MSTY vs. WNTR

Last updated Jun 4, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, MSTY returned -61.25% vs 73.88% for WNTR. At a correlation of -0.97, they often move in opposite directions. MSTY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

MSTY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) 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, MSTY achieves a -14.73% return, which is significantly lower than WNTR's -7.49% return.

MSTY

• 1D: -6.76%
• 1M: -28.46%
• YTD: -14.73%
• 6M: -26.86%
• 1Y: -61.25%
• 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)

MSTY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
MSTY YieldMax™ MSTR Option Income Strategy ETF	-14.73%	-46.75%
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%

Correlation

The correlation between MSTY and WNTR is -0.96, 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	-0.96
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.97

The correlation between MSTY and WNTR has been stable across timeframes, ranging from -0.97 to -0.96 - a consistent structural relationship.

Return for Risk

MSTY vs. WNTR — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 2

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.

MSTY vs. WNTR - Risk-Adjusted Trends Comparison

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

	MSTY	WNTR	Difference
Sharpe ratio Return per unit of total volatility	-1.02	1.47	-2.48
Sortino ratio Return per unit of downside risk	-1.73	1.88	-3.61
Omega ratio Gain probability vs. loss probability	0.81	1.26	-0.45
Calmar ratio Return relative to maximum drawdown	-0.86	1.74	-2.60
Martin ratio Return relative to average drawdown	-1.31	4.63	-5.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTY vs. WNTR - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.02, which is lower than the WNTR Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of MSTY 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

	MSTY	WNTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	1.47	-2.48
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.68	-0.42

Drawdowns

MSTY vs. WNTR - Drawdown Comparison

The maximum MSTY drawdown since its inception was -71.79%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for MSTY and WNTR.

Drawdown Indicators

	MSTY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-71.79%	-42.65%	-29.14%
Max Drawdown (1Y) Largest decline over 1 year	-71.79%	-42.65%	-29.14%
Current Drawdown Current decline from peak	-66.48%	-24.53%	-41.95%
Average Drawdown Average peak-to-trough decline	-26.09%	-20.98%	-5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.87%	16.02%	+30.85%

Volatility

MSTY vs. WNTR - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 17.01% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 13.12%. This indicates that MSTY'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

	MSTY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.01%	13.12%	+3.89%
Volatility (6M) Calculated over the trailing 6-month period	48.79%	44.34%	+4.45%
Volatility (1Y) Calculated over the trailing 1-year period	60.44%	50.83%	+9.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.92%	52.42%	+19.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.92%	52.42%	+19.50%

MSTY vs. WNTR - Expense Ratio Comparison

MSTY has a 0.99% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

MSTY vs. WNTR - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 269.45%, more than WNTR's 116.75% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	269.45%	294.61%	104.56%
WNTR YieldMax Short MSTR Option Income Strategy ETF	116.75%	58.56%	0.00%

Frequently Asked Questions

Can I hold both MSTY and WNTR in my portfolio?

MSTY and WNTR have a correlation of -0.96, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTY or WNTR?

MSTY has higher volatility (17.01%) compared to WNTR (13.12%). In terms of maximum drawdown, MSTY dropped -71.79% vs WNTR's -42.65%.

Which ETF is better, MSTY or WNTR?

On 1-year performance, WNTR leads with 73.88% vs -61.25% for MSTY. On fees, MSTY is cheaper at 0.99% 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, MSTY or WNTR?

Over the 1-year period, WNTR has performed better with a 73.88% return vs -61.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or WNTR?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.01% for WNTR.

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

MSTY has the higher dividend yield at 269.45%, compared with 116.75% for WNTR.

What is the main difference between MSTY and WNTR?

Their fees differ too: 0.99% for MSTY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.47 vs -1.02), 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.