MSTX vs. WNTR

Last updated Jul 12, 2026

MSTX (Defiance Daily Target 2X Long MSTR ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - MSTX is a Leveraged Equities fund actively managed by Defiance, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, MSTX returned -98.10% vs 116.49% for WNTR. At a correlation of -0.97, they often move in opposite directions. MSTX charges 1.29%/yr vs 1.01%/yr for WNTR.

Performance

MSTX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long MSTR ETF (MSTX) 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, MSTX achieves a -77.66% return, which is significantly lower than WNTR's 8.06% return.

MSTX

• 1D: 1.30%
• 1M: -46.85%
• 6M: -78.77%
• YTD: -77.66%
• 1Y: -98.10%
• 3Y*: —
• 5Y*: —
• 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)

MSTX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MSTX Defiance Daily Target 2X Long MSTR ETF	-77.66%	-88.81%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between MSTX 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 27, 2025	-0.97

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

Return for Risk

MSTX vs. WNTR — Risk / Return Rank

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

MSTX

MSTX Risk / Return Rank: 2
MSTX Sharpe Ratio Rank: 4
MSTX Sortino Ratio Rank: 0
MSTX Omega Ratio Rank: 0
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

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.

MSTX vs. WNTR - Risk-Adjusted Trends Comparison

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

	MSTX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.66	2.06	-2.73
Sortino ratio: Return per unit of downside risk	-2.59	2.34	-4.93
Omega ratio: Gain probability vs. loss probability	0.74	1.32	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.99	2.60	-3.60
Martin ratio: Return relative to average drawdown	-1.20	6.69	-7.89

MSTX vs. WNTR - Sharpe Ratio Comparison

The current MSTX Sharpe Ratio is -0.66, which is lower than the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of MSTX 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

MSTX vs. WNTR - Drawdown Comparison

The maximum MSTX drawdown since its inception was -99.46%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MSTX and WNTR.

Drawdown Indicators

	MSTX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-42.65%	-56.81%
Max Drawdown (1Y) Largest decline over 1 year	-98.63%	-42.65%	-55.98%
Current Drawdown Current decline from peak	-99.31%	-11.84%	-87.47%
Average Drawdown Average peak-to-trough decline	-71.33%	-20.57%	-50.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	81.26%	16.58%	+64.68%

Volatility

MSTX vs. WNTR - Volatility Comparison

Defiance Daily Target 2X Long MSTR ETF (MSTX) has a higher volatility of 53.40% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 18.80%. This indicates that MSTX'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

	MSTX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	53.40%	18.80%	+34.60%
Volatility (6M) Calculated over the trailing 6-month period	122.06%	47.57%	+74.49%
Volatility (1Y) Calculated over the trailing 1-year period	147.96%	53.81%	+94.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	168.28%	53.62%	+114.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	168.28%	53.62%	+114.66%

MSTX vs. WNTR - Expense Ratio Comparison

MSTX has a 1.29% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

MSTX vs. WNTR - Dividend Comparison

MSTX has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 104.11%.

Position	TTM	2025	2024
MSTX Defiance Daily Target 2X Long MSTR ETF	0.00%	0.00%	41.01%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%

Frequently Asked Questions

Can I hold both MSTX and WNTR in my portfolio?

MSTX 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, MSTX or WNTR?

MSTX has higher volatility (53.40%) compared to WNTR (18.80%). In terms of maximum drawdown, MSTX dropped -99.46% vs WNTR's -42.65%.

Which ETF is better, MSTX or WNTR?

On 1-year performance, WNTR leads with 116.49% vs -98.10% for MSTX. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 18.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTX or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs -98.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTX or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.29% for MSTX.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.00% for MSTX.

What is the main difference between MSTX and WNTR?

MSTX is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Defiance and YieldMax. Their fees differ too: 1.29% for MSTX and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs -0.66), 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.