SHM vs. WNTR

Last updated Jun 26, 2026

SHM (SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - SHM is a Municipal Bonds fund tracking the Bloomberg Municipal Managed Money Short, while WNTR is a Derivative Income fund actively managed by YieldMax. SHM is passively managed, while WNTR is actively managed. Over the past year, SHM returned 3.10% vs 115.98% for WNTR. At a correlation of -0.17, they often move in opposite directions. SHM charges 0.20%/yr vs 1.01%/yr for WNTR.

Performance

SHM vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) 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, SHM achieves a 1.03% return, which is significantly lower than WNTR's 17.65% return.

SHM

• 1D: 0.02%
• 1M: 0.55%
• YTD: 1.03%
• 6M: 1.10%
• 1Y: 3.10%
• 3Y*: 2.89%
• 5Y*: 0.98%
• 10Y*: 1.16%

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SHM vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	1.03%	3.20%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between SHM and WNTR is -0.23, 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	-0.23
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.17

Return for Risk

SHM vs. WNTR — Risk / Return Rank

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

SHM

SHM Risk / Return Rank: 76
SHM Sharpe Ratio Rank: 87
SHM Sortino Ratio Rank: 92
SHM Omega Ratio Rank: 91
SHM Calmar Ratio Rank: 64
SHM Martin Ratio Rank: 47

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

SHM vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) 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.

	SHM	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.20	+0.27
Sortino ratio: Return per unit of downside risk	3.80	2.46	+1.34
Omega ratio: Gain probability vs. loss probability	1.52	1.33	+0.18
Calmar ratio: Return relative to maximum drawdown	2.75	2.73	+0.01
Martin ratio: Return relative to average drawdown	6.97	6.99	-0.02

SHM vs. WNTR - Sharpe Ratio Comparison

The current SHM Sharpe Ratio is 2.47, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SHM 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

SHM vs. WNTR - Drawdown Comparison

The maximum SHM drawdown since its inception was -11.61%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SHM and WNTR.

Drawdown Indicators

	SHM	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-11.61%	-42.65%	+31.04%
Max Drawdown (1Y) Largest decline over 1 year	-1.13%	-42.65%	+41.52%
Max Drawdown (3Y) Largest decline over 3 years	-2.03%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-6.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-11.61%	—	—
Current Drawdown Current decline from peak	-0.12%	-4.02%	+3.90%
Average Drawdown Average peak-to-trough decline	-0.97%	-20.87%	+19.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.45%	16.66%	-16.21%

Volatility

SHM vs. WNTR - Volatility Comparison

The current volatility for SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF (SHM) is 0.26%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that SHM 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

	SHM	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.26%	18.14%	-17.88%
Volatility (6M) Calculated over the trailing 6-month period	0.86%	46.41%	-45.55%
Volatility (1Y) Calculated over the trailing 1-year period	1.26%	53.16%	-51.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.07%	53.31%	-51.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.30%	53.31%	-50.01%

SHM vs. WNTR - Expense Ratio Comparison

SHM has a 0.20% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

SHM vs. WNTR - Dividend Comparison

SHM's dividend yield for the trailing twelve months is around 2.66%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SHM SPDR Nuveen Bloomberg Barclays Short Term Municipal Bond ETF	2.66%	2.61%	2.06%	1.15%	0.69%	0.86%	1.24%	1.40%	1.23%	1.06%	0.94%	0.92%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	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 SHM and WNTR in my portfolio?

SHM 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, SHM or WNTR?

WNTR has higher volatility (18.14%) compared to SHM (0.26%). In terms of maximum drawdown, SHM dropped -11.61% vs WNTR's -42.65%.

Which ETF is better, SHM or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 3.10% for SHM. On fees, SHM is cheaper at 0.20% per year. On volatility, SHM has been the lower-risk option at 0.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHM or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 3.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHM or WNTR?

SHM is cheaper with a 0.20% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 2.66% for SHM.

What is the main difference between SHM and WNTR?

SHM is categorized as Municipal Bonds, while WNTR is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.20% for SHM and 1.01% for WNTR.

Which has better risk-adjusted returns?

SHM currently has the higher Sharpe Ratio (2.47 vs 2.20), 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.