UDOW vs. WNTR

Last updated Jun 26, 2026

UDOW (ProShares UltraPro Dow30) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%), while WNTR is a Derivative Income fund actively managed by YieldMax. UDOW is passively managed, while WNTR is actively managed. Over the past year, UDOW returned 58.57% vs 115.98% for WNTR. At a correlation of -0.34, they often move in opposite directions. UDOW charges 0.95%/yr vs 1.01%/yr for WNTR.

Performance

UDOW vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Dow30 (UDOW) 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, UDOW achieves a 19.36% return, which is significantly higher than WNTR's 17.65% return.

UDOW

• 1D: 0.42%
• 1M: 7.94%
• YTD: 19.36%
• 6M: 14.50%
• 1Y: 58.57%
• 3Y*: 36.20%
• 5Y*: 14.80%
• 10Y*: 25.53%

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)

UDOW vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
UDOW ProShares UltraPro Dow30	19.36%	29.09%
WNTR YieldMax Short MSTR Option Income Strategy ETF	17.65%	52.78%

Correlation

The correlation between UDOW and WNTR is -0.31, 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	-0.31
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.34

Return for Risk

UDOW vs. WNTR — Risk / Return Rank

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

UDOW

UDOW Risk / Return Rank: 50
UDOW Sharpe Ratio Rank: 54
UDOW Sortino Ratio Rank: 52
UDOW Omega Ratio Rank: 48
UDOW Calmar Ratio Rank: 48
UDOW Martin Ratio Rank: 50

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.

UDOW vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Dow30 (UDOW) 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.

	UDOW	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.20	-0.60
Sortino ratio: Return per unit of downside risk	2.21	2.46	-0.25
Omega ratio: Gain probability vs. loss probability	1.27	1.33	-0.07
Calmar ratio: Return relative to maximum drawdown	2.10	2.73	-0.64
Martin ratio: Return relative to average drawdown	7.42	6.99	+0.43

UDOW vs. WNTR - Sharpe Ratio Comparison

The current UDOW Sharpe Ratio is 1.60, which is comparable to the WNTR Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of UDOW 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

UDOW vs. WNTR - Drawdown Comparison

The maximum UDOW drawdown since its inception was -80.29%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for UDOW and WNTR.

Drawdown Indicators

	UDOW	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-80.29%	-42.65%	-37.64%
Max Drawdown (1Y) Largest decline over 1 year	-28.07%	-42.65%	+14.58%
Max Drawdown (3Y) Largest decline over 3 years	-44.83%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.79%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-80.29%	—	—
Current Drawdown Current decline from peak	-0.75%	-4.02%	+3.27%
Average Drawdown Average peak-to-trough decline	-14.34%	-20.87%	+6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.91%	16.66%	-8.75%

Volatility

UDOW vs. WNTR - Volatility Comparison

The current volatility for ProShares UltraPro Dow30 (UDOW) is 12.34%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.14%. This indicates that UDOW 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

	UDOW	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.34%	18.14%	-5.80%
Volatility (6M) Calculated over the trailing 6-month period	29.05%	46.41%	-17.36%
Volatility (1Y) Calculated over the trailing 1-year period	36.87%	53.16%	-16.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.31%	53.31%	-9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.75%	53.31%	-1.56%

UDOW vs. WNTR - Expense Ratio Comparison

UDOW has a 0.95% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

UDOW vs. WNTR - Dividend Comparison

UDOW's dividend yield for the trailing twelve months is around 1.13%, less than WNTR's 94.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UDOW ProShares UltraPro Dow30	1.13%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%
WNTR YieldMax Short MSTR Option Income Strategy ETF	94.34%	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 UDOW and WNTR in my portfolio?

UDOW and WNTR have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UDOW or WNTR?

WNTR has higher volatility (18.14%) compared to UDOW (12.34%). In terms of maximum drawdown, UDOW dropped -80.29% vs WNTR's -42.65%.

Which ETF is better, UDOW or WNTR?

On 1-year performance, WNTR leads with 115.98% vs 58.57% for UDOW. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 12.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UDOW or WNTR?

Over the 1-year period, WNTR has performed better with a 115.98% return vs 58.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UDOW or WNTR?

UDOW is cheaper with a 0.95% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 94.34%, compared with 1.13% for UDOW.

What is the main difference between UDOW and WNTR?

UDOW is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for UDOW and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.20 vs 1.60), 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.