AFSM vs. MRNY

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Active Factor Small Cap ETF (AFSM) and YieldMax MRNA Option Income Strategy ETF (MRNY).

AFSM and MRNY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AFSM is an actively managed fund by First Trust. It was launched on Dec 3, 2019. MRNY is an actively managed fund by YieldMax. It was launched on Oct 23, 2023.

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.

AFSM vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AFSM First Trust Active Factor Small Cap ETF	1.01%	9.99%	10.55%	20.62%
MRNY YieldMax MRNA Option Income Strategy ETF	55.26%	-35.72%	-59.32%	19.61%

Returns By Period

In the year-to-date period, AFSM achieves a 1.01% return, which is significantly lower than MRNY's 55.26% return.

AFSM

• 1D: 0.94%
• 1M: -4.95%
• YTD: 1.01%
• 6M: 1.82%
• 1Y: 19.34%
• 3Y*: 13.42%
• 5Y*: 6.33%
• 10Y*: —

MRNY

• 1D: -1.18%
• 1M: -1.56%
• YTD: 55.26%
• 6M: 60.43%
• 1Y: 57.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AFSM vs. MRNY - Expense Ratio Comparison

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

MRNY

YieldMax MRNA Option Income Strategy ETF

AFSM

First Trust Active Factor Small Cap ETF

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: 50
AFSM Sharpe Ratio Rank: 47
AFSM Sortino Ratio Rank: 49
AFSM Omega Ratio Rank: 44
AFSM Calmar Ratio Rank: 56
AFSM Martin Ratio Rank: 55

MRNY

MRNY Risk / Return Rank: 56
MRNY Sharpe Ratio Rank: 61
MRNY Sortino Ratio Rank: 68
MRNY Omega Ratio Rank: 56
MRNY Calmar Ratio Rank: 60
MRNY Martin Ratio Rank: 34

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	0.91	1.11	-0.21
Sortino ratio Return per unit of downside risk	1.41	1.78	-0.37
Omega ratio Gain probability vs. loss probability	1.18	1.22	-0.04
Calmar ratio Return relative to maximum drawdown	1.56	1.61	-0.05
Martin ratio Return relative to average drawdown	5.68	3.21	+2.47
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 0.91, which is comparable to the MRNY Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of AFSM and MRNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AFSM	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.91	1.11	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	-0.50	+0.86

Correlation

The correlation between AFSM and MRNY is 0.42, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

AFSM vs. MRNY - Dividend Comparison

AFSM's dividend yield for the trailing twelve months is around 0.54%, less than MRNY's 88.60% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
AFSM First Trust Active Factor Small Cap ETF	0.54%	0.58%	0.58%	0.92%	1.28%	0.35%	0.53%	0.32%
MRNY YieldMax MRNA Option Income Strategy ETF	88.60%	145.98%	178.49%	1.75%	0.00%	0.00%	0.00%	0.00%

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	-12.41%	-31.53%	+19.12%
Max Drawdown (5Y) Largest decline over 5 years	-28.27%	—	—
Current Drawdown Current decline from peak	-5.79%	-67.31%	+61.52%
Average Drawdown Average peak-to-trough decline	-9.71%	-51.53%	+41.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.41%	15.78%	-12.37%

Volatility

AFSM vs. MRNY - Volatility Comparison

The current volatility for First Trust Active Factor Small Cap ETF (AFSM) is 7.67%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 16.90%. 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	7.67%	16.90%	-9.23%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	39.43%	-25.96%
Volatility (1Y) Calculated over the trailing 1-year period	21.42%	52.05%	-30.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.85%	51.40%	-30.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.56%	51.40%	-25.84%