SPMO vs. WNTR

Last updated Aug 5, 2026

SPMO (Invesco S&P 500 Momentum ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - SPMO is a Momentum fund tracking the S&P 500 Momentum Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SPMO is passively managed, while WNTR is actively managed. Over the past year, SPMO returned 32.27% vs 106.98% for WNTR. Their -0.40 correlation means they have often moved in opposite directions in the past. SPMO charges 0.13%/yr vs 1.00%/yr for WNTR.

Performance

SPMO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Momentum ETF (SPMO) 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, SPMO achieves a 27.25% return, which is significantly higher than WNTR's 7.92% return.

SPMO

• 1D: 4.00%
• 1M: 0.23%
• 6M: 27.03%
• YTD: 27.25%
• 1Y: 32.27%
• 3Y*: 39.98%
• 5Y*: 20.99%
• 10Y*: 20.17%
• ALL TIME*: 19.45%

WNTR

• 1D: -2.34%
• 1M: 5.36%
• 6M: 2.42%
• YTD: 7.92%
• 1Y: 106.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.62%

*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)
SPMO Invesco S&P 500 Momentum ETF	$336.43M	$343.89M	$352.54M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

SPMO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SPMO Invesco S&P 500 Momentum ETF	27.25%	26.05%
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	52.78%

Correlation

The correlation between SPMO and WNTR is -0.37, 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.	-0.37
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.40

Return for Risk

SPMO vs. WNTR — Risk / Return Rank

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

SPMO

SPMO Risk / Return Rank: 50
SPMO Sharpe Ratio Rank: 48
SPMO Sortino Ratio Rank: 47
SPMO Omega Ratio Rank: 49
SPMO Calmar Ratio Rank: 51
SPMO Martin Ratio Rank: 56

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 77
WNTR Sortino Ratio Rank: 59
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 50

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.

SPMO vs. WNTR - Risk-Adjusted Trends Comparison

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

	SPMO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.97	-0.63
Sortino ratio: Return per unit of downside risk	1.91	2.27	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	2.07	2.52	-0.45
Martin ratio: Return relative to average drawdown	7.44	6.38	+1.06

SPMO vs. WNTR - Sharpe Ratio Comparison

The current SPMO Sharpe Ratio is 1.35, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of SPMO 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

SPMO vs. WNTR - Drawdown Comparison

The maximum SPMO drawdown since its inception was -30.95%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SPMO and WNTR.

Drawdown Indicators

	SPMO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-30.95%	-42.65%	+11.70%
Max Drawdown (1Y) Largest decline over 1 year	-15.64%	-42.65%	+27.01%
Max Drawdown (3Y) Largest decline over 3 years	-20.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.95%	—	—
Current Drawdown Current decline from peak	-6.49%	-11.95%	+5.46%
Average Drawdown Average peak-to-trough decline	-4.62%	-20.12%	+15.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	16.84%	-12.49%

Volatility

SPMO vs. WNTR - Volatility Comparison

The current volatility for Invesco S&P 500 Momentum ETF (SPMO) is 10.95%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 13.23%. This indicates that SPMO 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

	SPMO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.95%	13.23%	-2.28%
Volatility (6M) Calculated over the trailing 6-month period	21.85%	46.95%	-25.10%
Volatility (1Y) Calculated over the trailing 1-year period	24.13%	54.62%	-30.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.69%	53.31%	-32.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	53.31%	-32.34%

SPMO vs. WNTR - Expense Ratio Comparison

SPMO has a 0.13% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

SPMO vs. WNTR - Dividend Comparison

SPMO's dividend yield for the trailing twelve months is around 0.69%, less than WNTR's 109.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPMO Invesco S&P 500 Momentum ETF	0.69%	0.73%	0.48%	1.63%	1.66%	0.52%	1.27%	1.39%	1.05%	0.77%	1.94%	0.36%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	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 SPMO and WNTR in my portfolio?

SPMO and WNTR have a correlation of -0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPMO or WNTR?

WNTR has higher volatility (13.23%) compared to SPMO (10.95%). In terms of maximum drawdown, SPMO dropped -30.95% vs WNTR's -42.65%.

Which ETF is better, SPMO or WNTR?

On 1-year performance, WNTR leads with 106.98% vs 32.27% for SPMO. On fees, SPMO is cheaper at 0.13% per year. On volatility, SPMO has been the lower-risk option at 10.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPMO or WNTR?

Over the 1-year period, WNTR has performed better with a 106.98% return vs 32.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPMO or WNTR?

SPMO is cheaper with a 0.13% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 109.83%, compared with 0.69% for SPMO.

What is the main difference between SPMO and WNTR?

SPMO is categorized as Momentum, while WNTR is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.13% for SPMO and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 1.35), 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.