QQH vs. WNTR

Last updated Jun 25, 2026

QQH (HCM Defender 100 Index ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - QQH is a Technology Equities fund tracking the HCM Defender 100 Index, while WNTR is a Derivative Income fund actively managed by YieldMax. QQH is passively managed, while WNTR is actively managed. Over the past year, QQH returned 25.36% vs 97.02% for WNTR. At a correlation of -0.48, they often move in opposite directions. QQH charges 1.14%/yr vs 1.01%/yr for WNTR.

Performance

QQH vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HCM Defender 100 Index ETF (QQH) 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, QQH achieves a 6.07% return, which is significantly lower than WNTR's 10.46% return.

QQH

• 1D: -0.63%
• 1M: -3.41%
• YTD: 6.07%
• 6M: 3.66%
• 1Y: 25.36%
• 3Y*: 21.53%
• 5Y*: 11.99%
• 10Y*: —

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)

QQH vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
QQH HCM Defender 100 Index ETF	6.07%	27.81%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between QQH and WNTR is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.48

Return for Risk

QQH vs. WNTR — Risk / Return Rank

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

QQH

QQH Risk / Return Rank: 32
QQH Sharpe Ratio Rank: 34
QQH Sortino Ratio Rank: 31
QQH Omega Ratio Rank: 32
QQH Calmar Ratio Rank: 35
QQH Martin Ratio Rank: 31

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.

QQH vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HCM Defender 100 Index ETF (QQH) 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.

	QQH	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.85	-0.74
Sortino ratio: Return per unit of downside risk	1.53	2.20	-0.67
Omega ratio: Gain probability vs. loss probability	1.20	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	1.57	2.29	-0.71
Martin ratio: Return relative to average drawdown	4.16	5.85	-1.68

QQH vs. WNTR - Sharpe Ratio Comparison

The current QQH Sharpe Ratio is 1.11, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of QQH 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

QQH vs. WNTR - Drawdown Comparison

The maximum QQH drawdown since its inception was -41.87%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for QQH and WNTR.

Drawdown Indicators

	QQH	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-41.87%	-42.65%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-16.18%	-42.65%	+26.47%
Max Drawdown (3Y) Largest decline over 3 years	-24.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-41.87%	—	—
Current Drawdown Current decline from peak	-8.11%	-9.88%	+1.77%
Average Drawdown Average peak-to-trough decline	-12.87%	-20.93%	+8.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.11%	16.70%	-10.59%

Volatility

QQH vs. WNTR - Volatility Comparison

The current volatility for HCM Defender 100 Index ETF (QQH) is 11.82%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.54%. This indicates that QQH 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

	QQH	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.82%	17.54%	-5.72%
Volatility (6M) Calculated over the trailing 6-month period	17.75%	45.99%	-28.24%
Volatility (1Y) Calculated over the trailing 1-year period	23.10%	52.83%	-29.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	53.10%	-31.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.00%	53.10%	-28.10%

QQH vs. WNTR - Expense Ratio Comparison

QQH has a 1.14% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

QQH vs. WNTR - Dividend Comparison

QQH's dividend yield for the trailing twelve months is around 0.20%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
QQH HCM Defender 100 Index ETF	0.20%	0.21%	0.24%	0.27%	0.00%	0.00%	0.00%	0.21%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQH and WNTR in my portfolio?

QQH and WNTR have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQH or WNTR?

WNTR has higher volatility (17.54%) compared to QQH (11.82%). In terms of maximum drawdown, QQH dropped -41.87% vs WNTR's -42.65%.

Which ETF is better, QQH or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 25.36% for QQH. On fees, WNTR is cheaper at 1.01% per year. On volatility, QQH has been the lower-risk option at 11.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQH or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 25.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQH or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.14% for QQH.

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

WNTR has the higher dividend yield at 96.66%, compared with 0.20% for QQH.

What is the main difference between QQH and WNTR?

QQH is categorized as Technology Equities, while WNTR is Derivative Income. They also come from different issuers: Howard Capital Management and YieldMax. Their fees differ too: 1.14% for QQH and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 1.11), 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.