SPSM vs. WNTR
SPSM (State Street SPDR Portfolio S&P 600 Small Cap ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - SPSM is a Small Cap Blend Equities fund tracking the S&P SmallCap 600 Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SPSM is passively managed, while WNTR is actively managed. Over the past year, SPSM returned 36.02% vs 107.38% for WNTR. Their -0.38 correlation means they have often moved in opposite directions in the past. SPSM charges 0.03%/yr vs 1.00%/yr for WNTR.
Performance
SPSM vs. WNTR - Performance Comparison
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Returns By Period
In the year-to-date period, SPSM achieves a 21.58% return, which is significantly higher than WNTR's 10.75% return.
SPSM
- 1D
- 0.00%
- 1M
- -0.67%
- 6M
- 15.19%
- YTD
- 21.58%
- 1Y
- 36.02%
- 3Y*
- 13.49%
- 5Y*
- 7.48%
- 10Y*
- 10.94%
- ALL TIME*
- 10.05%
WNTR
- 1D
- 3.26%
- 1M
- 8.13%
- 6M
- 14.92%
- YTD
- 10.75%
- 1Y
- 107.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 47.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.54M | $95.75M | $94.53M | |
| $4.02M | $3.86M | $3.95M |
SPSM vs. WNTR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 21.58% | 13.93% |
WNTR YieldMax MSTR Short Option Income Strategy ETF | 10.75% | 52.78% |
Correlation
The correlation between SPSM 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 | -0.38 |
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Return for Risk
SPSM vs. WNTR — Risk / Return Rank
SPSM
WNTR
SPSM vs. WNTR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) 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.
| SPSM | WNTR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.32 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | 2.71 | +1.17 |
| Martin ratioReturn relative to average drawdown | 13.32 | 6.87 | +6.46 |
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Drawdowns
SPSM vs. WNTR - Drawdown Comparison
The maximum SPSM drawdown since its inception was -42.89%, roughly equal to the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SPSM and WNTR.
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Drawdown Indicators
| SPSM | WNTR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.89% | -42.65% | -0.24% |
Max Drawdown (1Y)Largest decline over 1 year | -8.72% | -42.65% | +33.93% |
Max Drawdown (3Y)Largest decline over 3 years | -27.94% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -27.94% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -42.89% | — | — |
Current DrawdownCurrent decline from peak | -1.91% | -9.64% | +7.73% |
Average DrawdownAverage peak-to-trough decline | -7.84% | -20.18% | +12.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.54% | 16.81% | -14.27% |
Volatility
SPSM vs. WNTR - Volatility Comparison
The current volatility for State Street SPDR Portfolio S&P 600 Small Cap ETF (SPSM) is 3.45%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that SPSM 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.
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Volatility by Period
| SPSM | WNTR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.45% | 14.85% | -11.40% |
Volatility (6M)Calculated over the trailing 6-month period | 11.63% | 47.43% | -35.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.29% | 54.68% | -37.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.27% | 53.42% | -32.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.94% | 53.42% | -30.48% |
SPSM vs. WNTR - Expense Ratio Comparison
SPSM has a 0.03% expense ratio, which is lower than WNTR's 1.00% expense ratio.
Dividends
SPSM vs. WNTR - Dividend Comparison
SPSM's dividend yield for the trailing twelve months is around 1.39%, less than WNTR's 107.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPSM State Street SPDR Portfolio S&P 600 Small Cap ETF | 1.39% | 1.62% | 1.85% | 1.61% | 1.38% | 1.40% | 1.34% | 1.58% | 1.82% | 1.51% | 1.49% | 2.37% |
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
SPSM 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.
WNTR has higher volatility (14.85%) compared to SPSM (3.45%). In terms of maximum drawdown, SPSM dropped -42.89% vs WNTR's -42.65%.
On 1-year performance, WNTR leads with 107.38% vs 36.02% for SPSM. On fees, SPSM is cheaper at 0.03% per year. On volatility, SPSM has been the lower-risk option at 3.45%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, WNTR has performed better with a 107.38% return vs 36.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPSM is cheaper with a 0.03% expense ratio, compared with 1.00% for WNTR.
WNTR has the higher dividend yield at 107.02%, compared with 1.39% for SPSM.
SPSM is categorized as Small Cap Blend Equities, while WNTR is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.03% for SPSM and 1.00% for WNTR.
WNTR currently has the higher Sharpe Ratio (2.12 vs 1.97), 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.
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