VEGN vs. WNTR

Last updated Jul 15, 2026

VEGN (US Vegan Climate ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - VEGN is a Large Cap Growth Equities fund tracking the US Vegan Climate Index, while WNTR is a Derivative Income fund actively managed by YieldMax. VEGN is passively managed, while WNTR is actively managed. Over the past year, VEGN returned 41.53% vs 119.74% for WNTR. At a correlation of -0.41, they often move in opposite directions. VEGN charges 0.60%/yr vs 1.01%/yr for WNTR.

Performance

VEGN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in US Vegan Climate ETF (VEGN) 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, VEGN achieves a 29.54% return, which is significantly higher than WNTR's 5.96% return.

VEGN

• 1D: 0.87%
• 1M: 0.19%
• 6M: 27.57%
• YTD: 29.54%
• 1Y: 41.53%
• 3Y*: 26.19%
• 5Y*: 15.18%
• 10Y*: —

WNTR

• 1D: -3.79%
• 1M: 13.60%
• 6M: 16.72%
• YTD: 5.96%
• 1Y: 119.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VEGN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
VEGN US Vegan Climate ETF	29.54%	20.13%
WNTR YieldMax Short MSTR Option Income Strategy ETF	5.96%	52.78%

Correlation

The correlation between VEGN and WNTR is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.41

Return for Risk

VEGN vs. WNTR — Risk / Return Rank

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

VEGN

VEGN Risk / Return Rank: 82
VEGN Sharpe Ratio Rank: 85
VEGN Sortino Ratio Rank: 79
VEGN Omega Ratio Rank: 79
VEGN Calmar Ratio Rank: 82
VEGN Martin Ratio Rank: 84

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 87
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 53

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.

VEGN vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for US Vegan Climate ETF (VEGN) 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.

	VEGN	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.15	2.24	-0.09
Sortino ratio: Return per unit of downside risk	2.79	2.46	+0.33
Omega ratio: Gain probability vs. loss probability	1.37	1.34	+0.03
Calmar ratio: Return relative to maximum drawdown	3.52	2.82	+0.70
Martin ratio: Return relative to average drawdown	13.18	7.24	+5.94

VEGN vs. WNTR - Sharpe Ratio Comparison

The current VEGN Sharpe Ratio is 2.15, which is comparable to the WNTR Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of VEGN 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

VEGN vs. WNTR - Drawdown Comparison

The maximum VEGN drawdown since its inception was -34.14%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for VEGN and WNTR.

Drawdown Indicators

	VEGN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-34.14%	-42.65%	+8.51%
Max Drawdown (1Y) Largest decline over 1 year	-11.85%	-42.65%	+30.80%
Max Drawdown (3Y) Largest decline over 3 years	-20.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.40%	—	—
Current Drawdown Current decline from peak	-4.48%	-13.55%	+9.07%
Average Drawdown Average peak-to-trough decline	-7.52%	-20.51%	+12.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.16%	16.60%	-13.44%

Volatility

VEGN vs. WNTR - Volatility Comparison

The current volatility for US Vegan Climate ETF (VEGN) is 9.23%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 19.07%. This indicates that VEGN 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

	VEGN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.23%	19.07%	-9.84%
Volatility (6M) Calculated over the trailing 6-month period	17.05%	47.38%	-30.33%
Volatility (1Y) Calculated over the trailing 1-year period	19.41%	53.89%	-34.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.84%	53.60%	-32.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.99%	53.60%	-30.61%

VEGN vs. WNTR - Expense Ratio Comparison

VEGN has a 0.60% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

VEGN vs. WNTR - Dividend Comparison

VEGN's dividend yield for the trailing twelve months is around 0.50%, less than WNTR's 106.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
VEGN US Vegan Climate ETF	0.50%	0.51%	0.51%	0.67%	0.81%	0.41%	0.71%	0.29%
WNTR YieldMax Short MSTR Option Income Strategy ETF	106.17%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VEGN and WNTR in my portfolio?

VEGN and WNTR have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VEGN or WNTR?

WNTR has higher volatility (19.07%) compared to VEGN (9.23%). In terms of maximum drawdown, VEGN dropped -34.14% vs WNTR's -42.65%.

Which ETF is better, VEGN or WNTR?

On 1-year performance, WNTR leads with 119.74% vs 41.53% for VEGN. On fees, VEGN is cheaper at 0.60% per year. On volatility, VEGN has been the lower-risk option at 9.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VEGN or WNTR?

Over the 1-year period, WNTR has performed better with a 119.74% return vs 41.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VEGN or WNTR?

VEGN is cheaper with a 0.60% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 106.17%, compared with 0.50% for VEGN.

What is the main difference between VEGN and WNTR?

VEGN is categorized as Large Cap Growth Equities, while WNTR is Derivative Income. They also come from different issuers: Beyond Investing and YieldMax. Their fees differ too: 0.60% for VEGN and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.24 vs 2.15), 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.