PFFA vs. WNTR

Last updated Jun 26, 2026

PFFA (Virtus InfraCap U.S. Preferred Stock ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PFFA returned 8.47% vs 115.98% for WNTR. At a correlation of -0.36, they often move in opposite directions. PFFA charges 1.47%/yr vs 1.01%/yr for WNTR.

Performance

PFFA vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Virtus InfraCap U.S. Preferred Stock ETF (PFFA) 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, PFFA achieves a -0.08% return, which is significantly lower than WNTR's 17.65% return.

PFFA

• 1D: -1.06%
• 1M: -3.01%
• YTD: -0.08%
• 6M: -0.40%
• 1Y: 8.47%
• 3Y*: 12.91%
• 5Y*: 5.59%
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PFFA vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PFFA Virtus InfraCap U.S. Preferred Stock ETF	-0.08%	7.71%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between PFFA and WNTR is -0.39, 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	-0.39
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.36

Return for Risk

PFFA vs. WNTR — Risk / Return Rank

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

PFFA

PFFA Risk / Return Rank: 33
PFFA Sharpe Ratio Rank: 36
PFFA Sortino Ratio Rank: 34
PFFA Omega Ratio Rank: 35
PFFA Calmar Ratio Rank: 29
PFFA Martin Ratio Rank: 32

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

PFFA vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) 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.

	PFFA	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.16	2.20	-1.04
Sortino ratio: Return per unit of downside risk	1.65	2.46	-0.81
Omega ratio: Gain probability vs. loss probability	1.21	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	1.31	2.73	-1.42
Martin ratio: Return relative to average drawdown	4.26	6.99	-2.73

PFFA vs. WNTR - Sharpe Ratio Comparison

The current PFFA Sharpe Ratio is 1.16, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of PFFA 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

PFFA vs. WNTR - Drawdown Comparison

The maximum PFFA drawdown since its inception was -70.52%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PFFA and WNTR.

Drawdown Indicators

	PFFA	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-70.52%	-42.65%	-27.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.49%	-42.65%	+36.16%
Max Drawdown (3Y) Largest decline over 3 years	-12.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.70%	—	—
Current Drawdown Current decline from peak	-4.51%	-4.02%	-0.49%
Average Drawdown Average peak-to-trough decline	-6.62%	-20.87%	+14.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.99%	16.66%	-14.67%

Volatility

PFFA vs. WNTR - Volatility Comparison

The current volatility for Virtus InfraCap U.S. Preferred Stock ETF (PFFA) is 2.56%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that PFFA 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

	PFFA	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	18.14%	-15.58%
Volatility (6M) Calculated over the trailing 6-month period	6.14%	46.41%	-40.27%
Volatility (1Y) Calculated over the trailing 1-year period	7.33%	53.16%	-45.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.56%	53.31%	-41.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.73%	53.31%	-21.58%

PFFA vs. WNTR - Expense Ratio Comparison

PFFA has a 1.47% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

PFFA vs. WNTR - Dividend Comparison

PFFA's dividend yield for the trailing twelve months is around 10.01%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	10.01%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PFFA and WNTR in my portfolio?

PFFA and WNTR have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PFFA or WNTR?

WNTR has higher volatility (18.14%) compared to PFFA (2.56%). In terms of maximum drawdown, PFFA dropped -70.52% vs WNTR's -42.65%.

Which ETF is better, PFFA or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 8.47% for PFFA. On fees, WNTR is cheaper at 1.01% per year. On volatility, PFFA has been the lower-risk option at 2.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PFFA or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 8.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PFFA or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.47% for PFFA.

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

WNTR has the higher dividend yield at 94.34%, compared with 10.01% for PFFA.

What is the main difference between PFFA and WNTR?

PFFA is categorized as Preferred Stock/Convertible Bonds, while WNTR is Derivative Income. They also come from different issuers: Virtus Investment Partners and YieldMax. Their fees differ too: 1.47% for PFFA and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 1.16), 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.