TSMY vs. WNTR

Last updated Jun 26, 2026

TSMY (YieldMax TSM 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, TSMY returned 76.34% vs 115.98% for WNTR. At a correlation of -0.32, they often move in opposite directions. TSMY charges 0.99%/yr vs 1.01%/yr for WNTR.

Performance

TSMY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) 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, TSMY achieves a 37.34% return, which is significantly higher than WNTR's 17.65% return.

TSMY

• 1D: -0.42%
• 1M: 5.31%
• YTD: 37.34%
• 6M: 39.44%
• 1Y: 76.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 6.51%
• 1M: 45.64%
• YTD: 17.65%
• 6M: 21.49%
• 1Y: 115.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
TSMY YieldMax TSM Option Income Strategy ETF	37.34%	58.07%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between TSMY and WNTR is -0.28, 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	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.32

Return for Risk

TSMY vs. WNTR — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 85
TSMY Sharpe Ratio Rank: 87
TSMY Sortino Ratio Rank: 79
TSMY Omega Ratio Rank: 79
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 90

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 80
WNTR Sortino Ratio Rank: 60
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 47

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.

TSMY vs. WNTR - Risk-Adjusted Trends Comparison

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

	TSMY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.20	+0.28
Sortino ratio: Return per unit of downside risk	3.05	2.46	+0.59
Omega ratio: Gain probability vs. loss probability	1.40	1.33	+0.07
Calmar ratio: Return relative to maximum drawdown	4.95	2.73	+2.22
Martin ratio: Return relative to average drawdown	17.86	6.99	+10.87

TSMY vs. WNTR - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.47, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of TSMY 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

TSMY vs. WNTR - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for TSMY and WNTR.

Drawdown Indicators

	TSMY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-42.65%	+11.50%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-42.65%	+27.15%
Current Drawdown Current decline from peak	-4.90%	-4.02%	-0.88%
Average Drawdown Average peak-to-trough decline	-5.43%	-20.87%	+15.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	16.66%	-12.37%

Volatility

TSMY vs. WNTR - Volatility Comparison

The current volatility for YieldMax TSM Option Income Strategy ETF (TSMY) is 13.57%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that TSMY 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

	TSMY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.57%	18.14%	-4.57%
Volatility (6M) Calculated over the trailing 6-month period	25.04%	46.41%	-21.37%
Volatility (1Y) Calculated over the trailing 1-year period	31.03%	53.16%	-22.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.89%	53.31%	-19.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.89%	53.31%	-19.42%

TSMY vs. WNTR - Expense Ratio Comparison

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

Dividends

TSMY vs. WNTR - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 52.37%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	52.37%	56.76%	13.71%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	58.56%	0.00%

Frequently Asked Questions

Can I hold both TSMY and WNTR in my portfolio?

TSMY and WNTR have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMY or WNTR?

WNTR has higher volatility (18.14%) compared to TSMY (13.57%). In terms of maximum drawdown, TSMY dropped -31.15% vs WNTR's -42.65%.

Which ETF is better, TSMY or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 76.34% for TSMY. On fees, TSMY is cheaper at 0.99% per year. On volatility, TSMY has been the lower-risk option at 13.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 76.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or WNTR?

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

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

WNTR has the higher dividend yield at 94.34%, compared with 52.37% for TSMY.

What is the main difference between TSMY and WNTR?

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

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (2.47 vs 2.20), 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.