SPXN vs. WNTR

Last updated Jul 17, 2026

SPXN (ProShares S&P 500 Ex-Financials ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - SPXN is a S&P 500 fund tracking the S&P 500 Ex-Financials and Real Estate Index, while WNTR is a Derivative Income fund actively managed by YieldMax. SPXN is passively managed, while WNTR is actively managed. Over the past year, SPXN returned 23.46% vs 127.90% for WNTR. At a correlation of -0.48, they often move in opposite directions. SPXN charges 0.09%/yr vs 1.01%/yr for WNTR.

Performance

SPXN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Financials ETF (SPXN) 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, SPXN achieves a 11.33% return, which is significantly higher than WNTR's 9.49% return.

SPXN

• 1D: -0.71%
• 1M: -0.48%
• 6M: 9.55%
• YTD: 11.33%
• 1Y: 23.46%
• 3Y*: 20.25%
• 5Y*: 13.72%
• 10Y*: 15.44%

WNTR

• 1D: 2.96%
• 1M: 17.94%
• 6M: 21.62%
• YTD: 9.49%
• 1Y: 127.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
SPXN ProShares S&P 500 Ex-Financials ETF	11.33%	23.50%
WNTR YieldMax Short MSTR Option Income Strategy ETF	9.49%	52.78%

Correlation

The correlation between SPXN and WNTR is -0.46, 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	-0.46
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.48

Return for Risk

SPXN vs. WNTR — Risk / Return Rank

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

SPXN

SPXN Risk / Return Rank: 66
SPXN Sharpe Ratio Rank: 67
SPXN Sortino Ratio Rank: 64
SPXN Omega Ratio Rank: 65
SPXN Calmar Ratio Rank: 64
SPXN Martin Ratio Rank: 72

WNTR

WNTR Risk / Return Rank: 73
WNTR Sharpe Ratio Rank: 90
WNTR Sortino Ratio Rank: 71
WNTR Omega Ratio Rank: 75
WNTR Calmar Ratio Rank: 74
WNTR Martin Ratio Rank: 56

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.

SPXN vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Financials ETF (SPXN) 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.

	SPXN	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.39	-0.66
Sortino ratio: Return per unit of downside risk	2.36	2.56	-0.20
Omega ratio: Gain probability vs. loss probability	1.31	1.35	-0.04
Calmar ratio: Return relative to maximum drawdown	2.55	3.02	-0.47
Martin ratio: Return relative to average drawdown	10.41	7.72	+2.69

SPXN vs. WNTR - Sharpe Ratio Comparison

The current SPXN Sharpe Ratio is 1.74, which is comparable to the WNTR Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SPXN 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

SPXN vs. WNTR - Drawdown Comparison

The maximum SPXN drawdown since its inception was -32.10%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for SPXN and WNTR.

Drawdown Indicators

	SPXN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-32.10%	-42.65%	+10.55%
Max Drawdown (1Y) Largest decline over 1 year	-9.26%	-42.65%	+33.39%
Max Drawdown (3Y) Largest decline over 3 years	-19.56%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.10%	—	—
Current Drawdown Current decline from peak	-2.55%	-10.67%	+8.12%
Average Drawdown Average peak-to-trough decline	-3.99%	-20.46%	+16.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	16.63%	-14.37%

Volatility

SPXN vs. WNTR - Volatility Comparison

The current volatility for ProShares S&P 500 Ex-Financials ETF (SPXN) is 3.83%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 17.89%. This indicates that SPXN 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

	SPXN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	17.89%	-14.06%
Volatility (6M) Calculated over the trailing 6-month period	10.89%	47.05%	-36.16%
Volatility (1Y) Calculated over the trailing 1-year period	13.58%	53.81%	-40.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	53.49%	-36.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	53.49%	-35.82%

SPXN vs. WNTR - Expense Ratio Comparison

SPXN has a 0.09% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

SPXN vs. WNTR - Dividend Comparison

SPXN's dividend yield for the trailing twelve months is around 0.90%, less than WNTR's 106.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXN ProShares S&P 500 Ex-Financials ETF	0.90%	0.98%	1.12%	1.19%	1.35%	0.94%	1.09%	1.41%	1.76%	1.54%	2.60%	0.52%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.86%	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 SPXN and WNTR in my portfolio?

SPXN and WNTR have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXN or WNTR?

WNTR has higher volatility (17.89%) compared to SPXN (3.83%). In terms of maximum drawdown, SPXN dropped -32.10% vs WNTR's -42.65%.

Which ETF is better, SPXN or WNTR?

On 1-year performance, WNTR leads with 127.90% vs 23.46% for SPXN. On fees, SPXN is cheaper at 0.09% per year. On volatility, SPXN has been the lower-risk option at 3.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXN or WNTR?

Over the 1-year period, WNTR has performed better with a 127.90% return vs 23.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXN or WNTR?

SPXN is cheaper with a 0.09% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.86%, compared with 0.90% for SPXN.

What is the main difference between SPXN and WNTR?

SPXN is categorized as S&P 500, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.09% for SPXN and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.39 vs 1.74), 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.