XSW vs. WNTR

Last updated Jul 14, 2026

XSW (SPDR S&P Software & Services ETF) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - XSW is a Technology Equities fund tracking the S&P Software & Services Select Industry Index, while WNTR is a Derivative Income fund actively managed by YieldMax. XSW is passively managed, while WNTR is actively managed. Over the past year, XSW returned -3.96% vs 120.64% for WNTR. At a correlation of -0.44, they often move in opposite directions. XSW charges 0.35%/yr vs 1.01%/yr for WNTR.

Performance

XSW vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Software & Services ETF (XSW) 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, XSW achieves a -4.56% return, which is significantly lower than WNTR's 10.13% return.

XSW

• 1D: 0.88%
• 1M: 7.50%
• 6M: -6.34%
• YTD: -4.56%
• 1Y: -3.96%
• 3Y*: 8.75%
• 5Y*: 1.43%
• 10Y*: 13.25%

WNTR

• 1D: 1.92%
• 1M: 18.08%
• 6M: 14.43%
• YTD: 10.13%
• 1Y: 120.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSW vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
XSW SPDR S&P Software & Services ETF	-4.56%	10.23%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.13%	52.78%

Correlation

The correlation between XSW and WNTR is -0.43, 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	-0.43
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.44

Return for Risk

XSW vs. WNTR — Risk / Return Rank

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

XSW

XSW Risk / Return Rank: 8
XSW Sharpe Ratio Rank: 8
XSW Sortino Ratio Rank: 8
XSW Omega Ratio Rank: 8
XSW Calmar Ratio Rank: 8
XSW Martin Ratio Rank: 8

WNTR

WNTR Risk / Return Rank: 70
WNTR Sharpe Ratio Rank: 88
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 72
WNTR Calmar Ratio Rank: 71
WNTR Martin Ratio Rank: 54

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.

XSW vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Software & Services ETF (XSW) 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.

	XSW	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	2.26	-2.40
Sortino ratio: Return per unit of downside risk	0.01	2.47	-2.46
Omega ratio: Gain probability vs. loss probability	1.00	1.34	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.12	2.84	-2.96
Martin ratio: Return relative to average drawdown	-0.24	7.31	-7.55

XSW vs. WNTR - Sharpe Ratio Comparison

The current XSW Sharpe Ratio is -0.14, which is lower than the WNTR Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of XSW 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

XSW vs. WNTR - Drawdown Comparison

The maximum XSW drawdown since its inception was -45.38%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for XSW and WNTR.

Drawdown Indicators

	XSW	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-45.38%	-42.65%	-2.73%
Max Drawdown (1Y) Largest decline over 1 year	-33.75%	-42.65%	+8.90%
Max Drawdown (3Y) Largest decline over 3 years	-33.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.38%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-45.38%	—	—
Current Drawdown Current decline from peak	-12.97%	-10.15%	-2.82%
Average Drawdown Average peak-to-trough decline	-9.88%	-20.53%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.67%	16.58%	+0.09%

Volatility

XSW vs. WNTR - Volatility Comparison

The current volatility for SPDR S&P Software & Services ETF (XSW) is 7.88%, while YieldMax Short MSTR Option Income Strategy ETF (WNTR) has a volatility of 18.84%. This indicates that XSW 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

	XSW	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	18.84%	-10.96%
Volatility (6M) Calculated over the trailing 6-month period	24.53%	47.46%	-22.93%
Volatility (1Y) Calculated over the trailing 1-year period	29.16%	53.83%	-24.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.04%	53.56%	-24.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.29%	53.56%	-27.27%

XSW vs. WNTR - Expense Ratio Comparison

XSW has a 0.35% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

XSW vs. WNTR - Dividend Comparison

XSW has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 102.14%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WNTR YieldMax Short MSTR Option Income Strategy ETF	102.14%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XSW SPDR S&P Software & Services ETF	0.00%	0.06%	0.07%	0.20%	0.09%	0.13%	0.26%	0.12%	0.31%	0.46%	0.87%	0.54%

Frequently Asked Questions

Can I hold both XSW and WNTR in my portfolio?

XSW and WNTR have a correlation of -0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XSW or WNTR?

WNTR has higher volatility (18.84%) compared to XSW (7.88%). In terms of maximum drawdown, XSW dropped -45.38% vs WNTR's -42.65%.

Which ETF is better, XSW or WNTR?

On 1-year performance, WNTR leads with 120.64% vs -3.96% for XSW. On fees, XSW is cheaper at 0.35% per year. On volatility, XSW has been the lower-risk option at 7.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XSW or WNTR?

Over the 1-year period, WNTR has performed better with a 120.64% return vs -3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XSW or WNTR?

XSW is cheaper with a 0.35% expense ratio, compared with 1.01% for WNTR.

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

WNTR has the higher dividend yield at 102.14%, compared with 0.00% for XSW.

What is the main difference between XSW and WNTR?

XSW is categorized as Technology Equities, while WNTR is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.35% for XSW and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.26 vs -0.14), 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.