PIO vs. WNTR

Last updated Jun 25, 2026

PIO (Invesco Global Water ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PIO is a Water Equities fund tracking the NASDAQ OMX Global Water Index, while WNTR is a Derivative Income fund actively managed by YieldMax. PIO is passively managed, while WNTR is actively managed. Over the past year, PIO returned 2.41% vs 97.02% for WNTR. At a correlation of -0.31, they often move in opposite directions. PIO charges 0.75%/yr vs 1.01%/yr for WNTR.

Performance

PIO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Global Water ETF (PIO) 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, PIO achieves a 1.44% return, which is significantly lower than WNTR's 10.46% return.

PIO

• 1D: 1.30%
• 1M: 1.88%
• YTD: 1.44%
• 6M: 0.52%
• 1Y: 2.41%
• 3Y*: 9.62%
• 5Y*: 3.39%
• 10Y*: 9.13%

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PIO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PIO Invesco Global Water ETF	1.44%	9.55%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between PIO and WNTR is -0.25, 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	-0.25
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.31

Return for Risk

PIO vs. WNTR — Risk / Return Rank

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

PIO

PIO Risk / Return Rank: 11
PIO Sharpe Ratio Rank: 11
PIO Sortino Ratio Rank: 10
PIO Omega Ratio Rank: 10
PIO Calmar Ratio Rank: 11
PIO Martin Ratio Rank: 11

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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.

PIO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Global Water ETF (PIO) 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.

	PIO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.16	1.85	-1.69
Sortino ratio: Return per unit of downside risk	0.34	2.20	-1.87
Omega ratio: Gain probability vs. loss probability	1.04	1.30	-0.26
Calmar ratio: Return relative to maximum drawdown	0.18	2.29	-2.10
Martin ratio: Return relative to average drawdown	0.48	5.85	-5.37

PIO vs. WNTR - Sharpe Ratio Comparison

The current PIO Sharpe Ratio is 0.16, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of PIO 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

PIO vs. WNTR - Drawdown Comparison

The maximum PIO drawdown since its inception was -64.88%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PIO and WNTR.

Drawdown Indicators

	PIO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-64.88%	-42.65%	-22.23%
Max Drawdown (1Y) Largest decline over 1 year	-13.14%	-42.65%	+29.51%
Max Drawdown (3Y) Largest decline over 3 years	-17.08%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.76%	—	—
Current Drawdown Current decline from peak	-7.89%	-9.88%	+1.99%
Average Drawdown Average peak-to-trough decline	-15.40%	-20.93%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.07%	16.70%	-11.63%

Volatility

PIO vs. WNTR - Volatility Comparison

The current volatility for Invesco Global Water ETF (PIO) is 4.51%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that PIO 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

	PIO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.51%	17.54%	-13.03%
Volatility (6M) Calculated over the trailing 6-month period	12.65%	45.99%	-33.34%
Volatility (1Y) Calculated over the trailing 1-year period	15.06%	52.83%	-37.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.70%	53.10%	-35.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.16%	53.10%	-34.94%

PIO vs. WNTR - Expense Ratio Comparison

PIO has a 0.75% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

PIO vs. WNTR - Dividend Comparison

PIO's dividend yield for the trailing twelve months is around 0.91%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIO Invesco Global Water ETF	0.91%	1.04%	0.78%	0.84%	1.02%	1.19%	0.88%	1.20%	2.00%	1.00%	1.45%	1.63%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	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

Can I hold both PIO and WNTR in my portfolio?

PIO and WNTR have a correlation of -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PIO or WNTR?

WNTR has higher volatility (17.54%) compared to PIO (4.51%). In terms of maximum drawdown, PIO dropped -64.88% vs WNTR's -42.65%.

Which ETF is better, PIO or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 2.41% for PIO. On fees, PIO is cheaper at 0.75% per year. On volatility, PIO has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PIO or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PIO or WNTR?

PIO is cheaper with a 0.75% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 0.91% for PIO.

What is the main difference between PIO and WNTR?

PIO is categorized as Water Equities, while WNTR is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.75% for PIO and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 0.16), 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.