QYLD vs. WNTR

Last updated Jul 15, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while WNTR is a Derivative Income fund actively managed by YieldMax. QYLD is passively managed, while WNTR is actively managed. Over the past year, QYLD returned 23.40% vs 119.74% for WNTR. At a correlation of -0.42, they often move in opposite directions. QYLD charges 0.60%/yr vs 1.01%/yr for WNTR.

Performance

QYLD vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Covered Call ETF (QYLD) 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, QYLD achieves a 10.42% return, which is significantly higher than WNTR's 5.96% return.

QYLD

• 1D: 1.21%
• 1M: 2.57%
• 6M: 9.06%
• YTD: 10.42%
• 1Y: 23.40%
• 3Y*: 13.71%
• 5Y*: 8.57%
• 10Y*: 9.99%

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)

QYLD vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
QYLD Global X NASDAQ 100 Covered Call ETF	10.42%	14.70%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between QYLD and WNTR is -0.41, 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	-0.41
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.42

Return for Risk

QYLD vs. WNTR — Risk / Return Rank

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

QYLD

QYLD Risk / Return Rank: 90
QYLD Sharpe Ratio Rank: 87
QYLD Sortino Ratio Rank: 87
QYLD Omega Ratio Rank: 91
QYLD Calmar Ratio Rank: 92
QYLD Martin Ratio Rank: 95

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.

QYLD vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) 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.

	QYLD	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.22	2.24	-0.02
Sortino ratio: Return per unit of downside risk	3.12	2.46	+0.66
Omega ratio: Gain probability vs. loss probability	1.47	1.34	+0.13
Calmar ratio: Return relative to maximum drawdown	4.73	2.82	+1.91
Martin ratio: Return relative to average drawdown	24.61	7.24	+17.36

QYLD vs. WNTR - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.22, which is comparable to the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of QYLD 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

QYLD vs. WNTR - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for QYLD and WNTR.

Drawdown Indicators

	QYLD	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-42.65%	+17.90%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-42.65%	+37.68%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-0.49%	-13.55%	+13.06%
Average Drawdown Average peak-to-trough decline	-3.81%	-20.51%	+16.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	16.60%	-15.65%

Volatility

QYLD vs. WNTR - Volatility Comparison

The current volatility for Global X NASDAQ 100 Covered Call ETF (QYLD) is 5.57%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 19.07%. This indicates that QYLD 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

	QYLD	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	19.07%	-13.50%
Volatility (6M) Calculated over the trailing 6-month period	9.45%	47.38%	-37.93%
Volatility (1Y) Calculated over the trailing 1-year period	10.61%	53.89%	-43.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.97%	53.60%	-38.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.59%	53.60%	-38.01%

QYLD vs. WNTR - Expense Ratio Comparison

QYLD has a 0.60% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

QYLD vs. WNTR - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 11.42%, less than WNTR's 106.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.42%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	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 QYLD and WNTR in my portfolio?

QYLD and WNTR have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QYLD or WNTR?

WNTR has higher volatility (19.07%) compared to QYLD (5.57%). In terms of maximum drawdown, QYLD dropped -24.75% vs WNTR's -42.65%.

Which ETF is better, QYLD or WNTR?

On 1-year performance, WNTR leads with 119.74% vs 23.40% for QYLD. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QYLD or WNTR?

Over the 1-year period, WNTR has performed better with a 119.74% return vs 23.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLD or WNTR?

QYLD is cheaper with a 0.60% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.17%, compared with 11.42% for QYLD.

What is the main difference between QYLD and WNTR?

QYLD is categorized as Nasdaq-100, while WNTR is Derivative Income. They also come from different issuers: Global X and YieldMax. Their fees differ too: 0.60% for QYLD and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.24 vs 2.22), 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.