AMDY vs. HYGW

Last updated Aug 6, 2026

AMDY (YieldMax AMD Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. AMDY is actively managed, while HYGW is passively managed. Over the past year, AMDY returned 132.21% vs 6.26% for HYGW. Their 0.33 correlation means their historical movements had little consistent relationship. AMDY charges 1.23%/yr vs 0.69%/yr for HYGW.

Performance

AMDY vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMD Option Income Strategy ETF (AMDY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMDY achieves a 89.19% return, which is significantly higher than HYGW's 2.85% return.

AMDY

• 1D: -7.76%
• 1M: -12.31%
• 6M: 112.74%
• YTD: 89.19%
• 1Y: 132.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 47.23%

HYGW

• 1D: -0.09%
• 1M: 0.37%
• 6M: 2.44%
• YTD: 2.85%
• 1Y: 6.26%
• 3Y*: 5.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.78%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMDY YieldMax AMD Option Income Strategy ETF	$19.85M	$22.98M	$23.52M
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$537.93K	$611.73K	$789.35K

AMDY vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMDY YieldMax AMD Option Income Strategy ETF	89.19%	53.93%	-17.00%	25.92%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.85%	6.19%	6.99%	0.55%

Correlation

The correlation between AMDY and HYGW is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (All Time) Calculated using the full available price history since Sep 19, 2023	0.33

Return for Risk

AMDY vs. HYGW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMDY

AMDY Risk / Return Rank: 81
AMDY Sharpe Ratio Rank: 84
AMDY Sortino Ratio Rank: 76
AMDY Omega Ratio Rank: 78
AMDY Calmar Ratio Rank: 93
AMDY Martin Ratio Rank: 73

HYGW

HYGW Risk / Return Rank: 86
HYGW Sharpe Ratio Rank: 83
HYGW Sortino Ratio Rank: 85
HYGW Omega Ratio Rank: 89
HYGW Calmar Ratio Rank: 83
HYGW Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AMDY vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMD Option Income Strategy ETF (AMDY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.

	AMDY	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	2.18	2.14	+0.04
Sortino ratio: Return per unit of downside risk	2.78	3.11	-0.33
Omega ratio: Gain probability vs. loss probability	1.36	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	4.82	3.46	+1.36
Martin ratio: Return relative to average drawdown	10.38	15.43	-5.05

AMDY vs. HYGW - Sharpe Ratio Comparison

The current AMDY Sharpe Ratio is 2.18, which is comparable to the HYGW Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of AMDY and HYGW, 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

AMDY vs. HYGW - Drawdown Comparison

The maximum AMDY drawdown since its inception was -53.92%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for AMDY and HYGW.

Drawdown Indicators

	AMDY	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-53.92%	-5.49%	-48.43%
Max Drawdown (1Y) Largest decline over 1 year	-27.59%	-1.82%	-25.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	-15.03%	-0.09%	-14.94%
Average Drawdown Average peak-to-trough decline	-17.38%	-0.59%	-16.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.79%	0.41%	+12.38%

Volatility

AMDY vs. HYGW - Volatility Comparison

YieldMax AMD Option Income Strategy ETF (AMDY) has a higher volatility of 23.10% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.88%. This indicates that AMDY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMDY	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.10%	0.88%	+22.22%
Volatility (6M) Calculated over the trailing 6-month period	49.22%	2.35%	+46.87%
Volatility (1Y) Calculated over the trailing 1-year period	60.95%	2.94%	+58.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.41%	4.61%	+43.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.41%	4.61%	+43.80%

AMDY vs. HYGW - Expense Ratio Comparison

AMDY has a 1.23% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

AMDY vs. HYGW - Dividend Comparison

AMDY's dividend yield for the trailing twelve months is around 76.06%, more than HYGW's 10.36% yield.

Position	TTM	2025	2024	2023	2022
AMDY YieldMax AMD Option Income Strategy ETF	76.06%	80.68%	109.98%	6.68%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.36%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both AMDY and HYGW in my portfolio?

AMDY and HYGW 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, AMDY or HYGW?

AMDY has higher volatility (23.10%) compared to HYGW (0.88%). In terms of maximum drawdown, AMDY dropped -53.92% vs HYGW's -5.49%.

Which ETF is better, AMDY or HYGW?

On 1-year performance, AMDY leads with 132.21% vs 6.26% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMDY or HYGW?

Over the 1-year period, AMDY has performed better with a 132.21% return vs 6.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMDY or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 1.23% for AMDY.

Which ETF pays a higher dividend yield, AMDY or HYGW?

AMDY has the higher dividend yield at 76.06%, compared with 10.36% for HYGW.

What is the main difference between AMDY and HYGW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.23% for AMDY and 0.69% for HYGW.

Which has better risk-adjusted returns?

AMDY currently has the higher Sharpe Ratio (2.18 vs 2.14), 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.