VSMV vs. WNTR

Last updated Jul 12, 2026

VSMV (VictoryShares US Multi-Factor Minimum Volatility ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - VSMV is a Volatility Hedged Equity fund tracking the Nasdaq Victory Multi-Factor Minimum Volatility Index, while WNTR is a Derivative Income fund actively managed by YieldMax. VSMV is passively managed, while WNTR is actively managed. Over the past year, VSMV returned 23.44% vs 116.49% for WNTR. At a correlation of -0.33, they often move in opposite directions. VSMV charges 0.35%/yr vs 1.01%/yr for WNTR.

Performance

VSMV vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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, VSMV achieves a 9.14% return, which is significantly higher than WNTR's 8.06% return.

VSMV

• 1D: 0.40%
• 1M: -0.82%
• 6M: 6.08%
• YTD: 9.14%
• 1Y: 23.44%
• 3Y*: 15.65%
• 5Y*: 10.80%
• 10Y*: —

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VSMV vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	9.14%	15.77%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between VSMV 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	-0.33

Return for Risk

VSMV vs. WNTR — Risk / Return Rank

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

VSMV

VSMV Risk / Return Rank: 90
VSMV Sharpe Ratio Rank: 91
VSMV Sortino Ratio Rank: 92
VSMV Omega Ratio Rank: 89
VSMV Calmar Ratio Rank: 90
VSMV Martin Ratio Rank: 89

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

VSMV vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) 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.

	VSMV	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	2.46	2.06	+0.40
Sortino ratio: Return per unit of downside risk	3.55	2.34	+1.21
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.13
Calmar ratio: Return relative to maximum drawdown	4.41	2.60	+1.81
Martin ratio: Return relative to average drawdown	15.75	6.69	+9.07

VSMV vs. WNTR - Sharpe Ratio Comparison

The current VSMV Sharpe Ratio is 2.46, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of VSMV 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

VSMV vs. WNTR - Drawdown Comparison

The maximum VSMV drawdown since its inception was -31.33%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for VSMV and WNTR.

Drawdown Indicators

	VSMV	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-31.33%	-42.65%	+11.32%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-42.65%	+37.47%
Max Drawdown (3Y) Largest decline over 3 years	-13.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.96%	—	—
Current Drawdown Current decline from peak	-1.17%	-11.84%	+10.67%
Average Drawdown Average peak-to-trough decline	-3.39%	-20.57%	+17.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	16.58%	-15.13%

Volatility

VSMV vs. WNTR - Volatility Comparison

The current volatility for VictoryShares US Multi-Factor Minimum Volatility ETF (VSMV) is 2.94%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that VSMV 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

	VSMV	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.94%	18.80%	-15.86%
Volatility (6M) Calculated over the trailing 6-month period	6.69%	47.57%	-40.88%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	53.81%	-44.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	53.62%	-40.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.99%	53.62%	-38.63%

VSMV vs. WNTR - Expense Ratio Comparison

VSMV has a 0.35% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

VSMV vs. WNTR - Dividend Comparison

VSMV's dividend yield for the trailing twelve months is around 1.32%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
VSMV VictoryShares US Multi-Factor Minimum Volatility ETF	1.32%	1.35%	1.36%	1.77%	1.99%	1.36%	2.01%	2.00%	2.42%	1.11%
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VSMV and WNTR in my portfolio?

VSMV 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, VSMV or WNTR?

WNTR has higher volatility (18.80%) compared to VSMV (2.94%). In terms of maximum drawdown, VSMV dropped -31.33% vs WNTR's -42.65%.

Which ETF is better, VSMV or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 23.44% for VSMV. On fees, VSMV is cheaper at 0.35% per year. On volatility, VSMV has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VSMV or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 23.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VSMV or WNTR?

VSMV is cheaper with a 0.35% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 1.32% for VSMV.

What is the main difference between VSMV and WNTR?

VSMV is categorized as Volatility Hedged Equity, while WNTR is Derivative Income. They also come from different issuers: Crestview and YieldMax. Their fees differ too: 0.35% for VSMV and 1.01% for WNTR.

Which has better risk-adjusted returns?

VSMV currently has the higher Sharpe Ratio (2.46 vs 2.06), 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.