Myelin water fraction (MWF) estimates are desirable for tracking the progression of demyelinating diseases such as multiple sclerosis. To address the long scan times of conventional MWF imaging methods, faster steady-state scans have been studied recently. One such steady-state scan is small-tip fast recovery (STFR). This work compares STFR-based MWF estimates using a two-compartment tissue model without exchange to those obtained using a three-compartment tissue model with exchange. Using a three-compartment model with exchange results in MWF estimates that are closer to traditional multi-echo spin echo (MESE) estimates.