MSFO vs. WNTR

Last updated Aug 2, 2026

MSFO (YieldMax MSFT Option Income Strategy ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MSFO returned -8.12% vs 107.38% for WNTR. Their -0.31 correlation means they have often moved in opposite directions in the past. MSFO charges 1.03%/yr vs 1.00%/yr for WNTR.

Performance

MSFO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSFT Option Income Strategy ETF (MSFO) 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, MSFO achieves a -3.96% return, which is significantly lower than WNTR's 10.75% return.

MSFO

• 1D: 1.68%
• 1M: 15.44%
• 6M: 6.49%
• YTD: -3.96%
• 1Y: -8.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.66%

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)
MSFO YieldMax MSFT Option Income Strategy ETF	$984.76K	$840.67K	$1.06M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

MSFO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MSFO YieldMax MSFT Option Income Strategy ETF	-3.96%	22.04%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

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

Return for Risk

MSFO vs. WNTR — Risk / Return Rank

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

MSFO

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

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.

MSFO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) 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.

	MSFO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.35	2.12	-2.47
Sortino ratio: Return per unit of downside risk	-0.36	2.37	-2.73
Omega ratio: Gain probability vs. loss probability	0.96	1.32	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.32	2.71	-3.04
Martin ratio: Return relative to average drawdown	-0.59	6.87	-7.46

MSFO vs. WNTR - Sharpe Ratio Comparison

The current MSFO Sharpe Ratio is -0.35, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of MSFO 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

MSFO vs. WNTR - Drawdown Comparison

The maximum MSFO drawdown since its inception was -29.65%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MSFO and WNTR.

Drawdown Indicators

	MSFO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-42.65%	+13.00%
Max Drawdown (1Y) Largest decline over 1 year	-29.65%	-42.65%	+13.00%
Current Drawdown Current decline from peak	-12.00%	-9.64%	-2.36%
Average Drawdown Average peak-to-trough decline	-7.46%	-20.18%	+12.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.14%	16.81%	-0.67%

Volatility

MSFO vs. WNTR - Volatility Comparison

The current volatility for YieldMax MSFT Option Income Strategy ETF (MSFO) is 13.86%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that MSFO 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

	MSFO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	14.85%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	22.95%	47.43%	-24.48%
Volatility (1Y) Calculated over the trailing 1-year period	27.49%	54.68%	-27.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.75%	53.42%	-31.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.75%	53.42%	-31.67%

MSFO vs. WNTR - Expense Ratio Comparison

MSFO has a 1.03% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

MSFO vs. WNTR - Dividend Comparison

MSFO's dividend yield for the trailing twelve months is around 36.39%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
MSFO YieldMax MSFT Option Income Strategy ETF	36.39%	33.91%	35.15%	6.44%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFO and WNTR in my portfolio?

MSFO 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, MSFO or WNTR?

WNTR has higher volatility (14.85%) compared to MSFO (13.86%). In terms of maximum drawdown, MSFO dropped -29.65% vs WNTR's -42.65%.

Which ETF is better, MSFO or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -8.12% for MSFO. On fees, WNTR is cheaper at 1.00% per year. On volatility, MSFO has been the lower-risk option at 13.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFO or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs -8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFO or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.03% for MSFO.

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

WNTR has the higher dividend yield at 107.02%, compared with 36.39% for MSFO.

What is the main difference between MSFO and WNTR?

MSFO is categorized as Options Trading, while WNTR is Derivative Income. Their fees differ too: 1.03% for MSFO and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs -0.35), 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.