AMDD vs. FIAT

Last updated Jul 15, 2026

AMDD (Direxion Daily AMD Bear 1X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - AMDD is a Inverse Equities fund actively managed by Direxion, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AMDD returned -82.48% vs 56.10% for FIAT. At a 0.43 correlation, their price movements are largely independent. AMDD charges 0.97%/yr vs 0.99%/yr for FIAT.

Performance

AMDD vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AMD Bear 1X Shares (AMDD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDD achieves a -70.09% return, which is significantly lower than FIAT's 12.35% return.

AMDD

• 1D: -2.65%
• 1M: -10.20%
• 6M: -68.90%
• YTD: -70.09%
• 1Y: -82.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: -1.91%
• 1M: -3.02%
• 6M: 22.51%
• YTD: 12.35%
• 1Y: 56.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMDD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
AMDD Direxion Daily AMD Bear 1X Shares	-70.09%	-61.12%
FIAT YieldMax Short COIN Option Income Strategy ETF	12.35%	-19.90%

Correlation

The correlation between AMDD and FIAT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	0.43

Return for Risk

AMDD vs. FIAT — Risk / Return Rank

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

AMDD

AMDD Risk / Return Rank: 0
AMDD Sharpe Ratio Rank: 1
AMDD Sortino Ratio Rank: 0
AMDD Omega Ratio Rank: 0
AMDD Calmar Ratio Rank: 0
AMDD Martin Ratio Rank: 0

FIAT

FIAT Risk / Return Rank: 36
FIAT Sharpe Ratio Rank: 36
FIAT Sortino Ratio Rank: 35
FIAT Omega Ratio Rank: 38
FIAT Calmar Ratio Rank: 40
FIAT Martin Ratio Rank: 30

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.

AMDD vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AMD Bear 1X Shares (AMDD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	AMDD	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.07	-2.27
Sortino ratio: Return per unit of downside risk	-2.63	1.55	-4.18
Omega ratio: Gain probability vs. loss probability	0.68	1.21	-0.53
Calmar ratio: Return relative to maximum drawdown	-1.01	1.65	-2.65
Martin ratio: Return relative to average drawdown	-1.73	3.54	-5.27

AMDD vs. FIAT - Sharpe Ratio Comparison

The current AMDD Sharpe Ratio is -1.20, which is lower than the FIAT Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of AMDD and FIAT, 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

AMDD vs. FIAT - Drawdown Comparison

The maximum AMDD drawdown since its inception was -91.84%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for AMDD and FIAT.

Drawdown Indicators

	AMDD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-91.84%	-70.50%	-21.34%
Max Drawdown (1Y) Largest decline over 1 year	-82.18%	-34.22%	-47.96%
Current Drawdown Current decline from peak	-91.52%	-51.58%	-39.94%
Average Drawdown Average peak-to-trough decline	-58.75%	-45.53%	-13.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.82%	15.91%	+33.91%

Volatility

AMDD vs. FIAT - Volatility Comparison

Direxion Daily AMD Bear 1X Shares (AMDD) has a higher volatility of 22.39% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.13%. This indicates that AMDD's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.39%	14.13%	+8.26%
Volatility (6M) Calculated over the trailing 6-month period	54.57%	43.67%	+10.90%
Volatility (1Y) Calculated over the trailing 1-year period	68.99%	52.59%	+16.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.17%	60.00%	+7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.17%	60.00%	+7.17%

AMDD vs. FIAT - Expense Ratio Comparison

AMDD has a 0.97% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

AMDD vs. FIAT - Dividend Comparison

AMDD's dividend yield for the trailing twelve months is around 14.47%, less than FIAT's 106.66% yield.

Position	TTM	2025	2024
AMDD Direxion Daily AMD Bear 1X Shares	14.47%	5.51%	0.00%
FIAT YieldMax Short COIN Option Income Strategy ETF	106.66%	178.11%	70.99%

Frequently Asked Questions

Can I hold both AMDD and FIAT in my portfolio?

AMDD and FIAT have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMDD or FIAT?

AMDD has higher volatility (22.39%) compared to FIAT (14.13%). In terms of maximum drawdown, AMDD dropped -91.84% vs FIAT's -70.50%.

Which ETF is better, AMDD or FIAT?

On 1-year performance, FIAT leads with 56.10% vs -82.48% for AMDD. On fees, AMDD is cheaper at 0.97% per year. On volatility, FIAT has been the lower-risk option at 14.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDD or FIAT?

Over the 1-year period, FIAT has performed better with a 56.10% return vs -82.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDD or FIAT?

AMDD is cheaper with a 0.97% expense ratio, compared with 0.99% for FIAT.

Which ETF pays a higher dividend yield, AMDD or FIAT?

FIAT has the higher dividend yield at 106.66%, compared with 14.47% for AMDD.

What is the main difference between AMDD and FIAT?

AMDD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.97% for AMDD and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.07 vs -1.20), 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.