PAAA vs. WNTR

Last updated Jul 17, 2026

PAAA (PGIM AAA CLO ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PAAA is a CLO fund actively managed by PGIM, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PAAA returned 5.02% vs 127.90% for WNTR. At a correlation of -0.30, they often move in opposite directions. PAAA charges 0.19%/yr vs 1.01%/yr for WNTR.

Performance

PAAA vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PGIM AAA CLO ETF (PAAA) 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, PAAA achieves a 2.55% return, which is significantly lower than WNTR's 9.49% return.

PAAA

• 1D: 0.04%
• 1M: 0.38%
• 6M: 2.25%
• YTD: 2.55%
• 1Y: 5.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAAA vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PAAA PGIM AAA CLO ETF	2.55%	4.50%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between PAAA and WNTR is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.30

Return for Risk

PAAA vs. WNTR — Risk / Return Rank

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

PAAA

PAAA Risk / Return Rank: 99
PAAA Sharpe Ratio Rank: 100
PAAA Sortino Ratio Rank: 99
PAAA Omega Ratio Rank: 99
PAAA Calmar Ratio Rank: 99
PAAA Martin Ratio Rank: 99

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

PAAA vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PGIM AAA CLO ETF (PAAA) 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.

	PAAA	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	10.78	2.39	+8.39
Sortino ratio: Return per unit of downside risk	20.99	2.56	+18.44
Omega ratio: Gain probability vs. loss probability	6.60	1.35	+5.24
Calmar ratio: Return relative to maximum drawdown	28.96	3.02	+25.94
Martin ratio: Return relative to average drawdown	179.44	7.72	+171.72

PAAA vs. WNTR - Sharpe Ratio Comparison

The current PAAA Sharpe Ratio is 10.78, which is higher than the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PAAA 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

PAAA vs. WNTR - Drawdown Comparison

The maximum PAAA drawdown since its inception was -1.04%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PAAA and WNTR.

Drawdown Indicators

	PAAA	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-1.04%	-42.65%	+41.61%
Max Drawdown (1Y) Largest decline over 1 year	-0.17%	-42.65%	+42.48%
Current Drawdown Current decline from peak	0.00%	-10.67%	+10.67%
Average Drawdown Average peak-to-trough decline	-0.02%	-20.46%	+20.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.03%	16.63%	-16.60%

Volatility

PAAA vs. WNTR - Volatility Comparison

The current volatility for PGIM AAA CLO ETF (PAAA) is 0.10%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that PAAA 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

	PAAA	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.10%	17.89%	-17.79%
Volatility (6M) Calculated over the trailing 6-month period	0.36%	47.05%	-46.69%
Volatility (1Y) Calculated over the trailing 1-year period	0.47%	53.81%	-53.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.96%	53.49%	-52.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.96%	53.49%	-52.53%

PAAA vs. WNTR - Expense Ratio Comparison

PAAA has a 0.19% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

PAAA vs. WNTR - Dividend Comparison

PAAA's dividend yield for the trailing twelve months is around 4.84%, less than WNTR's 106.86% yield.

Position	TTM	2025	2024	2023
PAAA PGIM AAA CLO ETF	4.84%	5.12%	5.88%	2.76%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PAAA and WNTR in my portfolio?

PAAA and WNTR have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAAA or WNTR?

WNTR has higher volatility (17.89%) compared to PAAA (0.10%). In terms of maximum drawdown, PAAA dropped -1.04% vs WNTR's -42.65%.

Which ETF is better, PAAA or WNTR?

On 1-year performance, WNTR leads with 127.90% vs 5.02% for PAAA. On fees, PAAA is cheaper at 0.19% per year. On volatility, PAAA has been the lower-risk option at 0.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PAAA or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs 5.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PAAA or WNTR?

PAAA is cheaper with a 0.19% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 4.84% for PAAA.

What is the main difference between PAAA and WNTR?

PAAA is categorized as CLO, while WNTR is Derivative Income. They also come from different issuers: PGIM and YieldMax. Their fees differ too: 0.19% for PAAA and 1.01% for WNTR.

Which has better risk-adjusted returns?

PAAA currently has the higher Sharpe Ratio (10.78 vs 2.39), 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.