ULTY vs. WNTR

Last updated Jun 28, 2026

ULTY (YieldMax Ultra 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, ULTY returned -1.26% vs 119.08% for WNTR. At a correlation of -0.59, they often move in opposite directions. ULTY charges 1.14%/yr vs 1.01%/yr for WNTR.

Performance

ULTY vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) 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, ULTY achieves a 7.24% return, which is significantly lower than WNTR's 20.79% return.

ULTY

• 1D: -0.96%
• 1M: -4.02%
• YTD: 7.24%
• 6M: 4.64%
• 1Y: -1.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WNTR

• 1D: 2.67%
• 1M: 50.71%
• YTD: 20.79%
• 6M: 24.49%
• 1Y: 119.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTY vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
ULTY YieldMax Ultra Option Income Strategy ETF	7.24%	8.02%
WNTR YieldMax Short MSTR Option Income Strategy ETF	20.79%	52.78%

Correlation

The correlation between ULTY and WNTR is -0.62, 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	-0.62
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.59

The correlation between ULTY and WNTR has been stable across timeframes, ranging from -0.62 to -0.59 - a consistent structural relationship.

Return for Risk

ULTY vs. WNTR — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 8
ULTY Sharpe Ratio Rank: 8
ULTY Sortino Ratio Rank: 8
ULTY Omega Ratio Rank: 8
ULTY Calmar Ratio Rank: 8
ULTY Martin Ratio Rank: 8

WNTR

WNTR Risk / Return Rank: 64
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 61
WNTR Omega Ratio Rank: 64
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 48

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.

ULTY vs. WNTR - Risk-Adjusted Trends Comparison

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

	ULTY	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	2.28	-2.38
Sortino ratio: Return per unit of downside risk	0.02	2.52	-2.50
Omega ratio: Gain probability vs. loss probability	1.00	1.34	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.09	2.84	-2.92
Martin ratio: Return relative to average drawdown	-0.16	7.26	-7.42

ULTY vs. WNTR - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.10, which is lower than the WNTR Sharpe Ratio of 2.28. The chart below compares the historical Sharpe Ratios of ULTY 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

ULTY vs. WNTR - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for ULTY and WNTR.

Drawdown Indicators

	ULTY	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-42.65%	+15.80%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-42.65%	+18.49%
Current Drawdown Current decline from peak	-12.07%	-1.46%	-10.61%
Average Drawdown Average peak-to-trough decline	-9.90%	-20.81%	+10.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.62%	16.66%	-4.04%

Volatility

ULTY vs. WNTR - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 8.41%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.15%. This indicates that ULTY 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

	ULTY	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.41%	18.15%	-9.74%
Volatility (6M) Calculated over the trailing 6-month period	16.15%	46.38%	-30.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.64%	53.11%	-31.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.25%	53.27%	-26.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.25%	53.27%	-26.02%

ULTY vs. WNTR - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than WNTR's 1.01% expense ratio.

Dividends

ULTY vs. WNTR - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.50%, more than WNTR's 91.89% yield.

Position	TTM	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	114.50%	142.99%	111.70%
WNTR YieldMax Short MSTR Option Income Strategy ETF	91.89%	58.56%	0.00%

Frequently Asked Questions

Can I hold both ULTY and WNTR in my portfolio?

ULTY and WNTR have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULTY or WNTR?

WNTR has higher volatility (18.15%) compared to ULTY (8.41%). In terms of maximum drawdown, ULTY dropped -26.85% vs WNTR's -42.65%.

Which ETF is better, ULTY or WNTR?

On 1-year performance, WNTR leads with 119.08% vs -1.26% for ULTY. On fees, WNTR is cheaper at 1.01% per year. On volatility, ULTY has been the lower-risk option at 8.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or WNTR?

Over the 1-year period, WNTR has performed better with a 119.08% return vs -1.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or WNTR?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.50%, compared with 91.89% for WNTR.

What is the main difference between ULTY and WNTR?

Their fees differ too: 1.14% for ULTY and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.28 vs -0.10), 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.