XSMO vs. WNTR

Last updated Jul 12, 2026

XSMO (Invesco S&P SmallCap Momentum ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - XSMO is a Momentum fund tracking the S&P SmallCap 600 Momentum Index, while WNTR is a Derivative Income fund actively managed by YieldMax. XSMO is passively managed, while WNTR is actively managed. Over the past year, XSMO returned 30.39% vs 116.49% for WNTR. At a correlation of -0.37, they often move in opposite directions. XSMO charges 0.36%/yr vs 1.01%/yr for WNTR.

Performance

XSMO vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P SmallCap Momentum ETF (XSMO) and YieldMax Short MSTR 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, XSMO achieves a 24.13% return, which is significantly higher than WNTR's 8.06% return.

XSMO

• 1D: -0.31%
• 1M: -0.53%
• 6M: 19.30%
• YTD: 24.13%
• 1Y: 30.39%
• 3Y*: 22.98%
• 5Y*: 11.47%
• 10Y*: 14.33%

WNTR

• 1D: -0.43%
• 1M: 15.85%
• 6M: 10.45%
• YTD: 8.06%
• 1Y: 116.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSMO vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
XSMO Invesco S&P SmallCap Momentum ETF	24.13%	15.47%
WNTR YieldMax Short MSTR Option Income Strategy ETF	8.06%	52.78%

Correlation

The correlation between XSMO and WNTR is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.37

Return for Risk

XSMO vs. WNTR — Risk / Return Rank

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

XSMO

XSMO Risk / Return Rank: 62
XSMO Sharpe Ratio Rank: 54
XSMO Sortino Ratio Rank: 57
XSMO Omega Ratio Rank: 50
XSMO Calmar Ratio Rank: 79
XSMO Martin Ratio Rank: 73

WNTR

WNTR Risk / Return Rank: 65
WNTR Sharpe Ratio Rank: 81
WNTR Sortino Ratio Rank: 63
WNTR Omega Ratio Rank: 67
WNTR Calmar Ratio Rank: 65
WNTR Martin Ratio Rank: 49

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.

XSMO vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P SmallCap Momentum ETF (XSMO) and YieldMax Short MSTR 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.

	XSMO	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.49	2.06	-0.58
Sortino ratio: Return per unit of downside risk	2.20	2.34	-0.14
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	3.28	2.60	+0.67
Martin ratio: Return relative to average drawdown	10.77	6.69	+4.08

XSMO vs. WNTR - Sharpe Ratio Comparison

The current XSMO Sharpe Ratio is 1.49, which is comparable to the WNTR Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of XSMO 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

XSMO vs. WNTR - Drawdown Comparison

The maximum XSMO drawdown since its inception was -58.06%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for XSMO and WNTR.

Drawdown Indicators

	XSMO	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-58.06%	-42.65%	-15.41%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-42.65%	+33.76%
Max Drawdown (3Y) Largest decline over 3 years	-24.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-39.39%	—	—
Current Drawdown Current decline from peak	-4.82%	-11.84%	+7.02%
Average Drawdown Average peak-to-trough decline	-11.09%	-20.57%	+9.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.71%	16.58%	-13.87%

Volatility

XSMO vs. WNTR - Volatility Comparison

The current volatility for Invesco S&P SmallCap Momentum ETF (XSMO) is 6.60%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.80%. This indicates that XSMO experiences smaller price fluctuations and is considered to be less risky than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XSMO	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	18.80%	-12.20%
Volatility (6M) Calculated over the trailing 6-month period	15.20%	47.57%	-32.37%
Volatility (1Y) Calculated over the trailing 1-year period	19.61%	53.81%	-34.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	53.62%	-30.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.09%	53.62%	-29.53%

XSMO vs. WNTR - Expense Ratio Comparison

XSMO has a 0.36% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

XSMO vs. WNTR - Dividend Comparison

XSMO's dividend yield for the trailing twelve months is around 0.53%, less than WNTR's 104.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WNTR YieldMax Short MSTR Option Income Strategy ETF	104.11%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSMO Invesco S&P SmallCap Momentum ETF	0.53%	0.75%	0.63%	0.96%	1.19%	0.30%	0.82%	0.69%	0.66%	0.27%	0.30%	0.35%

Frequently Asked Questions

Can I hold both XSMO and WNTR in my portfolio?

XSMO and WNTR have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSMO or WNTR?

WNTR has higher volatility (18.80%) compared to XSMO (6.60%). In terms of maximum drawdown, XSMO dropped -58.06% vs WNTR's -42.65%.

Which ETF is better, XSMO or WNTR?

On 1-year performance, WNTR leads with 116.49% vs 30.39% for XSMO. On fees, XSMO is cheaper at 0.36% per year. On volatility, XSMO has been the lower-risk option at 6.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSMO or WNTR?

Over the 1-year period, WNTR has performed better with a 116.49% return vs 30.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSMO or WNTR?

XSMO is cheaper with a 0.36% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 104.11%, compared with 0.53% for XSMO.

What is the main difference between XSMO and WNTR?

XSMO is categorized as Momentum, while WNTR is Derivative Income. They also come from different issuers: Invesco and YieldMax. Their fees differ too: 0.36% for XSMO and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.06 vs 1.49), 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.