AIYY vs. APLY

Last updated Jun 24, 2026

AIYY (YieldMax AI Option Income Strategy ETF) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - AIYY is a Derivative Income fund actively managed by YieldMax, while APLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, AIYY returned -58.91% vs 30.98% for APLY. At a 0.25 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

AIYY vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AI Option Income Strategy ETF (AIYY) and YieldMax AAPL Option Income Strategy ETF (APLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AIYY achieves a -31.24% return, which is significantly lower than APLY's 4.06% return.

AIYY

• 1D: 0.23%
• 1M: 0.82%
• YTD: -31.24%
• 6M: -33.10%
• 1Y: -58.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APLY

• 1D: -0.56%
• 1M: -4.43%
• YTD: 4.06%
• 6M: 3.68%
• 1Y: 30.98%
• 3Y*: 8.87%
• 5Y*: —
• 10Y*: —

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

AIYY vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	-31.24%	-58.98%	-14.74%	0.41%
APLY YieldMax AAPL Option Income Strategy ETF	4.06%	4.69%	18.62%	2.08%

Correlation

The correlation between AIYY and APLY is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 28, 2023	0.25

Return for Risk

AIYY vs. APLY — Risk / Return Rank

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

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 1
AIYY Sortino Ratio Rank: 1
AIYY Omega Ratio Rank: 1
AIYY Calmar Ratio Rank: 2
AIYY Martin Ratio Rank: 3

APLY

APLY Risk / Return Rank: 52
APLY Sharpe Ratio Rank: 53
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 54
APLY Calmar Ratio Rank: 56
APLY Martin Ratio Rank: 43

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.

AIYY vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) and YieldMax AAPL Option Income Strategy ETF (APLY). 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.

	AIYY	APLY	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	1.73	-2.83
Sortino ratio: Return per unit of downside risk	-1.65	2.42	-4.07
Omega ratio: Gain probability vs. loss probability	0.77	1.33	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.86	2.65	-3.51
Martin ratio: Return relative to average drawdown	-1.19	6.59	-7.78

AIYY vs. APLY - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.09, which is lower than the APLY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of AIYY and APLY, 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

AIYY vs. APLY - Drawdown Comparison

The maximum AIYY drawdown since its inception was -79.48%, which is greater than APLY's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for AIYY and APLY.

Drawdown Indicators

	AIYY	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-79.48%	-30.41%	-49.07%
Max Drawdown (1Y) Largest decline over 1 year	-68.33%	-11.76%	-56.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.41%	—
Current Drawdown Current decline from peak	-77.54%	-5.78%	-71.76%
Average Drawdown Average peak-to-trough decline	-41.68%	-6.88%	-34.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.68%	4.71%	+44.97%

Volatility

AIYY vs. APLY - Volatility Comparison

YieldMax AI Option Income Strategy ETF (AIYY) has a higher volatility of 15.30% compared to YieldMax AAPL Option Income Strategy ETF (APLY) at 5.60%. This indicates that AIYY's price experiences larger fluctuations and is considered to be riskier than APLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AIYY	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.30%	5.60%	+9.70%
Volatility (6M) Calculated over the trailing 6-month period	39.30%	13.49%	+25.81%
Volatility (1Y) Calculated over the trailing 1-year period	54.04%	17.97%	+36.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.29%	20.93%	+29.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.29%	20.93%	+29.36%

AIYY vs. APLY - Expense Ratio Comparison

Both AIYY and APLY have an expense ratio of 0.99%.

Dividends

AIYY vs. APLY - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 153.28%, more than APLY's 36.54% yield.

Position	TTM	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	153.28%	168.33%	98.26%	0.00%
APLY YieldMax AAPL Option Income Strategy ETF	36.54%	36.38%	24.95%	14.36%

Frequently Asked Questions

Can I hold both AIYY and APLY in my portfolio?

AIYY and APLY have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIYY or APLY?

AIYY has higher volatility (15.30%) compared to APLY (5.60%). In terms of maximum drawdown, AIYY dropped -79.48% vs APLY's -30.41%.

Which ETF is better, AIYY or APLY?

On 1-year performance, APLY leads with 30.98% vs -58.91% for AIYY. Both ETFs have the same 0.99% expense ratio. On volatility, APLY has been the lower-risk option at 5.60%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIYY or APLY?

Over the 1-year period, APLY has performed better with a 30.98% return vs -58.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIYY or APLY?

AIYY and APLY have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, AIYY or APLY?

AIYY has the higher dividend yield at 153.28%, compared with 36.54% for APLY.

What is the main difference between AIYY and APLY?

AIYY is categorized as Derivative Income, while APLY is Options Trading.

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.73 vs -1.09), 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.