WNTR vs. MSTW

Last updated Aug 5, 2026

WNTR (YieldMax MSTR Short Option Income Strategy ETF) and MSTW (Roundhill MSTR WeeklyPay™ ETF) are both Derivative Income funds. Both are actively managed. Over the past year, WNTR returned 106.98% vs -83.55% for MSTW. Their -0.97 correlation means they have often moved in opposite directions in the past. WNTR charges 1.00%/yr vs 0.99%/yr for MSTW.

Performance

WNTR vs. MSTW - Performance Comparison

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

Returns By Period

In the year-to-date period, WNTR achieves a 7.92% return, which is significantly higher than MSTW's -46.77% return.

WNTR

• 1D: -2.34%
• 1M: 5.36%
• 6M: 2.42%
• YTD: 7.92%
• 1Y: 106.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 44.62%

MSTW

• 1D: 2.80%
• 1M: -5.15%
• 6M: -36.90%
• YTD: -46.77%
• 1Y: -83.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -83.94%

*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)
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.30M	$1.35M	$2.91M
WNTR YieldMax MSTR Short Option Income Strategy ETF	$3.95M	$3.66M	$3.95M

WNTR vs. MSTW - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax MSTR Short Option Income Strategy ETF	7.92%	98.76%
MSTW Roundhill MSTR WeeklyPay™ ETF	-46.77%	-71.40%

Correlation

The correlation between WNTR and MSTW is -0.97, 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.	-0.97
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	-0.97

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

Return for Risk

WNTR vs. MSTW — Risk / Return Rank

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

WNTR

WNTR Risk / Return Rank: 63
WNTR Sharpe Ratio Rank: 77
WNTR Sortino Ratio Rank: 59
WNTR Omega Ratio Rank: 63
WNTR Calmar Ratio Rank: 64
WNTR Martin Ratio Rank: 50

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 1
MSTW Calmar Ratio Rank: 1
MSTW Martin Ratio Rank: 2

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.

WNTR vs. MSTW - Risk-Adjusted Trends Comparison

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

	WNTR	MSTW	Difference
Sharpe ratio: Return per unit of total volatility	1.97	-0.93	+2.90
Sortino ratio: Return per unit of downside risk	2.27	-2.18	+4.45
Omega ratio: Gain probability vs. loss probability	1.30	0.78	+0.53
Calmar ratio: Return relative to maximum drawdown	2.52	-0.96	+3.49
Martin ratio: Return relative to average drawdown	6.38	-1.32	+7.69

WNTR vs. MSTW - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.97, which is higher than the MSTW Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of WNTR and MSTW, 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

WNTR vs. MSTW - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum MSTW drawdown of -87.29%. Use the drawdown chart below to compare losses from any high point for WNTR and MSTW.

Drawdown Indicators

	WNTR	MSTW	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-87.29%	+44.64%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-86.75%	+44.10%
Current Drawdown Current decline from peak	-11.95%	-84.79%	+72.84%
Average Drawdown Average peak-to-trough decline	-20.12%	-58.98%	+38.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.84%	63.45%	-46.61%

Volatility

WNTR vs. MSTW - Volatility Comparison

The current volatility for YieldMax MSTR Short Option Income Strategy ETF (WNTR) is 13.23%, while Roundhill MSTR WeeklyPay™ ETF (MSTW) has a volatility of 19.90%. This indicates that WNTR experiences smaller price fluctuations and is considered to be less risky than MSTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	MSTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.23%	19.90%	-6.67%
Volatility (6M) Calculated over the trailing 6-month period	46.95%	72.92%	-25.97%
Volatility (1Y) Calculated over the trailing 1-year period	54.62%	90.70%	-36.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.31%	90.11%	-36.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.31%	90.11%	-36.80%

WNTR vs. MSTW - Expense Ratio Comparison

WNTR has a 1.00% expense ratio, which is higher than MSTW's 0.99% expense ratio.

Dividends

WNTR vs. MSTW - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 109.83%, less than MSTW's 385.24% yield.

Position	TTM	2025
MSTW Roundhill MSTR WeeklyPay™ ETF	385.24%	106.94%
WNTR YieldMax MSTR Short Option Income Strategy ETF	109.83%	58.56%

Frequently Asked Questions

Can I hold both WNTR and MSTW in my portfolio?

WNTR and MSTW 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 MSTW?

MSTW has higher volatility (19.90%) compared to WNTR (13.23%). In terms of maximum drawdown, WNTR dropped -42.65% vs MSTW's -87.29%.

Which ETF is better, WNTR or MSTW?

On 1-year performance, WNTR leads with 106.98% vs -83.55% for MSTW. On fees, MSTW is cheaper at 0.99% per year. On volatility, WNTR has been the lower-risk option at 13.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or MSTW?

Over the 1-year period, WNTR has performed better with a 106.98% return vs -83.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or MSTW?

MSTW is cheaper with a 0.99% expense ratio, compared with 1.00% for WNTR.

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

MSTW has the higher dividend yield at 385.24%, compared with 109.83% for WNTR.

What is the main difference between WNTR and MSTW?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.00% for WNTR and 0.99% for MSTW.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs -0.93), 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.