VFLO vs. WNTR

Last updated Aug 2, 2026

VFLO (VictoryShares Free Cash Flow ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - VFLO is a Large Cap Value Equities fund tracking the Victory U.S. Large Cap Free Cash Flow Index, while WNTR is a Derivative Income fund actively managed by YieldMax. VFLO is passively managed, while WNTR is actively managed. Over the past year, VFLO returned 46.76% vs 107.38% for WNTR. Their -0.33 correlation means they have often moved in opposite directions in the past. VFLO charges 0.39%/yr vs 1.00%/yr for WNTR.

Performance

VFLO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares Free Cash Flow ETF (VFLO) and YieldMax MSTR Short 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, VFLO achieves a 26.80% return, which is significantly higher than WNTR's 10.75% return.

VFLO

• 1D: 0.24%
• 1M: 5.89%
• 6M: 26.51%
• YTD: 26.80%
• 1Y: 46.76%
• 3Y*: 24.37%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 26.75%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
VFLO VictoryShares Free Cash Flow ETF	$86.49M	$72.10M	$51.24M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M

VFLO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
VFLO VictoryShares Free Cash Flow ETF	26.80%	14.14%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between VFLO and WNTR is -0.34, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.33

Return for Risk

VFLO vs. WNTR — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

VFLO

VFLO Risk / Return Rank: 96
VFLO Sharpe Ratio Rank: 96
VFLO Sortino Ratio Rank: 95
VFLO Omega Ratio Rank: 94
VFLO Calmar Ratio Rank: 97
VFLO Martin Ratio Rank: 96

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

VFLO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares Free Cash Flow ETF (VFLO) and YieldMax MSTR Short 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.

	VFLO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.94	2.12	+0.82
Sortino ratio: Return per unit of downside risk	4.10	2.37	+1.72
Omega ratio: Gain probability vs. loss probability	1.52	1.32	+0.20
Calmar ratio: Return relative to maximum drawdown	7.03	2.71	+4.32
Martin ratio: Return relative to average drawdown	23.62	6.87	+16.76

VFLO vs. WNTR - Sharpe Ratio Comparison

The current VFLO Sharpe Ratio is 2.94, which is higher than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VFLO 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

VFLO vs. WNTR - Drawdown Comparison

The maximum VFLO drawdown since its inception was -17.79%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for VFLO and WNTR.

Drawdown Indicators

	VFLO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-17.79%	-42.65%	+24.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.44%	-42.65%	+36.21%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	—	—
Current Drawdown Current decline from peak	-0.96%	-9.64%	+8.68%
Average Drawdown Average peak-to-trough decline	-2.43%	-20.18%	+17.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	16.81%	-14.90%

Volatility

VFLO vs. WNTR - Volatility Comparison

The current volatility for VictoryShares Free Cash Flow ETF (VFLO) is 4.11%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that VFLO 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

	VFLO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.11%	14.85%	-10.74%
Volatility (6M) Calculated over the trailing 6-month period	12.12%	47.43%	-35.31%
Volatility (1Y) Calculated over the trailing 1-year period	15.64%	54.68%	-39.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.98%	53.42%	-37.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.98%	53.42%	-37.44%

VFLO vs. WNTR - Expense Ratio Comparison

VFLO has a 0.39% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

VFLO vs. WNTR - Dividend Comparison

VFLO's dividend yield for the trailing twelve months is around 1.07%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
VFLO VictoryShares Free Cash Flow ETF	1.07%	1.60%	1.20%	0.71%
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VFLO and WNTR in my portfolio?

VFLO and WNTR have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VFLO or WNTR?

WNTR has higher volatility (14.85%) compared to VFLO (4.11%). In terms of maximum drawdown, VFLO dropped -17.79% vs WNTR's -42.65%.

Which ETF is better, VFLO or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 46.76% for VFLO. On fees, VFLO is cheaper at 0.39% per year. On volatility, VFLO has been the lower-risk option at 4.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VFLO or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 46.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VFLO or WNTR?

VFLO is cheaper with a 0.39% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 1.07% for VFLO.

What is the main difference between VFLO and WNTR?

VFLO is categorized as Large Cap Value Equities, while WNTR is Derivative Income. They also come from different issuers: Victory and YieldMax. Their fees differ too: 0.39% for VFLO and 1.00% for WNTR.

Which has better risk-adjusted returns?

VFLO currently has the higher Sharpe Ratio (2.94 vs 2.12), 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.