SLVR vs. WNTR

Last updated Aug 2, 2026

SLVR (Sprott Silver Miners & Physical Silver ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - SLVR is a Silver fund tracking the Nasdaq Sprott Silver Miners™ Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SLVR is passively managed, while WNTR is actively managed. Over the past year, SLVR returned 64.28% vs 107.38% for WNTR. Their -0.25 correlation means they have often moved in opposite directions in the past. SLVR charges 0.65%/yr vs 1.00%/yr for WNTR.

Performance

SLVR vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sprott Silver Miners & Physical Silver ETF (SLVR) 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, SLVR achieves a -14.48% return, which is significantly lower than WNTR's 10.75% return.

SLVR

• 1D: -2.79%
• 1M: -8.51%
• 6M: -24.99%
• YTD: -14.48%
• 1Y: 64.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 72.90%

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)
SLVR Sprott Silver Miners & Physical Silver ETF	$4.41M	$4.75M	$8.71M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

SLVR vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SLVR Sprott Silver Miners & Physical Silver ETF	-14.48%	135.92%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between SLVR and WNTR is -0.28, 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.	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.25

Return for Risk

SLVR vs. WNTR — Risk / Return Rank

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

SLVR

SLVR Risk / Return Rank: 40
SLVR Sharpe Ratio Rank: 40
SLVR Sortino Ratio Rank: 41
SLVR Omega Ratio Rank: 43
SLVR Calmar Ratio Rank: 42
SLVR Martin Ratio Rank: 31

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.

SLVR vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sprott Silver Miners & Physical Silver ETF (SLVR) 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.

	SLVR	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.00	2.12	-1.12
Sortino ratio: Return per unit of downside risk	1.53	2.37	-0.84
Omega ratio: Gain probability vs. loss probability	1.20	1.32	-0.12
Calmar ratio: Return relative to maximum drawdown	1.48	2.71	-1.23
Martin ratio: Return relative to average drawdown	2.95	6.87	-3.92

SLVR vs. WNTR - Sharpe Ratio Comparison

The current SLVR Sharpe Ratio is 1.00, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SLVR 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

SLVR vs. WNTR - Drawdown Comparison

The maximum SLVR drawdown since its inception was -43.70%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SLVR and WNTR.

Drawdown Indicators

	SLVR	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-43.70%	-42.65%	-1.05%
Max Drawdown (1Y) Largest decline over 1 year	-43.70%	-42.65%	-1.05%
Current Drawdown Current decline from peak	-42.75%	-9.64%	-33.11%
Average Drawdown Average peak-to-trough decline	-12.30%	-20.18%	+7.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.92%	16.81%	+5.11%

Volatility

SLVR vs. WNTR - Volatility Comparison

Sprott Silver Miners & Physical Silver ETF (SLVR) and YieldMax MSTR Short Option Income Strategy ETF (WNTR) have volatilities of 15.28% 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

	SLVR	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.28%	14.85%	+0.43%
Volatility (6M) Calculated over the trailing 6-month period	52.83%	47.43%	+5.40%
Volatility (1Y) Calculated over the trailing 1-year period	64.91%	54.68%	+10.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.41%	53.42%	+4.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.41%	53.42%	+4.99%

SLVR vs. WNTR - Expense Ratio Comparison

SLVR has a 0.65% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

SLVR vs. WNTR - Dividend Comparison

SLVR's dividend yield for the trailing twelve months is around 4.31%, less than WNTR's 107.02% yield.

Position	TTM	2025
SLVR Sprott Silver Miners & Physical Silver ETF	4.31%	3.68%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%

Frequently Asked Questions

Can I hold both SLVR and WNTR in my portfolio?

SLVR and WNTR have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLVR or WNTR?

SLVR has higher volatility (15.28%) compared to WNTR (14.85%). In terms of maximum drawdown, SLVR dropped -43.70% vs WNTR's -42.65%.

Which ETF is better, SLVR or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 64.28% for SLVR. On fees, SLVR is cheaper at 0.65% 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, SLVR or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 64.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLVR or WNTR?

SLVR is cheaper with a 0.65% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 4.31% for SLVR.

What is the main difference between SLVR and WNTR?

SLVR is categorized as Silver, while WNTR is Derivative Income. They also come from different issuers: Sprott and YieldMax. Their fees differ too: 0.65% for SLVR and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.00), 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.