XSD vs. WNTR

Last updated Aug 2, 2026

XSD (SPDR S&P Semiconductor ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - XSD is a Semiconductors fund tracking the S&P Semiconductor Select Industry Index, while WNTR is a Derivative Income fund actively managed by YieldMax. XSD is passively managed, while WNTR is actively managed. Over the past year, XSD returned 86.66% vs 107.38% for WNTR. Their -0.39 correlation means they have often moved in opposite directions in the past. XSD charges 0.35%/yr vs 1.00%/yr for WNTR.

Performance

XSD vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Semiconductor ETF (XSD) and YieldMax MSTR Short 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, XSD achieves a 51.72% return, which is significantly higher than WNTR's 10.75% return.

XSD

• 1D: 0.92%
• 1M: -12.31%
• 6M: 40.73%
• YTD: 51.72%
• 1Y: 86.66%
• 3Y*: 29.34%
• 5Y*: 20.96%
• 10Y*: 26.46%
• ALL TIME*: 15.93%

WNTR

• 1D: 3.26%
• 1M: 8.13%
• 6M: 14.92%
• YTD: 10.75%
• 1Y: 107.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.89%

*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)
WNTR YieldMax MSTR Short Option Income Strategy ETF	$4.02M	$3.86M	$3.95M
XSD SPDR S&P Semiconductor ETF	$35.96M	$51.40M	$77.64M

XSD vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
XSD SPDR S&P Semiconductor ETF	51.72%	48.60%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between XSD and WNTR is -0.41, 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.	-0.41
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.39

Return for Risk

XSD vs. WNTR — Risk / Return Rank

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

XSD

XSD Risk / Return Rank: 77
XSD Sharpe Ratio Rank: 81
XSD Sortino Ratio Rank: 73
XSD Omega Ratio Rank: 72
XSD Calmar Ratio Rank: 78
XSD Martin Ratio Rank: 80

WNTR

WNTR Risk / Return Rank: 75
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 74
WNTR Omega Ratio Rank: 77
WNTR Calmar Ratio Rank: 77
WNTR Martin Ratio Rank: 58

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.

XSD vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Semiconductor ETF (XSD) and YieldMax MSTR Short 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.

	XSD	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.12	-0.25
Sortino ratio: Return per unit of downside risk	2.33	2.37	-0.04
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.74	2.71	+0.03
Martin ratio: Return relative to average drawdown	10.21	6.87	+3.34

XSD vs. WNTR - Sharpe Ratio Comparison

The current XSD Sharpe Ratio is 1.87, which is comparable to the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of XSD 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

XSD vs. WNTR - Drawdown Comparison

The maximum XSD drawdown since its inception was -64.56%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for XSD and WNTR.

Drawdown Indicators

	XSD	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-64.56%	-42.65%	-21.91%
Max Drawdown (1Y) Largest decline over 1 year	-30.81%	-42.65%	+11.84%
Max Drawdown (3Y) Largest decline over 3 years	-41.25%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.27%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.27%	—	—
Current Drawdown Current decline from peak	-24.95%	-9.64%	-15.31%
Average Drawdown Average peak-to-trough decline	-13.74%	-20.18%	+6.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.27%	16.81%	-8.54%

Volatility

XSD vs. WNTR - Volatility Comparison

SPDR S&P Semiconductor ETF (XSD) has a higher volatility of 18.43% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 14.85%. This indicates that XSD's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSD	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.43%	14.85%	+3.58%
Volatility (6M) Calculated over the trailing 6-month period	38.72%	47.43%	-8.71%
Volatility (1Y) Calculated over the trailing 1-year period	45.32%	54.68%	-9.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.07%	53.42%	-13.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.91%	53.42%	-17.51%

XSD vs. WNTR - Expense Ratio Comparison

XSD has a 0.35% expense ratio, which is lower than WNTR's 1.00% expense ratio.

Dividends

XSD vs. WNTR - Dividend Comparison

XSD's dividend yield for the trailing twelve months is around 0.16%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSD SPDR S&P Semiconductor ETF	0.16%	0.26%	0.20%	0.31%	0.44%	0.10%	0.26%	0.51%	1.16%	0.59%	0.64%	0.58%

Frequently Asked Questions

Can I hold both XSD and WNTR in my portfolio?

XSD and WNTR have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSD or WNTR?

XSD has higher volatility (18.43%) compared to WNTR (14.85%). In terms of maximum drawdown, XSD dropped -64.56% vs WNTR's -42.65%.

Which ETF is better, XSD or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 86.66% for XSD. On fees, XSD is cheaper at 0.35% per year. On volatility, WNTR has been the lower-risk option at 14.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSD or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 86.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSD or WNTR?

XSD is cheaper with a 0.35% expense ratio, compared with 1.00% for WNTR.

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

WNTR has the higher dividend yield at 107.02%, compared with 0.16% for XSD.

What is the main difference between XSD and WNTR?

XSD is categorized as Semiconductors, while WNTR is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.35% for XSD and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 1.87), 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.