terms of maximum drawdown, IWN dropped -61.55% vs WNTR's -42.65%.

Which ETF is better, IWN or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 35.60% for IWN. On fees, IWN is cheaper at 0.24% per year. On volatility, IWN has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWN or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 35.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWN or WNTR?

IWN is cheaper with a 0.24% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 1.45% for IWN.

What is the main difference between IWN and WNTR?

IWN is categorized as Small Cap Value Equities, while WNTR is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.24% for IWN and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.94), 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.