MJ vs. WNTR

Last updated Jul 14, 2026

MJ (ETFMG Alternative Harvest ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - MJ is a Small Cap Blend Equities fund tracking the Prime Alternative Harvest Index, while WNTR is a Derivative Income fund actively managed by YieldMax. MJ is passively managed, while WNTR is actively managed. Over the past year, MJ returned 16.68% vs 120.64% for WNTR. At a correlation of -0.31, they often move in opposite directions. MJ charges 0.75%/yr vs 1.01%/yr for WNTR.

Performance

MJ vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETFMG Alternative Harvest ETF (MJ) 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, MJ achieves a -18.76% return, which is significantly lower than WNTR's 10.13% return.

MJ

• 1D: 1.64%
• 1M: -4.54%
• 6M: -22.56%
• YTD: -18.76%
• 1Y: 16.68%
• 3Y*: -10.44%
• 5Y*: -34.42%
• 10Y*: —

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MJ vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MJ ETFMG Alternative Harvest ETF	-18.76%	54.59%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between MJ and WNTR is -0.29, 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	-0.29
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.31

Return for Risk

MJ vs. WNTR — Risk / Return Rank

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

MJ

MJ Risk / Return Rank: 17
MJ Sharpe Ratio Rank: 13
MJ Sortino Ratio Rank: 23
MJ Omega Ratio Rank: 21
MJ Calmar Ratio Rank: 14
MJ Martin Ratio Rank: 12

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

MJ vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETFMG Alternative Harvest ETF (MJ) 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.

	MJ	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.19	2.26	-2.07
Sortino ratio: Return per unit of downside risk	1.08	2.47	-1.39
Omega ratio: Gain probability vs. loss probability	1.12	1.34	-0.22
Calmar ratio: Return relative to maximum drawdown	0.34	2.84	-2.50
Martin ratio: Return relative to average drawdown	0.56	7.31	-6.74

MJ vs. WNTR - Sharpe Ratio Comparison

The current MJ Sharpe Ratio is 0.19, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MJ 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

MJ vs. WNTR - Drawdown Comparison

The maximum MJ drawdown since its inception was -96.55%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MJ and WNTR.

Drawdown Indicators

	MJ	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-96.55%	-42.65%	-53.90%
Max Drawdown (1Y) Largest decline over 1 year	-48.66%	-42.65%	-6.01%
Max Drawdown (3Y) Largest decline over 3 years	-69.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-92.00%	—	—
Current Drawdown Current decline from peak	-94.76%	-10.15%	-84.61%
Average Drawdown Average peak-to-trough decline	-69.50%	-20.53%	-48.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.74%	16.58%	+13.16%

Volatility

MJ vs. WNTR - Volatility Comparison

The current volatility for ETFMG Alternative Harvest ETF (MJ) is 11.97%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that MJ 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

	MJ	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.97%	18.84%	-6.87%
Volatility (6M) Calculated over the trailing 6-month period	39.92%	47.46%	-7.54%
Volatility (1Y) Calculated over the trailing 1-year period	86.88%	53.83%	+33.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.09%	53.56%	+6.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.59%	53.56%	+2.03%

MJ vs. WNTR - Expense Ratio Comparison

MJ has a 0.75% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

MJ vs. WNTR - Dividend Comparison

MJ's dividend yield for the trailing twelve months is around 2.44%, less than WNTR's 102.14% yield.

Position	TTM	2025	2024
MJ ETFMG Alternative Harvest ETF	2.44%	1.98%	13.80%
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%

Frequently Asked Questions

Can I hold both MJ and WNTR in my portfolio?

MJ and WNTR have a correlation of -0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MJ or WNTR?

WNTR has higher volatility (18.84%) compared to MJ (11.97%). In terms of maximum drawdown, MJ dropped -96.55% vs WNTR's -42.65%.

Which ETF is better, MJ or WNTR?

On 1-year performance, WNTR leads with 120.64% vs 16.68% for MJ. On fees, MJ is cheaper at 0.75% per year. On volatility, MJ has been the lower-risk option at 11.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MJ or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs 16.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MJ or WNTR?

MJ is cheaper with a 0.75% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.14%, compared with 2.44% for MJ.

What is the main difference between MJ and WNTR?

MJ is categorized as Small Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: ETFMG and YieldMax. Their fees differ too: 0.75% for MJ and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs 0.19), 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.