MSTU vs. WNTR

Last updated Jun 4, 2026

MSTU (T-Rex 2X Long MSTR Daily Target ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - MSTU is a Leveraged Equities fund actively managed by T-Rex, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MSTU returned -95.37% vs 73.88% for WNTR. At a correlation of -0.98, they often move in opposite directions. MSTU charges 1.05%/yr vs 1.01%/yr for WNTR.

Performance

MSTU vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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, MSTU achieves a -54.27% return, which is significantly lower than WNTR's -7.49% return.

MSTU

• 1D: -14.03%
• 1M: -55.66%
• YTD: -54.27%
• 6M: -71.83%
• 1Y: -95.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 4.50%
• 1M: 25.47%
• YTD: -7.49%
• 6M: 10.48%
• 1Y: 73.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTU vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MSTU T-Rex 2X Long MSTR Daily Target ETF	-54.27%	-88.21%
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%

Correlation

The correlation between MSTU and WNTR is -0.97, 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	-0.97
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.98

The correlation between MSTU and WNTR has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.

Return for Risk

MSTU vs. WNTR — Risk / Return Rank

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

MSTU

MSTU Risk / Return Rank: 1
MSTU Sharpe Ratio Rank: 3
MSTU Sortino Ratio Rank: 1
MSTU Omega Ratio Rank: 1
MSTU Calmar Ratio Rank: 0
MSTU Martin Ratio Rank: 3

WNTR

WNTR Risk / Return Rank: 36
WNTR Sharpe Ratio Rank: 41
WNTR Sortino Ratio Rank: 35
WNTR Omega Ratio Rank: 39
WNTR Calmar Ratio Rank: 35
WNTR Martin Ratio Rank: 31

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.

MSTU vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long MSTR Daily Target ETF (MSTU) 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.

	MSTU	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.69	1.47	-2.16
Sortino ratio: Return per unit of downside risk	-2.12	1.88	-3.99
Omega ratio: Gain probability vs. loss probability	0.78	1.26	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.99	1.74	-2.73
Martin ratio: Return relative to average drawdown	-1.27	4.63	-5.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTU vs. WNTR - Sharpe Ratio Comparison

The current MSTU Sharpe Ratio is -0.69, which is lower than the WNTR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MSTU 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.

Sharpe Ratios by Period

	MSTU	WNTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.69	1.47	-2.16
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	0.68	-1.08

Drawdowns

MSTU vs. WNTR - Drawdown Comparison

The maximum MSTU drawdown since its inception was -98.58%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MSTU and WNTR.

Drawdown Indicators

	MSTU	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-98.58%	-42.65%	-55.93%
Max Drawdown (1Y) Largest decline over 1 year	-96.58%	-42.65%	-53.93%
Current Drawdown Current decline from peak	-98.52%	-24.53%	-73.99%
Average Drawdown Average peak-to-trough decline	-71.94%	-20.98%	-50.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	75.17%	16.02%	+59.15%

Volatility

MSTU vs. WNTR - Volatility Comparison

T-Rex 2X Long MSTR Daily Target ETF (MSTU) has a higher volatility of 39.06% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 13.12%. This indicates that MSTU's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTU	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.06%	13.12%	+25.94%
Volatility (6M) Calculated over the trailing 6-month period	111.87%	44.34%	+67.53%
Volatility (1Y) Calculated over the trailing 1-year period	138.62%	50.83%	+87.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	169.06%	52.42%	+116.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	169.06%	52.42%	+116.64%

MSTU vs. WNTR - Expense Ratio Comparison

MSTU has a 1.05% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

MSTU vs. WNTR - Dividend Comparison

MSTU has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 116.75%.

Position	TTM	2025
MSTU T-Rex 2X Long MSTR Daily Target ETF	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	116.75%	58.56%

Frequently Asked Questions

Can I hold both MSTU and WNTR in my portfolio?

MSTU and WNTR have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTU or WNTR?

MSTU has higher volatility (39.06%) compared to WNTR (13.12%). In terms of maximum drawdown, MSTU dropped -98.58% vs WNTR's -42.65%.

Which ETF is better, MSTU or WNTR?

On 1-year performance, WNTR leads with 73.88% vs -95.37% for MSTU. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 13.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTU or WNTR?

Over the 1-year period, WNTR has performed better with a 73.88% return vs -95.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTU or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.05% for MSTU.

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

WNTR has the higher dividend yield at 116.75%, compared with 0.00% for MSTU.

What is the main difference between MSTU and WNTR?

MSTU is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: T-Rex and YieldMax. Their fees differ too: 1.05% for MSTU and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.47 vs -0.69), 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.