WNTR vs. PAPI

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax Short MSTR Option Income Strategy ETF (WNTR) and Parametric Equity Premium Income ETF (PAPI).

WNTR and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WNTR is an actively managed fund by YieldMax. It was launched on Mar 26, 2025. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.

Performance

WNTR vs. PAPI - Performance Comparison

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

WNTR vs. PAPI - Yearly Performance Comparison

	2026 (YTD)	2025
WNTR YieldMax Short MSTR Option Income Strategy ETF	6.27%	54.43%
PAPI Parametric Equity Premium Income ETF	8.31%	3.16%

Returns By Period

In the year-to-date period, WNTR achieves a 6.27% return, which is significantly lower than PAPI's 8.31% return.

WNTR

• 1D: -1.97%
• 1M: 1.75%
• YTD: 6.27%
• 6M: 79.41%
• 1Y: 54.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAPI

• 1D: 0.54%
• 1M: -2.62%
• YTD: 8.31%
• 6M: 9.20%
• 1Y: 11.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WNTR vs. PAPI - Expense Ratio Comparison

WNTR has a 1.01% expense ratio, which is higher than PAPI's 0.29% expense ratio.

WNTR

YieldMax Short MSTR Option Income Strategy ETF

PAPI

Parametric Equity Premium Income ETF

Return for Risk

WNTR vs. PAPI — Risk / Return Rank

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

WNTR

WNTR Risk / Return Rank: 55
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 60
WNTR Calmar Ratio Rank: 60
WNTR Martin Ratio Rank: 30

PAPI

PAPI Risk / Return Rank: 46
PAPI Sharpe Ratio Rank: 47
PAPI Sortino Ratio Rank: 46
PAPI Omega Ratio Rank: 43
PAPI Calmar Ratio Rank: 44
PAPI Martin Ratio Rank: 50

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. PAPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short MSTR Option Income Strategy ETF (WNTR) and Parametric Equity Premium Income ETF (PAPI). 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	PAPI	Difference
Sharpe ratio Return per unit of total volatility	1.06	0.82	+0.25
Sortino ratio Return per unit of downside risk	1.55	1.23	+0.32
Omega ratio Gain probability vs. loss probability	1.21	1.16	+0.05
Calmar ratio Return relative to maximum drawdown	1.42	1.08	+0.33
Martin ratio Return relative to average drawdown	2.42	4.62	-2.20
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. PAPI - Sharpe Ratio Comparison

The current WNTR Sharpe Ratio is 1.06, which is higher than the PAPI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of WNTR and PAPI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WNTR	PAPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	0.82	+0.25
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.02	+0.21

Correlation

The correlation between WNTR and PAPI is -0.21. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

WNTR vs. PAPI - Dividend Comparison

WNTR's dividend yield for the trailing twelve months is around 88.37%, more than PAPI's 7.50% yield.

	TTM	2025	2024	2023
WNTR YieldMax Short MSTR Option Income Strategy ETF	88.37%	58.56%	0.00%	0.00%
PAPI Parametric Equity Premium Income ETF	7.50%	7.59%	7.07%	1.45%

Drawdowns

WNTR vs. PAPI - Drawdown Comparison

The maximum WNTR drawdown since its inception was -38.59%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for WNTR and PAPI.

Drawdown Indicators

	WNTR	PAPI	Difference
Max Drawdown Largest peak-to-trough decline	-38.59%	-14.27%	-24.32%
Max Drawdown (1Y) Largest decline over 1 year	-38.59%	-11.59%	-27.00%
Current Drawdown Current decline from peak	-13.30%	-2.82%	-10.48%
Average Drawdown Average peak-to-trough decline	-19.16%	-2.57%	-16.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.60%	2.72%	+19.88%

Volatility

WNTR vs. PAPI - Volatility Comparison

YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a higher volatility of 15.22% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that WNTR's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WNTR	PAPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.22%	3.21%	+12.01%
Volatility (6M) Calculated over the trailing 6-month period	41.38%	7.51%	+33.87%
Volatility (1Y) Calculated over the trailing 1-year period	51.65%	14.14%	+37.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.88%	11.96%	+39.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.88%	11.96%	+39.92%