PSLV vs. WNTR

Last updated Jul 15, 2026

PSLV (Sprott Physical Silver Trust) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - PSLV is a Silver fund tracking the No Index (Physical Silver), while WNTR is a Derivative Income fund actively managed by YieldMax. PSLV is passively managed, while WNTR is actively managed. Over the past year, PSLV returned 47.04% vs 119.74% for WNTR. At a correlation of -0.19, they often move in opposite directions. PSLV charges 0.51%/yr vs 1.01%/yr for WNTR.

Performance

PSLV vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Physical Silver Trust (PSLV) 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, PSLV achieves a -20.30% return, which is significantly lower than WNTR's 5.96% return.

PSLV

• 1D: 1.67%
• 1M: -12.57%
• 6M: -34.43%
• YTD: -20.30%
• 1Y: 47.04%
• 3Y*: 30.41%
• 5Y*: 15.28%
• 10Y*: 9.38%

WNTR

• 1D: -3.79%
• 1M: 13.60%
• 6M: 16.72%
• YTD: 5.96%
• 1Y: 119.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSLV vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PSLV Sprott Physical Silver Trust	-20.30%	106.73%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between PSLV and WNTR is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.19

Return for Risk

PSLV vs. WNTR — Risk / Return Rank

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

PSLV

PSLV Risk / Return Rank: 26
PSLV Sharpe Ratio Rank: 26
PSLV Sortino Ratio Rank: 27
PSLV Omega Ratio Rank: 34
PSLV Calmar Ratio Rank: 24
PSLV Martin Ratio Rank: 21

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 87
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 53

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.

PSLV vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Physical Silver Trust (PSLV) 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.

	PSLV	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.24	-1.46
Sortino ratio: Return per unit of downside risk	1.24	2.46	-1.22
Omega ratio: Gain probability vs. loss probability	1.19	1.34	-0.15
Calmar ratio: Return relative to maximum drawdown	0.94	2.82	-1.88
Martin ratio: Return relative to average drawdown	2.01	7.24	-5.23

PSLV vs. WNTR - Sharpe Ratio Comparison

The current PSLV Sharpe Ratio is 0.78, which is lower than the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of PSLV 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

PSLV vs. WNTR - Drawdown Comparison

The maximum PSLV drawdown since its inception was -79.38%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PSLV and WNTR.

Drawdown Indicators

	PSLV	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-79.38%	-42.65%	-36.73%
Max Drawdown (1Y) Largest decline over 1 year	-50.17%	-42.65%	-7.52%
Max Drawdown (3Y) Largest decline over 3 years	-50.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-50.17%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-50.17%	—	—
Current Drawdown Current decline from peak	-48.16%	-13.55%	-34.61%
Average Drawdown Average peak-to-trough decline	-58.05%	-20.51%	-37.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.45%	16.60%	+6.85%

Volatility

PSLV vs. WNTR - Volatility Comparison

The current volatility for Sprott Physical Silver Trust (PSLV) is 13.75%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 19.07%. This indicates that PSLV 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

	PSLV	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.75%	19.07%	-5.32%
Volatility (6M) Calculated over the trailing 6-month period	56.82%	47.38%	+9.44%
Volatility (1Y) Calculated over the trailing 1-year period	60.82%	53.89%	+6.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.42%	53.60%	-17.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.50%	53.60%	-22.10%

PSLV vs. WNTR - Expense Ratio Comparison

PSLV has a 0.51% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

PSLV vs. WNTR - Dividend Comparison

PSLV has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 106.17%.

Position	TTM	2025
PSLV Sprott Physical Silver Trust	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	58.56%

Frequently Asked Questions

Can I hold both PSLV and WNTR in my portfolio?

PSLV and WNTR have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSLV or WNTR?

WNTR has higher volatility (19.07%) compared to PSLV (13.75%). In terms of maximum drawdown, PSLV dropped -79.38% vs WNTR's -42.65%.

Which ETF is better, PSLV or WNTR?

On 1-year performance, WNTR leads with 119.74% vs 47.04% for PSLV. On fees, PSLV is cheaper at 0.51% per year. On volatility, PSLV has been the lower-risk option at 13.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSLV or WNTR?

Over the 1-year period, WNTR has performed better with a 119.74% return vs 47.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSLV or WNTR?

PSLV is cheaper with a 0.51% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.17%, compared with 0.00% for PSLV.

What is the main difference between PSLV and WNTR?

PSLV is categorized as Silver, while WNTR is Derivative Income. They also come from different issuers: Sprott and YieldMax. Their fees differ too: 0.51% for PSLV and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.24 vs 0.78), 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.