WNTR vs. MSTR

Last updated Jun 4, 2026

WNTR (YieldMax Short MSTR Option Income Strategy ETF) is Derivative Income fund actively managed by YieldMax, while MSTR (Strategy Inc) is a stock. Over the past year, WNTR returned 73.88% vs -67.34% for MSTR. At a correlation of -0.97, they often move in opposite directions.

Performance

WNTR vs. MSTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short MSTR Option Income Strategy ETF (WNTR) and Strategy Inc (MSTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WNTR achieves a -7.49% return, which is significantly higher than MSTR's -16.72% return.

WNTR

• 1D: 4.50%
• 1M: 25.47%
• YTD: -7.49%
• 6M: 10.48%
• 1Y: 73.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTR

• 1D: -7.01%
• 1M: -31.15%
• YTD: -16.72%
• 6M: -32.83%
• 1Y: -67.34%
• 3Y*: 61.19%
• 5Y*: 21.16%
• 10Y*: 20.96%

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

WNTR vs. MSTR - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%
MSTR Strategy Inc	-16.72%	-53.19%

Correlation

The correlation between WNTR and MSTR is -0.97, 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	-0.97
Correlation (All Time) Calculated using the full available price history since Mar 28, 2025	-0.97

The correlation between WNTR and MSTR has been stable across timeframes, ranging from -0.97 to -0.97 - a consistent structural relationship.

Return for Risk

WNTR vs. MSTR — Risk / Return Rank

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

WNTR

WNTR Risk / Return Rank: 36
WNTR Sharpe Ratio Rank: 41
WNTR Sortino Ratio Rank: 35
WNTR Omega Ratio Rank: 39
WNTR Calmar Ratio Rank: 35
WNTR Martin Ratio Rank: 31

MSTR

MSTR Risk / Return Rank: 6
MSTR Sharpe Ratio Rank: 5
MSTR Sortino Ratio Rank: 3
MSTR Omega Ratio Rank: 6
MSTR Calmar Ratio Rank: 7
MSTR Martin Ratio Rank: 10

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.

WNTR vs. MSTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and Strategy Inc (MSTR). 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.

	WNTR	MSTR	Difference
Sharpe ratio Return per unit of total volatility	1.47	-0.96	+2.43
Sortino ratio Return per unit of downside risk	1.88	-1.75	+3.63
Omega ratio Gain probability vs. loss probability	1.26	0.81	+0.44
Calmar ratio Return relative to maximum drawdown	1.74	-0.88	+2.62
Martin ratio Return relative to average drawdown	4.63	-1.31	+5.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WNTR vs. MSTR - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.47, which is higher than the MSTR Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of WNTR and MSTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WNTR	MSTR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	-0.96	+2.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.23	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.12	+0.55

Drawdowns

WNTR vs. MSTR - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum MSTR drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for WNTR and MSTR.

Drawdown Indicators

	WNTR	MSTR	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-99.86%	+57.21%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-76.53%	+33.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-77.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-84.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.27%	—
Current Drawdown Current decline from peak	-24.53%	-73.29%	+48.76%
Average Drawdown Average peak-to-trough decline	-20.98%	-86.48%	+65.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.02%	51.59%	-35.57%

Volatility

WNTR vs. MSTR - Volatility Comparison

The current volatility for YieldMax Short MSTR Option Income Strategy ETF (WNTR) is 13.12%, while Strategy Inc (MSTR) has a volatility of 19.43%. This indicates that WNTR experiences smaller price fluctuations and is considered to be less risky than MSTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	MSTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.12%	19.43%	-6.31%
Volatility (6M) Calculated over the trailing 6-month period	44.34%	56.49%	-12.15%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	70.30%	-19.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.42%	90.79%	-38.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.42%	73.70%	-21.28%

Dividends

WNTR vs. MSTR - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 116.75%, while MSTR has not paid dividends to shareholders.

Position	TTM	2025
MSTR Strategy Inc	0.00%	0.00%
WNTR YieldMax Short MSTR Option Income Strategy ETF	116.75%	58.56%

Frequently Asked Questions

Can I hold both WNTR and MSTR in my portfolio?

WNTR and MSTR have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WNTR or MSTR?

MSTR has higher volatility (19.43%) compared to WNTR (13.12%). In terms of maximum drawdown, WNTR dropped -42.65% vs MSTR's -99.86%.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.47 vs -0.96), 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.