SPGP vs. WNTR

Last updated Aug 2, 2026

SPGP (Invesco S&P 500 GARP ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - SPGP is a Multi-factor fund tracking the S&P 500 GARP Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SPGP is passively managed, while WNTR is actively managed. Over the past year, SPGP returned 17.66% vs 107.38% for WNTR. Their -0.37 correlation means they have often moved in opposite directions in the past. SPGP charges 0.36%/yr vs 1.00%/yr for WNTR.

Performance

SPGP vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 GARP ETF (SPGP) and YieldMax MSTR Short Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPGP having a 10.71% return and WNTR slightly higher at 10.75%.

SPGP

• 1D: 0.01%
• 1M: 0.78%
• 6M: 9.37%
• YTD: 10.71%
• 1Y: 17.66%
• 3Y*: 10.71%
• 5Y*: 8.08%
• 10Y*: 15.12%
• ALL TIME*: 14.46%

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)
SPGP Invesco S&P 500 GARP ETF	$11.85M	$11.53M	$9.19M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

SPGP vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SPGP Invesco S&P 500 GARP ETF	10.71%	12.46%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between SPGP and WNTR is -0.36, 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.	-0.36
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.37

Return for Risk

SPGP vs. WNTR — Risk / Return Rank

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

SPGP

SPGP Risk / Return Rank: 42
SPGP Sharpe Ratio Rank: 41
SPGP Sortino Ratio Rank: 42
SPGP Omega Ratio Rank: 39
SPGP Calmar Ratio Rank: 41
SPGP Martin Ratio Rank: 48

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.

SPGP vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 GARP ETF (SPGP) 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.

	SPGP	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.12	-1.09
Sortino ratio: Return per unit of downside risk	1.55	2.37	-0.82
Omega ratio: Gain probability vs. loss probability	1.19	1.32	-0.13
Calmar ratio: Return relative to maximum drawdown	1.45	2.71	-1.26
Martin ratio: Return relative to average drawdown	5.55	6.87	-1.32

SPGP vs. WNTR - Sharpe Ratio Comparison

The current SPGP Sharpe Ratio is 1.02, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SPGP 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

SPGP vs. WNTR - Drawdown Comparison

The maximum SPGP drawdown since its inception was -42.08%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SPGP and WNTR.

Drawdown Indicators

	SPGP	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-42.08%	-42.65%	+0.57%
Max Drawdown (1Y) Largest decline over 1 year	-11.15%	-42.65%	+31.50%
Max Drawdown (3Y) Largest decline over 3 years	-22.87%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.08%	—	—
Current Drawdown Current decline from peak	-0.44%	-9.64%	+9.20%
Average Drawdown Average peak-to-trough decline	-4.32%	-20.18%	+15.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	16.81%	-13.90%

Volatility

SPGP vs. WNTR - Volatility Comparison

The current volatility for Invesco S&P 500 GARP ETF (SPGP) is 3.74%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that SPGP 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

	SPGP	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	14.85%	-11.11%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	47.43%	-35.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.82%	54.68%	-38.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.64%	53.42%	-34.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.21%	53.42%	-32.21%

SPGP vs. WNTR - Expense Ratio Comparison

SPGP has a 0.36% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

SPGP vs. WNTR - Dividend Comparison

SPGP's dividend yield for the trailing twelve months is around 0.80%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPGP Invesco S&P 500 GARP ETF	0.80%	1.04%	1.38%	1.24%	1.22%	0.69%	1.10%	0.86%	0.95%	0.68%	0.89%	1.12%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	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 SPGP and WNTR in my portfolio?

SPGP and WNTR have a correlation of -0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPGP or WNTR?

WNTR has higher volatility (14.85%) compared to SPGP (3.74%). In terms of maximum drawdown, SPGP dropped -42.08% vs WNTR's -42.65%.

Which ETF is better, SPGP or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 17.66% for SPGP. On fees, SPGP is cheaper at 0.36% per year. On volatility, SPGP has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPGP or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 17.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPGP or WNTR?

SPGP is cheaper with a 0.36% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.80% for SPGP.

What is the main difference between SPGP and WNTR?

SPGP is categorized as Multi-factor, while WNTR is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.36% for SPGP and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.02), 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.