PPI vs. WNTR

Last updated Jul 16, 2026

PPI (Astoria Real Assets ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PPI is a Global Allocation fund actively managed by AXS, while WNTR is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, PPI returned 29.72% vs 117.98% for WNTR. At a correlation of -0.40, they often move in opposite directions. PPI charges 0.58%/yr vs 1.01%/yr for WNTR.

Performance

PPI vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria Real Assets ETF (PPI) 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, PPI achieves a 14.18% return, which is significantly higher than WNTR's 6.35% return.

PPI

• 1D: 0.11%
• 1M: -1.48%
• 6M: 6.96%
• YTD: 14.18%
• 1Y: 29.72%
• 3Y*: 19.00%
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 0.37%
• 1M: 20.43%
• 6M: 21.18%
• YTD: 6.35%
• 1Y: 117.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPI vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PPI Astoria Real Assets ETF	14.18%	26.91%
WNTR YieldMax Short MSTR Option Income Strategy ETF	6.35%	52.78%

Correlation

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

Return for Risk

PPI vs. WNTR — Risk / Return Rank

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

PPI

PPI Risk / Return Rank: 71
PPI Sharpe Ratio Rank: 70
PPI Sortino Ratio Rank: 65
PPI Omega Ratio Rank: 66
PPI Calmar Ratio Rank: 85
PPI Martin Ratio Rank: 70

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 86
WNTR Sortino Ratio Rank: 66
WNTR Omega Ratio Rank: 70
WNTR Calmar Ratio Rank: 69
WNTR Martin Ratio Rank: 51

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.

PPI vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria Real Assets ETF (PPI) 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.

	PPI	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.21	-0.38
Sortino ratio: Return per unit of downside risk	2.44	2.44	0.00
Omega ratio: Gain probability vs. loss probability	1.32	1.33	-0.01
Calmar ratio: Return relative to maximum drawdown	3.74	2.78	+0.96
Martin ratio: Return relative to average drawdown	10.13	7.13	+3.00

PPI vs. WNTR - Sharpe Ratio Comparison

The current PPI Sharpe Ratio is 1.83, which is comparable to the WNTR Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of PPI 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

PPI vs. WNTR - Drawdown Comparison

The maximum PPI drawdown since its inception was -24.54%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PPI and WNTR.

Drawdown Indicators

	PPI	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-42.65%	+18.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-42.65%	+34.67%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	—	—
Current Drawdown Current decline from peak	-5.20%	-13.23%	+8.03%
Average Drawdown Average peak-to-trough decline	-6.45%	-20.49%	+14.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.94%	16.62%	-13.68%

Volatility

PPI vs. WNTR - Volatility Comparison

The current volatility for Astoria Real Assets ETF (PPI) is 3.89%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.90%. This indicates that PPI 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

	PPI	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	18.90%	-15.01%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	47.35%	-34.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	53.75%	-37.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	53.51%	-34.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	53.51%	-34.54%

PPI vs. WNTR - Expense Ratio Comparison

PPI has a 0.58% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

PPI vs. WNTR - Dividend Comparison

PPI's dividend yield for the trailing twelve months is around 1.32%, less than WNTR's 105.78% yield.

Position	TTM	2025	2024	2023	2022
PPI Astoria Real Assets ETF	1.32%	1.06%	0.60%	2.87%	2.40%
WNTR YieldMax Short MSTR Option Income Strategy ETF	105.78%	58.56%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPI and WNTR in my portfolio?

PPI 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, PPI or WNTR?

WNTR has higher volatility (18.90%) compared to PPI (3.89%). In terms of maximum drawdown, PPI dropped -24.54% vs WNTR's -42.65%.

Which ETF is better, PPI or WNTR?

On 1-year performance, WNTR leads with 117.98% vs 29.72% for PPI. On fees, PPI is cheaper at 0.58% per year. On volatility, PPI has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPI or WNTR?

Over the 1-year period, WNTR has performed better with a 117.98% return vs 29.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPI or WNTR?

PPI is cheaper with a 0.58% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 105.78%, compared with 1.32% for PPI.

What is the main difference between PPI and WNTR?

PPI is categorized as Global Allocation, while WNTR is Derivative Income. They also come from different issuers: AXS and YieldMax. Their fees differ too: 0.58% for PPI and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.21 vs 1.83), 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.