PEX vs. WNTR
PEX (ProShares Global Listed Private Equity ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - PEX is a Financials Equities fund tracking the LPX Direct Listed Private Equity Index, while WNTR is a Derivative Income fund actively managed by YieldMax. PEX is passively managed, while WNTR is actively managed. Over the past year, PEX returned -10.44% vs 107.38% for WNTR. Their -0.39 correlation means they have often moved in opposite directions in the past. PEX charges 3.13%/yr vs 1.00%/yr for WNTR.
Performance
PEX vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, PEX achieves a -6.82% return, which is significantly lower than WNTR's 10.75% return.
PEX
- 1D
- 0.15%
- 1M
- 3.38%
- 6M
- -7.02%
- YTD
- -6.82%
- 1Y
- -10.44%
- 3Y*
- 4.37%
- 5Y*
- -0.25%
- 10Y*
- 4.91%
- ALL TIME*
- 5.23%
WNTR
- 1D
- 3.26%
- 1M
- 8.13%
- 6M
- 14.92%
- YTD
- 10.75%
- 1Y
- 107.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $46.71K | $56.13K | $56.35K | |
| $4.02M | $3.86M | $3.95M |
PEX vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
PEX ProShares Global Listed Private Equity ETF | -6.82% | -0.31% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 10.75% | 52.78% |
Correlation
The correlation between PEX 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 | -0.39 |
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Return for Risk
PEX vs. WNTR — Risk / Return Rank
PEX
WNTR
PEX vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Global Listed Private Equity ETF (PEX) 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.
| PEX | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.32 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.71 | -3.24 |
| Martin ratioReturn relative to average drawdown | -1.04 | 6.87 | -7.91 |
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Drawdowns
PEX vs. WNTR - Drawdown Comparison
The maximum PEX drawdown since its inception was -49.17%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PEX and WNTR.
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Drawdown Indicators
| PEX | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.17% | -42.65% | -6.52% |
Max Drawdown (1Y)Largest decline over 1 year | -21.09% | -42.65% | +21.56% |
Max Drawdown (3Y)Largest decline over 3 years | -24.72% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -36.58% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -49.17% | — | — |
Current DrawdownCurrent decline from peak | -15.79% | -9.64% | -6.15% |
Average DrawdownAverage peak-to-trough decline | -8.34% | -20.18% | +11.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.79% | 16.81% | -6.02% |
Volatility
PEX vs. WNTR - Volatility Comparison
The current volatility for ProShares Global Listed Private Equity ETF (PEX) is 3.74%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that PEX 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.
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Volatility by Period
| PEX | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 14.85% | -11.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.32% | 47.43% | -34.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.89% | 54.68% | -38.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 53.42% | -35.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.26% | 53.42% | -34.16% |
PEX vs. WNTR - Expense Ratio Comparison
PEX has a 3.13% expense ratio, which is higher than WNTR's 1.00% expense ratio.
Dividends
PEX vs. WNTR - Dividend Comparison
PEX's dividend yield for the trailing twelve months is around 8.52%, less than WNTR's 107.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PEX ProShares Global Listed Private Equity ETF | 8.52% | 12.80% | 14.11% | 13.02% | 1.77% | 13.64% | 5.52% | 7.94% | 4.72% | 24.26% | 3.24% | 12.50% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 107.02% | 58.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PEX 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.
WNTR has higher volatility (14.85%) compared to PEX (3.74%). In terms of maximum drawdown, PEX dropped -49.17% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 107.38% vs -10.44% for PEX. On fees, WNTR is cheaper at 1.00% per year. On volatility, PEX has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 107.38% return vs -10.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
WNTR is cheaper with a 1.00% expense ratio, compared with 3.13% for PEX.
WNTR has the higher dividend yield at 107.02%, compared with 8.52% for PEX.
PEX is categorized as Financials Equities, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 3.13% for PEX and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (2.12 vs -0.71), 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.
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