SMHB vs. WNTR

Last updated Jun 26, 2026

SMHB (ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - SMHB is a Leveraged Equities fund tracking the Solactive US Small Cap High Dividend Index (200%), while WNTR is a Derivative Income fund actively managed by YieldMax. SMHB is passively managed, while WNTR is actively managed. Over the past year, SMHB returned 8.66% vs 115.98% for WNTR. At a correlation of -0.23, they often move in opposite directions. SMHB charges 0.85%/yr vs 1.01%/yr for WNTR.

Performance

SMHB vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) 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, SMHB achieves a 8.24% return, which is significantly lower than WNTR's 17.65% return.

SMHB

• 1D: -1.09%
• 1M: 0.77%
• YTD: 8.24%
• 6M: 7.96%
• 1Y: 8.66%
• 3Y*: 6.81%
• 5Y*: -6.66%
• 10Y*: —

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)

SMHB vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	8.24%	-7.31%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between SMHB and WNTR is -0.15, 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	-0.15
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.23

Return for Risk

SMHB vs. WNTR — Risk / Return Rank

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

SMHB

SMHB Risk / Return Rank: 13
SMHB Sharpe Ratio Rank: 12
SMHB Sortino Ratio Rank: 13
SMHB Omega Ratio Rank: 13
SMHB Calmar Ratio Rank: 13
SMHB Martin Ratio Rank: 13

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.

SMHB vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) 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.

	SMHB	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.23	2.20	-1.97
Sortino ratio: Return per unit of downside risk	0.60	2.46	-1.86
Omega ratio: Gain probability vs. loss probability	1.07	1.33	-0.26
Calmar ratio: Return relative to maximum drawdown	0.35	2.73	-2.39
Martin ratio: Return relative to average drawdown	0.83	6.99	-6.16

SMHB vs. WNTR - Sharpe Ratio Comparison

The current SMHB Sharpe Ratio is 0.23, which is lower than the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SMHB 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

SMHB vs. WNTR - Drawdown Comparison

The maximum SMHB drawdown since its inception was -90.30%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SMHB and WNTR.

Drawdown Indicators

	SMHB	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-90.30%	-42.65%	-47.65%
Max Drawdown (1Y) Largest decline over 1 year	-25.16%	-42.65%	+17.49%
Max Drawdown (3Y) Largest decline over 3 years	-45.05%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-58.11%	—	—
Current Drawdown Current decline from peak	-40.42%	-4.02%	-36.40%
Average Drawdown Average peak-to-trough decline	-37.21%	-20.87%	-16.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.48%	16.66%	-6.18%

Volatility

SMHB vs. WNTR - Volatility Comparison

The current volatility for ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B (SMHB) is 7.89%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that SMHB 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

	SMHB	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.89%	18.14%	-10.25%
Volatility (6M) Calculated over the trailing 6-month period	24.79%	46.41%	-21.62%
Volatility (1Y) Calculated over the trailing 1-year period	38.40%	53.16%	-14.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.93%	53.31%	-4.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.10%	53.31%	+12.79%

SMHB vs. WNTR - Expense Ratio Comparison

SMHB has a 0.85% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

SMHB vs. WNTR - Dividend Comparison

SMHB's dividend yield for the trailing twelve months is around 20.86%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SMHB ETRACS 2xMonthly Pay Leveraged US Small Cap High Dividend ETN Series B	20.86%	22.22%	21.95%	15.27%	24.18%	12.22%	16.86%	19.97%	0.91%
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%

Frequently Asked Questions

Can I hold both SMHB and WNTR in my portfolio?

SMHB and WNTR have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SMHB or WNTR?

WNTR has higher volatility (18.14%) compared to SMHB (7.89%). In terms of maximum drawdown, SMHB dropped -90.30% vs WNTR's -42.65%.

Which ETF is better, SMHB or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 8.66% for SMHB. On fees, SMHB is cheaper at 0.85% per year. On volatility, SMHB has been the lower-risk option at 7.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SMHB or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 8.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SMHB or WNTR?

SMHB is cheaper with a 0.85% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 20.86% for SMHB.

What is the main difference between SMHB and WNTR?

SMHB is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: UBS and YieldMax. Their fees differ too: 0.85% for SMHB and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 0.23), 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.