PYPY vs. WNTR

Last updated Aug 2, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, PYPY returned -14.80% vs 107.38% for WNTR. Their -0.28 correlation means they have often moved in opposite directions in the past. PYPY charges 1.01%/yr vs 1.00%/yr for WNTR.

Performance

PYPY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax MSTR Short 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, PYPY achieves a -1.57% return, which is significantly lower than WNTR's 10.75% return.

PYPY

• 1D: -0.37%
• 1M: 24.91%
• 6M: 6.78%
• YTD: -1.57%
• 1Y: -14.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.74%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PYPY Yieldmax PYPL Option Income Strategy ETF	$726.92K	$509.19K	$412.49K
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

PYPY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
PYPY Yieldmax PYPL Option Income Strategy ETF	-1.57%	-18.45%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between PYPY and WNTR is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.28

Return for Risk

PYPY vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PYPY

PYPY Risk / Return Rank: 6
PYPY Sharpe Ratio Rank: 5
PYPY Sortino Ratio Rank: 6
PYPY Omega Ratio Rank: 5
PYPY Calmar Ratio Rank: 6
PYPY Martin Ratio Rank: 7

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PYPY vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) 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.

	PYPY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	2.12	-2.56
Sortino ratio: Return per unit of downside risk	-0.40	2.37	-2.77
Omega ratio: Gain probability vs. loss probability	0.94	1.32	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.37	2.71	-3.08
Martin ratio: Return relative to average drawdown	-0.59	6.87	-7.46

PYPY vs. WNTR - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -0.45, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of PYPY 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

PYPY vs. WNTR - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for PYPY and WNTR.

Drawdown Indicators

	PYPY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-42.65%	-10.99%
Max Drawdown (1Y) Largest decline over 1 year	-44.75%	-42.65%	-2.10%
Current Drawdown Current decline from peak	-34.79%	-9.64%	-25.15%
Average Drawdown Average peak-to-trough decline	-17.74%	-20.18%	+2.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.54%	16.81%	+10.73%

Volatility

PYPY vs. WNTR - Volatility Comparison

Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax MSTR Short Option Income Strategy ETF (WNTR) have volatilities of 15.29% and 14.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.29%	14.85%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	32.67%	47.43%	-14.76%
Volatility (1Y) Calculated over the trailing 1-year period	36.58%	54.68%	-18.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.06%	53.42%	-21.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.06%	53.42%	-21.36%

PYPY vs. WNTR - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

PYPY vs. WNTR - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 56.79%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	56.79%	64.68%	48.65%	5.70%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PYPY and WNTR in my portfolio?

PYPY and WNTR have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPY or WNTR?

PYPY has higher volatility (15.29%) compared to WNTR (14.85%). In terms of maximum drawdown, PYPY dropped -53.64% vs WNTR's -42.65%.

Which ETF is better, PYPY or WNTR?

On 1-year performance, WNTR leads with 107.38% vs -14.80% for PYPY. On fees, WNTR is cheaper at 1.00% per year. On volatility, WNTR has been the lower-risk option at 14.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs -14.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.01% for PYPY.

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

WNTR has the higher dividend yield at 107.02%, compared with 56.79% for PYPY.

What is the main difference between PYPY and WNTR?

Their fees differ too: 1.01% for PYPY and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs -0.45), 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.