XXXX vs. WNTR

Last updated Aug 4, 2026

XXXX (MAX S&P 500 4X Leveraged ETN) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - XXXX is a Leveraged Equities fund tracking the S&P 500 Index (400%), while WNTR is a Derivative Income fund actively managed by YieldMax. XXXX is passively managed, while WNTR is actively managed. Over the past year, XXXX returned 58.56% vs 106.92% for WNTR. Their -0.48 correlation means they have often moved in opposite directions in the past. XXXX charges 2.95%/yr vs 1.00%/yr for WNTR.

Performance

XXXX vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MAX S&P 500 4X Leveraged ETN (XXXX) 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, XXXX achieves a 24.33% return, which is significantly higher than WNTR's 10.51% return.

XXXX

• 1D: 5.54%
• 1M: 3.81%
• 6M: 18.22%
• YTD: 24.33%
• 1Y: 58.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 46.23%

WNTR

• 1D: -0.22%
• 1M: 7.89%
• 6M: 8.31%
• YTD: 10.51%
• 1Y: 106.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.29%

*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	$3.92M	$3.66M	$3.95M
XXXX MAX S&P 500 4X Leveraged ETN	$20.67M	$23.79M	$27.25M

XXXX vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
XXXX MAX S&P 500 4X Leveraged ETN	24.33%	45.04%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.51%	52.78%

Correlation

The correlation between XXXX and WNTR is -0.47, 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.	-0.47
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.48

Return for Risk

XXXX vs. WNTR — Risk / Return Rank

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

XXXX

XXXX Risk / Return Rank: 45
XXXX Sharpe Ratio Rank: 46
XXXX Sortino Ratio Rank: 45
XXXX Omega Ratio Rank: 45
XXXX Calmar Ratio Rank: 44
XXXX Martin Ratio Rank: 47

WNTR

WNTR Risk / Return Rank: 69
WNTR Sharpe Ratio Rank: 83
WNTR Sortino Ratio Rank: 67
WNTR Omega Ratio Rank: 71
WNTR Calmar Ratio Rank: 70
WNTR Martin Ratio Rank: 53

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.

XXXX vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MAX S&P 500 4X Leveraged ETN (XXXX) 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.

	XXXX	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.97	-0.81
Sortino ratio: Return per unit of downside risk	1.68	2.27	-0.59
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.09
Calmar ratio: Return relative to maximum drawdown	1.58	2.52	-0.94
Martin ratio: Return relative to average drawdown	5.50	6.38	-0.88

XXXX vs. WNTR - Sharpe Ratio Comparison

The current XXXX Sharpe Ratio is 1.16, which is lower than the WNTR Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of XXXX 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

XXXX vs. WNTR - Drawdown Comparison

The maximum XXXX drawdown since its inception was -62.27%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for XXXX and WNTR.

Drawdown Indicators

	XXXX	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-62.27%	-42.65%	-19.62%
Max Drawdown (1Y) Largest decline over 1 year	-37.25%	-42.65%	+5.40%
Current Drawdown Current decline from peak	-6.63%	-9.84%	+3.21%
Average Drawdown Average peak-to-trough decline	-11.53%	-20.15%	+8.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.68%	16.83%	-6.15%

Volatility

XXXX vs. WNTR - Volatility Comparison

MAX S&P 500 4X Leveraged ETN (XXXX) has a higher volatility of 15.38% compared to YieldMax MSTR Short Option Income Strategy ETF (WNTR) at 13.00%. This indicates that XXXX'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

	XXXX	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.38%	13.00%	+2.38%
Volatility (6M) Calculated over the trailing 6-month period	40.62%	47.22%	-6.60%
Volatility (1Y) Calculated over the trailing 1-year period	50.83%	54.66%	-3.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	53.34%	+7.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.74%	53.34%	+7.40%

XXXX vs. WNTR - Expense Ratio Comparison

XXXX has a 2.95% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

XXXX vs. WNTR - Dividend Comparison

XXXX has not paid dividends to shareholders, while WNTR's dividend yield for the trailing twelve months is around 107.26%.

Position	TTM	2025
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.26%	58.56%
XXXX MAX S&P 500 4X Leveraged ETN	0.00%	0.00%

Frequently Asked Questions

Can I hold both XXXX and WNTR in my portfolio?

XXXX and WNTR have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XXXX or WNTR?

XXXX has higher volatility (15.38%) compared to WNTR (13.00%). In terms of maximum drawdown, XXXX dropped -62.27% vs WNTR's -42.65%.

Which ETF is better, XXXX or WNTR?

On 1-year performance, WNTR leads with 106.92% vs 58.56% for XXXX. On fees, WNTR is cheaper at 1.00% per year. On volatility, WNTR has been the lower-risk option at 13.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XXXX or WNTR?

Over the 1-year period, WNTR has performed better with a 106.92% return vs 58.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XXXX or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 2.95% for XXXX.

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

WNTR has the higher dividend yield at 107.26%, compared with 0.00% for XXXX.

What is the main difference between XXXX and WNTR?

XXXX is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Max and YieldMax. Their fees differ too: 2.95% for XXXX and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.97 vs 1.16), 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.