- CUSIP
- 88636J477
- Issuer
- YieldMax
- Inception Date
- Jul 23, 2024
- Category
- Derivative Income, Inverse Equities
- Leveraged
- -1x
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $9M
Share Price Chart
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Performance
DIPS Performance Chart
YieldMax Short NVDA Option Income Strategy ETF (DIPS) is down 4.7% since the beginning of the year. DIPS is currently trading at $40 per share.
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Returns By Period
YieldMax Short NVDA Option Income Strategy ETF (DIPS) has returned -4.66% so far this year and -22.54% over the past 12 months.
YieldMax Short NVDA Option Income Strategy ETF
- 1D
- 1.78%
- 1M
- 9.04%
- YTD
- -4.66%
- 6M
- -11.15%
- 1Y
- -22.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
DIPS Monthly Returns History
Based on dividend-adjusted daily data since Jul 24, 2024, DIPS's average daily return is -0.11%, while the average monthly return is -2.49%.
Historically, 38% of months were positive and 63% were negative. The best month was Nov 2025 with a return of +14.8%, while the worst month was May 2025 at -19.9%. The longest winning streak lasted 3 consecutive months, and the longest losing streak was 5 months.
On a daily basis, DIPS closed higher 49% of trading days. The best single day was Jan 27, 2025 with a return of +15.2%, while the worst single day was Apr 9, 2025 at -18.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.27% | 5.52% | 1.75% | -11.56% | -4.18% | 3.47% | -4.66% | ||||||
| 2025 | 7.85% | -2.98% | 9.63% | -5.50% | -19.85% | -11.18% | -8.90% | 1.44% | -5.08% | -7.90% | 14.75% | -4.21% | -31.46% |
| 2024 | 1.96% | -4.85% | -6.55% | -9.16% | -3.81% | -1.70% | -22.13% |
Benchmark Metrics
YieldMax Short NVDA Option Income Strategy ETF has an annualized alpha of -3.18%, beta of -1.51, and R2 of 0.45 versus S&P 500 Index. Calculated based on daily prices since July 24, 2024.
- This ETF participated in 14.29% of S&P 500 Index downside but only -80.78% of its upside - more exposed to losses than it benefited from rallies.
- Beta of -1.51 may look defensive, but with R2 of 0.45 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.45 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- -3.18%
- Beta
- -1.51
- R²
- 0.45
- Upside Capture
- -80.78%
- Downside Capture
- 14.29%
Expense Ratio
DIPS has a high expense ratio of 0.99%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
DIPS ranks 3 for risk / return — in the bottom 3% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and compare them to S&P 500 Index.
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.
| DIPS | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.73 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.35 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.65 | -3.34 |
| Martin ratioReturn relative to average drawdown | -1.19 | 11.88 | -13.07 |
Dividends
Dividend History
YieldMax Short NVDA Option Income Strategy ETF provided a 66.45% dividend yield over the last twelve months, with an annual payout of $26.80 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $26.80 | $49.34 | $31.53 |
Dividend yield | 66.45% | 96.20% | 24.18% |
Monthly Dividends
The table displays the monthly dividend distributions for YieldMax Short NVDA Option Income Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $1.86 | $1.47 | $1.95 | $1.86 | $1.14 | $0.69 | $8.96 | ||||||
| 2025 | $10.08 | $5.85 | $5.85 | $6.19 | $3.53 | $2.92 | $1.72 | $1.79 | $2.87 | $3.13 | $3.09 | $2.33 | $49.34 |
| 2024 | $12.17 | $6.86 | $6.13 | $6.37 | $31.53 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the YieldMax Short NVDA Option Income Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the YieldMax Short NVDA Option Income Strategy ETF was 59.93%, occurring on May 14, 2026. The portfolio has not yet recovered.
The current YieldMax Short NVDA Option Income Strategy ETF drawdown is 53.88%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -59.93%May 2026 | 1y 9mo | — | 1y 10moAug 2024 - now |
2024 pullback2024 | -2.82%Aug 2024 | 0s | 1d | 1dAug 2024 - Aug 2024 |
2024 pullback2024 | -2.48%Jul 2024 | 0s | 1d | 1dJul 2024 - Aug 2024 |
Drawdown Indicators
| DIPS | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -56.78% | -3.15% |
Max Drawdown (1Y)Largest decline over 1 year | -32.91% | -9.10% | -23.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -53.88% | -2.49% | -51.39% |
Average DrawdownAverage peak-to-trough decline | -38.48% | -10.72% | -27.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.92% | 2.03% | +16.89% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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