WNTR vs. MSTZ

Last updated Jun 4, 2026

WNTR (YieldMax Short MSTR Option Income Strategy ETF) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both exchange-traded funds - WNTR is a Derivative Income fund actively managed by YieldMax, while MSTZ is a Inverse Equities fund actively managed by REX. Both are actively managed. Over the past year, WNTR returned 73.88% vs 94.24% for MSTZ. With a 0.98 correlation, they move nearly in lockstep. WNTR charges 1.01%/yr vs 1.05%/yr for MSTZ.

Performance

WNTR vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short MSTR Option Income Strategy ETF (WNTR) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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 MSTZ's -46.88% return.

WNTR

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

MSTZ

• 1D: 14.02%
• 1M: 86.49%
• YTD: -46.88%
• 6M: -23.06%
• 1Y: 94.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WNTR vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	-7.49%	54.43%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-46.88%	49.26%

Correlation

The correlation between WNTR and MSTZ is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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	0.98

The correlation between WNTR and MSTZ has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

WNTR vs. MSTZ — 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

MSTZ

MSTZ Risk / Return Rank: 26
MSTZ Sharpe Ratio Rank: 20
MSTZ Sortino Ratio Rank: 32
MSTZ Omega Ratio Rank: 34
MSTZ Calmar Ratio Rank: 24
MSTZ Martin Ratio Rank: 20

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. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.47	0.68	+0.79
Sortino ratio: Return per unit of downside risk	1.88	1.74	+0.13
Omega ratio: Gain probability vs. loss probability	1.26	1.23	+0.03
Calmar ratio: Return relative to maximum drawdown	1.74	1.12	+0.62
Martin ratio: Return relative to average drawdown	4.63	2.35	+2.28
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. MSTZ - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.47, which is higher than the MSTZ Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of WNTR and MSTZ, 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	MSTZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	0.68	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	-0.53	+1.21

Drawdowns

WNTR vs. MSTZ - Drawdown Comparison

The maximum WNTR drawdown since its inception was -42.65%, smaller than the maximum MSTZ drawdown of -99.36%. Use the drawdown chart below to compare losses from any high point for WNTR and MSTZ.

Drawdown Indicators

	WNTR	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-42.65%	-99.36%	+56.71%
Max Drawdown (1Y) Largest decline over 1 year	-42.65%	-84.89%	+42.24%
Current Drawdown Current decline from peak	-24.53%	-98.14%	+73.61%
Average Drawdown Average peak-to-trough decline	-20.98%	-94.39%	+73.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.02%	40.30%	-24.28%

Volatility

WNTR vs. MSTZ - Volatility Comparison

The current volatility for YieldMax Short MSTR Option Income Strategy ETF (WNTR) is 13.12%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 37.49%. This indicates that WNTR experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.12%	37.49%	-24.37%
Volatility (6M) Calculated over the trailing 6-month period	44.34%	125.82%	-81.48%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	140.34%	-89.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.42%	170.37%	-117.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.42%	170.37%	-117.95%

WNTR vs. MSTZ - Expense Ratio Comparison

WNTR has a 1.01% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

WNTR vs. MSTZ - Dividend Comparison

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

Position	TTM	2025
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	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 MSTZ in my portfolio?

With a correlation of 0.97, WNTR and MSTZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, WNTR or MSTZ?

MSTZ has higher volatility (37.49%) compared to WNTR (13.12%). In terms of maximum drawdown, WNTR dropped -42.65% vs MSTZ's -99.36%.

Which ETF is better, WNTR or MSTZ?

On 1-year performance, MSTZ leads with 94.24% vs 73.88% for WNTR. On fees, WNTR is cheaper at 1.01% per year. On volatility, WNTR has been the lower-risk option at 13.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WNTR or MSTZ?

Over the 1-year period, MSTZ has performed better with a 94.24% return vs 73.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WNTR or MSTZ?

WNTR is cheaper with a 1.01% expense ratio, compared with 1.05% for MSTZ.

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

WNTR has the higher dividend yield at 116.75%, compared with 0.00% for MSTZ.

What is the main difference between WNTR and MSTZ?

WNTR is categorized as Derivative Income, while MSTZ is Inverse Equities. They also come from different issuers: YieldMax and REX. Their fees differ too: 1.01% for WNTR and 1.05% for MSTZ.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.47 vs 0.68), 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.