SNOY vs. WNTR

Last updated Jun 25, 2026

SNOY (YieldMax SNOW Option Income Strategy ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, SNOY returned 4.03% vs 97.02% for WNTR. At a correlation of -0.27, they often move in opposite directions. SNOY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

SNOY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SNOW Option Income Strategy ETF (SNOY) 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, SNOY achieves a 7.77% return, which is significantly lower than WNTR's 10.46% return.

SNOY

• 1D: -1.41%
• 1M: 37.61%
• YTD: 7.77%
• 6M: 7.39%
• 1Y: 4.03%
• 3Y*: —
• 5Y*: —
• 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)

SNOY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SNOY YieldMax SNOW Option Income Strategy ETF	7.77%	23.08%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between SNOY and WNTR is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.27

Return for Risk

SNOY vs. WNTR — Risk / Return Rank

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

SNOY

SNOY Risk / Return Rank: 11
SNOY Sharpe Ratio Rank: 10
SNOY Sortino Ratio Rank: 13
SNOY Omega Ratio Rank: 13
SNOY Calmar Ratio Rank: 10
SNOY Martin Ratio Rank: 10

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.

SNOY vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SNOW Option Income Strategy ETF (SNOY) 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.

	SNOY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.07	1.85	-1.78
Sortino ratio: Return per unit of downside risk	0.59	2.20	-1.61
Omega ratio: Gain probability vs. loss probability	1.08	1.30	-0.22
Calmar ratio: Return relative to maximum drawdown	0.08	2.29	-2.21
Martin ratio: Return relative to average drawdown	0.17	5.85	-5.67

SNOY vs. WNTR - Sharpe Ratio Comparison

The current SNOY Sharpe Ratio is 0.07, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of SNOY 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

SNOY vs. WNTR - Drawdown Comparison

The maximum SNOY drawdown since its inception was -50.90%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SNOY and WNTR.

Drawdown Indicators

	SNOY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-50.90%	-42.65%	-8.25%
Max Drawdown (1Y) Largest decline over 1 year	-50.90%	-42.65%	-8.25%
Current Drawdown Current decline from peak	-12.54%	-9.88%	-2.66%
Average Drawdown Average peak-to-trough decline	-12.66%	-20.93%	+8.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.10%	16.70%	+6.40%

Volatility

SNOY vs. WNTR - Volatility Comparison

YieldMax SNOW Option Income Strategy ETF (SNOY) has a higher volatility of 34.28% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 17.54%. This indicates that SNOY's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SNOY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.28%	17.54%	+16.74%
Volatility (6M) Calculated over the trailing 6-month period	47.67%	45.99%	+1.68%
Volatility (1Y) Calculated over the trailing 1-year period	57.61%	52.83%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.63%	53.10%	-1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.63%	53.10%	-1.47%

SNOY vs. WNTR - Expense Ratio Comparison

SNOY has a 0.99% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

SNOY vs. WNTR - Dividend Comparison

SNOY's dividend yield for the trailing twelve months is around 74.29%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024
SNOY YieldMax SNOW Option Income Strategy ETF	74.29%	84.96%	33.32%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%	0.00%

Frequently Asked Questions

Can I hold both SNOY and WNTR in my portfolio?

SNOY and WNTR have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SNOY or WNTR?

SNOY has higher volatility (34.28%) compared to WNTR (17.54%). In terms of maximum drawdown, SNOY dropped -50.90% vs WNTR's -42.65%.

Which ETF is better, SNOY or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 4.03% for SNOY. On fees, SNOY is cheaper at 0.99% per year. On volatility, WNTR has been the lower-risk option at 17.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SNOY or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 4.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SNOY or WNTR?

SNOY is cheaper with a 0.99% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 96.66%, compared with 74.29% for SNOY.

What is the main difference between SNOY and WNTR?

Their fees differ too: 0.99% for SNOY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 0.07), 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.