KWEB vs. WNTR

Last updated Aug 4, 2026

KWEB (KraneShares CSI China Internet ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - KWEB is a China Equities fund tracking the CSI Overseas China Internet Index, while WNTR is a Derivative Income fund actively managed by YieldMax. KWEB is passively managed, while WNTR is actively managed. Over the past year, KWEB returned -11.62% vs 106.92% for WNTR. Their -0.33 correlation means they have often moved in opposite directions in the past. KWEB charges 0.70%/yr vs 1.00%/yr for WNTR.

Performance

KWEB vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares CSI China Internet ETF (KWEB) 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, KWEB achieves a -15.59% return, which is significantly lower than WNTR's 10.51% return.

KWEB

• 1D: 0.88%
• 1M: 15.01%
• 6M: -18.05%
• YTD: -15.59%
• 1Y: -11.62%
• 3Y*: 1.61%
• 5Y*: -7.36%
• 10Y*: 0.16%
• ALL TIME*: 2.71%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

*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)
KWEB KraneShares CSI China Internet ETF	$576.11M	$564.88M	$703.17M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.92M	$3.66M	$3.95M

KWEB vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
KWEB KraneShares CSI China Internet ETF	-15.59%	2.16%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	52.78%

Correlation

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

Return for Risk

KWEB vs. WNTR — Risk / Return Rank

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

KWEB

KWEB Risk / Return Rank: 7
KWEB Sharpe Ratio Rank: 6
KWEB Sortino Ratio Rank: 6
KWEB Omega Ratio Rank: 6
KWEB Calmar Ratio Rank: 7
KWEB Martin Ratio Rank: 7

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

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.

KWEB vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares CSI China Internet ETF (KWEB) 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.

	KWEB	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	1.97	-2.39
Sortino ratio: Return per unit of downside risk	-0.44	2.27	-2.71
Omega ratio: Gain probability vs. loss probability	0.95	1.30	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.28	2.52	-2.80
Martin ratio: Return relative to average drawdown	-0.53	6.38	-6.91

KWEB vs. WNTR - Sharpe Ratio Comparison

The current KWEB Sharpe Ratio is -0.42, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of KWEB 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

KWEB vs. WNTR - Drawdown Comparison

The maximum KWEB drawdown since its inception was -80.92%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for KWEB and WNTR.

Drawdown Indicators

	KWEB	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-80.92%	-42.65%	-38.27%
Max Drawdown (1Y) Largest decline over 1 year	-41.62%	-42.65%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-41.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.96%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.92%	—	—
Current Drawdown Current decline from peak	-66.76%	-9.84%	-56.92%
Average Drawdown Average peak-to-trough decline	-35.66%	-20.15%	-15.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.06%	16.83%	+5.23%

Volatility

KWEB vs. WNTR - Volatility Comparison

The current volatility for KraneShares CSI China Internet ETF (KWEB) is 7.68%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.00%. This indicates that KWEB 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

	KWEB	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	13.00%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	20.57%	47.22%	-26.65%
Volatility (1Y) Calculated over the trailing 1-year period	27.75%	54.66%	-26.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.96%	53.34%	-6.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.06%	53.34%	-13.28%

KWEB vs. WNTR - Expense Ratio Comparison

KWEB has a 0.70% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

KWEB vs. WNTR - Dividend Comparison

KWEB's dividend yield for the trailing twelve months is around 7.29%, less than WNTR's 107.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KWEB KraneShares CSI China Internet ETF	7.29%	6.16%	3.51%	1.71%	0.00%	7.07%	0.29%	0.08%	3.40%	0.58%	1.19%	0.46%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	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 KWEB and WNTR in my portfolio?

KWEB and WNTR have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KWEB or WNTR?

WNTR has higher volatility (13.00%) compared to KWEB (7.68%). In terms of maximum drawdown, KWEB dropped -80.92% vs WNTR's -42.65%.

Which ETF is better, KWEB or WNTR?

On 1-year performance, WNTR leads with 106.92% vs -11.62% for KWEB. On fees, KWEB is cheaper at 0.70% per year. On volatility, KWEB has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KWEB or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs -11.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KWEB or WNTR?

KWEB is cheaper with a 0.70% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.26%, compared with 7.29% for KWEB.

What is the main difference between KWEB and WNTR?

KWEB is categorized as China Equities, while WNTR is Derivative Income. They also come from different issuers: KraneShares and YieldMax. Their fees differ too: 0.70% for KWEB and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -0.42), 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.