OVS vs. WNTR

Last updated Aug 2, 2026

OVS (Overlay Shares Small Cap Equity ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - OVS is a Small Cap Blend Equities fund actively managed by Liquid Strategies, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, OVS returned 38.98% vs 107.38% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. OVS charges 0.83%/yr vs 1.00%/yr for WNTR.

Performance

OVS vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Small Cap Equity ETF (OVS) 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, OVS achieves a 23.16% return, which is significantly higher than WNTR's 10.75% return.

OVS

• 1D: 0.06%
• 1M: -0.72%
• 6M: 16.06%
• YTD: 23.16%
• 1Y: 38.98%
• 3Y*: 14.61%
• 5Y*: 7.56%
• 10Y*: —
• ALL TIME*: 12.04%

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)
OVS Overlay Shares Small Cap Equity ETF	$632.13K	$526.77K	$451.76K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

OVS vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
OVS Overlay Shares Small Cap Equity ETF	23.16%	15.16%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between OVS and WNTR is -0.38, 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.	-0.38
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

OVS vs. WNTR — Risk / Return Rank

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

OVS

OVS Risk / Return Rank: 85
OVS Sharpe Ratio Rank: 82
OVS Sortino Ratio Rank: 84
OVS Omega Ratio Rank: 79
OVS Calmar Ratio Rank: 92
OVS Martin Ratio Rank: 90

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.

OVS vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Small Cap Equity ETF (OVS) 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.

	OVS	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.12	-0.21
Sortino ratio: Return per unit of downside risk	2.74	2.37	+0.37
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	4.30	2.71	+1.59
Martin ratio: Return relative to average drawdown	14.13	6.87	+7.26

OVS vs. WNTR - Sharpe Ratio Comparison

The current OVS Sharpe Ratio is 1.91, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of OVS 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

OVS vs. WNTR - Drawdown Comparison

The maximum OVS drawdown since its inception was -45.09%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for OVS and WNTR.

Drawdown Indicators

	OVS	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-45.09%	-42.65%	-2.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-42.65%	+34.14%
Max Drawdown (3Y) Largest decline over 3 years	-30.49%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-30.49%	—	—
Current Drawdown Current decline from peak	-2.23%	-9.64%	+7.41%
Average Drawdown Average peak-to-trough decline	-11.12%	-20.18%	+9.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.59%	16.81%	-14.22%

Volatility

OVS vs. WNTR - Volatility Comparison

The current volatility for Overlay Shares Small Cap Equity ETF (OVS) is 4.16%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that OVS 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

	OVS	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	14.85%	-10.69%
Volatility (6M) Calculated over the trailing 6-month period	12.91%	47.43%	-34.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.22%	54.68%	-35.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.08%	53.42%	-30.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.26%	53.42%	-26.16%

OVS vs. WNTR - Expense Ratio Comparison

OVS has a 0.83% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

OVS vs. WNTR - Dividend Comparison

OVS's dividend yield for the trailing twelve months is around 7.69%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVS Overlay Shares Small Cap Equity ETF	7.69%	3.69%	4.08%	3.19%	3.43%	4.05%	1.74%	0.54%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVS and WNTR in my portfolio?

OVS and WNTR have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OVS or WNTR?

WNTR has higher volatility (14.85%) compared to OVS (4.16%). In terms of maximum drawdown, OVS dropped -45.09% vs WNTR's -42.65%.

Which ETF is better, OVS or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 38.98% for OVS. On fees, OVS is cheaper at 0.83% per year. On volatility, OVS has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVS or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 38.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVS or WNTR?

OVS is cheaper with a 0.83% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 7.69% for OVS.

What is the main difference between OVS and WNTR?

OVS is categorized as Small Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: Liquid Strategies and YieldMax. Their fees differ too: 0.83% for OVS and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.91), 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.