KNGZ vs. WNTR

Last updated Jul 12, 2026

KNGZ (First Trust S&P 500 Diversified Dividend Aristocrats ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - KNGZ is a S&P 500 fund tracking the S&P 500 Sector-Neutral Dividend Aristocrats Index, while WNTR is a Derivative Income fund actively managed by YieldMax. KNGZ is passively managed, while WNTR is actively managed. Over the past year, KNGZ returned 23.41% vs 116.49% for WNTR. At a correlation of -0.33, they often move in opposite directions. KNGZ charges 0.50%/yr vs 1.01%/yr for WNTR.

Performance

KNGZ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) 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, KNGZ achieves a 16.14% return, which is significantly higher than WNTR's 8.06% return.

KNGZ

• 1D: 0.47%
• 1M: -0.05%
• 6M: 11.93%
• YTD: 16.14%
• 1Y: 23.41%
• 3Y*: 15.38%
• 5Y*: 9.67%
• 10Y*: —

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)

KNGZ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF	16.14%	12.97%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between KNGZ and WNTR is -0.30, 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	-0.30
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.33

Return for Risk

KNGZ vs. WNTR — Risk / Return Rank

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

KNGZ

KNGZ Risk / Return Rank: 60
KNGZ Sharpe Ratio Rank: 63
KNGZ Sortino Ratio Rank: 65
KNGZ Omega Ratio Rank: 59
KNGZ Calmar Ratio Rank: 59
KNGZ Martin Ratio Rank: 56

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.

KNGZ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) 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.

	KNGZ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.06	-0.41
Sortino ratio: Return per unit of downside risk	2.40	2.34	+0.06
Omega ratio: Gain probability vs. loss probability	1.29	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.38	2.60	-0.22
Martin ratio: Return relative to average drawdown	7.69	6.69	+1.00

KNGZ vs. WNTR - Sharpe Ratio Comparison

The current KNGZ Sharpe Ratio is 1.66, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of KNGZ 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

KNGZ vs. WNTR - Drawdown Comparison

The maximum KNGZ drawdown since its inception was -37.44%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for KNGZ and WNTR.

Drawdown Indicators

	KNGZ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-37.44%	-42.65%	+5.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-42.65%	+33.24%
Max Drawdown (3Y) Largest decline over 3 years	-19.70%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.71%	—	—
Current Drawdown Current decline from peak	-1.47%	-11.84%	+10.37%
Average Drawdown Average peak-to-trough decline	-4.84%	-20.57%	+15.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.93%	16.58%	-13.65%

Volatility

KNGZ vs. WNTR - Volatility Comparison

The current volatility for First Trust S&P 500 Diversified Dividend Aristocrats ETF (KNGZ) is 3.65%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that KNGZ 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

	KNGZ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	18.80%	-15.15%
Volatility (6M) Calculated over the trailing 6-month period	9.96%	47.57%	-37.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.56%	53.81%	-40.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	53.62%	-37.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.81%	53.62%	-34.81%

KNGZ vs. WNTR - Expense Ratio Comparison

KNGZ has a 0.50% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

KNGZ vs. WNTR - Dividend Comparison

KNGZ's dividend yield for the trailing twelve months is around 2.51%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
KNGZ First Trust S&P 500 Diversified Dividend Aristocrats ETF	2.51%	2.70%	2.55%	3.10%	2.52%	1.95%	2.44%	2.85%	4.09%	1.10%
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%

Frequently Asked Questions

Can I hold both KNGZ and WNTR in my portfolio?

KNGZ and WNTR have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KNGZ or WNTR?

WNTR has higher volatility (18.80%) compared to KNGZ (3.65%). In terms of maximum drawdown, KNGZ dropped -37.44% vs WNTR's -42.65%.

Which ETF is better, KNGZ or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 23.41% for KNGZ. On fees, KNGZ is cheaper at 0.50% per year. On volatility, KNGZ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KNGZ or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 23.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KNGZ or WNTR?

KNGZ is cheaper with a 0.50% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 2.51% for KNGZ.

What is the main difference between KNGZ and WNTR?

KNGZ is categorized as S&P 500, while WNTR is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.50% for KNGZ and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.66), 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.