ZVOL vs. WNTR

Last updated Aug 2, 2026

ZVOL (Volatility Premium Plus ETF) and WNTR (YieldMax MSTR Short Option Income Strategy ETF) are both exchange-traded funds - ZVOL is a Volatility fund tracking the S&P 500 VIX Mid Term Futures Inverse Daily Index, while WNTR is a Derivative Income fund actively managed by YieldMax. ZVOL is passively managed, while WNTR is actively managed. Over the past year, ZVOL returned 17.86% vs 107.38% for WNTR. Their -0.29 correlation means they have often moved in opposite directions in the past. ZVOL charges 1.35%/yr vs 1.00%/yr for WNTR.

Performance

ZVOL vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Premium Plus ETF (ZVOL) 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, ZVOL achieves a 4.86% return, which is significantly lower than WNTR's 10.75% return.

ZVOL

• 1D: 0.86%
• 1M: -0.77%
• 6M: 5.30%
• YTD: 4.86%
• 1Y: 17.86%
• 3Y*: 5.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.36%

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
ZVOL Volatility Premium Plus ETF	$569.54K	$429.96K	$368.17K

ZVOL vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
ZVOL Volatility Premium Plus ETF	4.86%	-5.25%
WNTR YieldMax MSTR Short Option Income Strategy ETF	10.75%	52.78%

Correlation

The correlation between ZVOL and WNTR is -0.28, 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.	-0.28
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.29

Return for Risk

ZVOL vs. WNTR — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 33
ZVOL Sharpe Ratio Rank: 35
ZVOL Sortino Ratio Rank: 36
ZVOL Omega Ratio Rank: 33
ZVOL Calmar Ratio Rank: 29
ZVOL Martin Ratio Rank: 33

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.

ZVOL vs. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.

	ZVOL	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	0.85	2.12	-1.27
Sortino ratio: Return per unit of downside risk	1.36	2.37	-1.01
Omega ratio: Gain probability vs. loss probability	1.16	1.32	-0.16
Calmar ratio: Return relative to maximum drawdown	0.97	2.71	-1.75
Martin ratio: Return relative to average drawdown	3.10	6.87	-3.76

ZVOL vs. WNTR - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is 0.85, which is lower than the WNTR Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of ZVOL 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

ZVOL vs. WNTR - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, smaller than the maximum WNTR drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for ZVOL and WNTR.

Drawdown Indicators

	ZVOL	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-42.65%	+5.40%
Max Drawdown (1Y) Largest decline over 1 year	-16.46%	-42.65%	+26.19%
Max Drawdown (3Y) Largest decline over 3 years	-37.25%	—	—
Current Drawdown Current decline from peak	-16.47%	-9.64%	-6.83%
Average Drawdown Average peak-to-trough decline	-13.63%	-20.18%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.12%	16.81%	-11.69%

Volatility

ZVOL vs. WNTR - Volatility Comparison

The current volatility for Volatility Premium Plus ETF (ZVOL) is 3.16%, while YieldMax MSTR Short Option Income Strategy ETF (WNTR) has a volatility of 14.85%. This indicates that ZVOL 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

	ZVOL	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	14.85%	-11.69%
Volatility (6M) Calculated over the trailing 6-month period	13.68%	47.43%	-33.75%
Volatility (1Y) Calculated over the trailing 1-year period	18.73%	54.68%	-35.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.73%	53.42%	-24.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.73%	53.42%	-24.69%

ZVOL vs. WNTR - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is higher than WNTR's 1.00% expense ratio.

Dividends

ZVOL vs. WNTR - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 74.74%, less than WNTR's 107.02% yield.

Position	TTM	2025	2024	2023
WNTR YieldMax MSTR Short Option Income Strategy ETF	107.02%	58.56%	0.00%	0.00%
ZVOL Volatility Premium Plus ETF	74.74%	53.44%	30.68%	0.55%

Frequently Asked Questions

Can I hold both ZVOL and WNTR in my portfolio?

ZVOL and WNTR have a correlation of -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZVOL or WNTR?

WNTR has higher volatility (14.85%) compared to ZVOL (3.16%). In terms of maximum drawdown, ZVOL dropped -37.25% vs WNTR's -42.65%.

Which ETF is better, ZVOL or WNTR?

On 1-year performance, WNTR leads with 107.38% vs 17.86% for ZVOL. On fees, WNTR is cheaper at 1.00% per year. On volatility, ZVOL has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ZVOL or WNTR?

Over the 1-year period, WNTR has performed better with a 107.38% return vs 17.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ZVOL or WNTR?

WNTR is cheaper with a 1.00% expense ratio, compared with 1.35% for ZVOL.

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

WNTR has the higher dividend yield at 107.02%, compared with 74.74% for ZVOL.

What is the main difference between ZVOL and WNTR?

ZVOL is categorized as Volatility, while WNTR is Derivative Income. They also come from different issuers: Volatility Shares and YieldMax. Their fees differ too: 1.35% for ZVOL and 1.00% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (2.12 vs 0.85), 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.