AFSM vs. MRNY

Last updated Jun 4, 2026

AFSM (First Trust Active Factor Small Cap ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - AFSM is a Small Cap Blend Equities fund actively managed by First Trust, while MRNY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AFSM returned 30.17% vs 47.46% for MRNY. At a 0.40 correlation, their price movements are largely independent. AFSM charges 0.77%/yr vs 0.99%/yr for MRNY.

Performance

AFSM vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Active Factor Small Cap ETF (AFSM) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AFSM achieves a 15.65% return, which is significantly lower than MRNY's 51.59% return.

AFSM

• 1D: -0.99%
• 1M: 3.29%
• YTD: 15.65%
• 6M: 15.19%
• 1Y: 30.17%
• 3Y*: 17.93%
• 5Y*: 8.53%
• 10Y*: —

MRNY

• 1D: 5.73%
• 1M: 4.23%
• YTD: 51.59%
• 6M: 62.21%
• 1Y: 47.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFSM vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AFSM First Trust Active Factor Small Cap ETF	15.65%	9.99%	10.55%	20.62%
MRNY YieldMax MRNA Option Income Strategy ETF	51.59%	-35.72%	-59.32%	19.61%

Correlation

The correlation between AFSM and MRNY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	0.40

Return for Risk

AFSM vs. MRNY — Risk / Return Rank

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

AFSM

AFSM Risk / Return Rank: 54
AFSM Sharpe Ratio Rank: 49
AFSM Sortino Ratio Rank: 50
AFSM Omega Ratio Rank: 46
AFSM Calmar Ratio Rank: 64
AFSM Martin Ratio Rank: 59

MRNY

MRNY Risk / Return Rank: 28
MRNY Sharpe Ratio Rank: 27
MRNY Sortino Ratio Rank: 31
MRNY Omega Ratio Rank: 29
MRNY Calmar Ratio Rank: 30
MRNY Martin Ratio Rank: 23

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.

AFSM vs. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Active Factor Small Cap ETF (AFSM) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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.

	AFSM	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	1.70	0.97	+0.73
Sortino ratio: Return per unit of downside risk	2.46	1.69	+0.77
Omega ratio: Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio: Return relative to maximum drawdown	3.17	1.51	+1.66
Martin ratio: Return relative to average drawdown	10.41	2.95	+7.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFSM vs. MRNY - Sharpe Ratio Comparison

The current AFSM Sharpe Ratio is 1.70, which is higher than the MRNY Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of AFSM and MRNY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AFSM	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.70	0.97	+0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	-0.49	+0.94

Drawdowns

AFSM vs. MRNY - Drawdown Comparison

The maximum AFSM drawdown since its inception was -43.54%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for AFSM and MRNY.

Drawdown Indicators

	AFSM	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-43.54%	-82.15%	+38.61%
Max Drawdown (1Y) Largest decline over 1 year	-9.56%	-31.53%	+21.97%
Max Drawdown (3Y) Largest decline over 3 years	-25.07%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Current Drawdown Current decline from peak	-1.47%	-68.09%	+66.62%
Average Drawdown Average peak-to-trough decline	-9.48%	-52.62%	+43.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	16.15%	-13.25%

Volatility

AFSM vs. MRNY - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 5.57%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 13.36%. This indicates that AFSM experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFSM	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.57%	13.36%	-7.79%
Volatility (6M) Calculated over the trailing 6-month period	13.14%	37.05%	-23.91%
Volatility (1Y) Calculated over the trailing 1-year period	17.89%	49.37%	-31.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.82%	50.76%	-29.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	50.76%	-25.36%

AFSM vs. MRNY - Expense Ratio Comparison

AFSM has a 0.77% expense ratio, which is lower than MRNY's 0.99% expense ratio.

Dividends

AFSM vs. MRNY - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.47%, less than MRNY's 100.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	0.47%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AFSM and MRNY in my portfolio?

AFSM and MRNY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AFSM or MRNY?

MRNY has higher volatility (13.36%) compared to AFSM (5.57%). In terms of maximum drawdown, AFSM dropped -43.54% vs MRNY's -82.15%.

Which ETF is better, AFSM or MRNY?

On 1-year performance, MRNY leads with 47.46% vs 30.17% for AFSM. On fees, AFSM is cheaper at 0.77% per year. On volatility, AFSM has been the lower-risk option at 5.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AFSM or MRNY?

Over the 1-year period, MRNY has performed better with a 47.46% return vs 30.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AFSM or MRNY?

AFSM is cheaper with a 0.77% expense ratio, compared with 0.99% for MRNY.

Which ETF pays a higher dividend yield, AFSM or MRNY?

MRNY has the higher dividend yield at 100.06%, compared with 0.47% for AFSM.

What is the main difference between AFSM and MRNY?

AFSM is categorized as Small Cap Blend Equities, while MRNY is Derivative Income. They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.77% for AFSM and 0.99% for MRNY.

Which has better risk-adjusted returns?

AFSM currently has the higher Sharpe Ratio (1.70 vs 0.97), 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.