AMZY vs. AMZD

Last updated Aug 4, 2026

AMZY (YieldMax AMZN Option Income Strategy ETF) and AMZD (Direxion Daily AMZN Bear 1X Shares) are both exchange-traded funds - AMZY is a Derivative Income fund actively managed by YieldMax, while AMZD is a Inverse Equities fund tracking the Amazon.com, Inc. (-100%). AMZY is actively managed, while AMZD is passively managed. Over the past 3 years, AMZY returned 22.79%/yr vs -23.64%/yr for AMZD. Their -0.97 correlation means they have often moved in opposite directions in the past. Both charge a 1.09% expense ratio.

Performance

AMZY vs. AMZD - Performance Comparison

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

Returns By Period

In the year-to-date period, AMZY achieves a 14.08% return, which is significantly higher than AMZD's -22.39% return.

AMZY

• 1D: 3.21%
• 1M: 14.34%
• 6M: 11.00%
• YTD: 14.08%
• 1Y: 21.24%
• 3Y*: 22.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.97%

AMZD

• 1D: -4.57%
• 1M: -16.99%
• 6M: -18.22%
• YTD: -22.39%
• 1Y: -28.47%
• 3Y*: -23.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -22.15%

*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)
AMZD Direxion Daily AMZN Bear 1X Shares	$132.41M	$131.32M	$131.36M
AMZY YieldMax AMZN Option Income Strategy ETF	$3.63M	$2.96M	$4.73M

AMZY vs. AMZD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	14.08%	10.39%	35.28%	18.03%
AMZD Direxion Daily AMZN Bear 1X Shares	-22.39%	-9.84%	-30.80%	-15.63%

Correlation

The correlation between AMZY and AMZD is -0.98, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.98
Correlation (3Y) Balances recent behavior with more history.	-0.97
Correlation (All Time) Calculated using the full available price history since Jul 25, 2023	-0.97

The correlation between AMZY and AMZD has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.

Return for Risk

AMZY vs. AMZD — Risk / Return Rank

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

AMZY

AMZY Risk / Return Rank: 32
AMZY Sharpe Ratio Rank: 32
AMZY Sortino Ratio Rank: 35
AMZY Omega Ratio Rank: 35
AMZY Calmar Ratio Rank: 32
AMZY Martin Ratio Rank: 28

AMZD

AMZD Risk / Return Rank: 2
AMZD Sharpe Ratio Rank: 3
AMZD Sortino Ratio Rank: 3
AMZD Omega Ratio Rank: 3
AMZD Calmar Ratio Rank: 2
AMZD Martin Ratio Rank: 0

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.

AMZY vs. AMZD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMZN Option Income Strategy ETF (AMZY) and Direxion Daily AMZN Bear 1X Shares (AMZD). 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.

	AMZY	AMZD	Difference
Sharpe ratio: Return per unit of total volatility	0.78	-0.82	+1.61
Sortino ratio: Return per unit of downside risk	1.33	-0.99	+2.32
Omega ratio: Gain probability vs. loss probability	1.17	0.87	+0.30
Calmar ratio: Return relative to maximum drawdown	1.09	-0.87	+1.96
Martin ratio: Return relative to average drawdown	2.40	-2.01	+4.42

AMZY vs. AMZD - Sharpe Ratio Comparison

The current AMZY Sharpe Ratio is 0.78, which is higher than the AMZD Sharpe Ratio of -0.82. The chart below compares the historical Sharpe Ratios of AMZY and AMZD, 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

AMZY vs. AMZD - Drawdown Comparison

The maximum AMZY drawdown since its inception was -23.70%, smaller than the maximum AMZD drawdown of -74.75%. Use the drawdown chart below to compare losses from any high point for AMZY and AMZD.

Drawdown Indicators

	AMZY	AMZD	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-74.75%	+51.05%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-32.78%	+13.17%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	-61.76%	+38.06%
Current Drawdown Current decline from peak	0.00%	-74.75%	+74.75%
Average Drawdown Average peak-to-trough decline	-5.57%	-49.91%	+44.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.87%	14.16%	-5.29%

Volatility

AMZY vs. AMZD - Volatility Comparison

The current volatility for YieldMax AMZN Option Income Strategy ETF (AMZY) is 13.72%, while Direxion Daily AMZN Bear 1X Shares (AMZD) has a volatility of 18.93%. This indicates that AMZY experiences smaller price fluctuations and is considered to be less risky than AMZD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZY	AMZD	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	18.93%	-5.21%
Volatility (6M) Calculated over the trailing 6-month period	21.48%	28.22%	-6.74%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	34.74%	-7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.13%	34.31%	-8.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	34.31%	-8.18%

AMZY vs. AMZD - Expense Ratio Comparison

Both AMZY and AMZD have an expense ratio of 1.09%.

Dividends

AMZY vs. AMZD - Dividend Comparison

AMZY's dividend yield for the trailing twelve months is around 45.29%, more than AMZD's 3.99% yield.

Position	TTM	2025	2024	2023	2022
AMZD Direxion Daily AMZN Bear 1X Shares	3.99%	3.61%	5.15%	6.83%	2.45%
AMZY YieldMax AMZN Option Income Strategy ETF	45.29%	52.59%	47.91%	9.90%	0.00%

Frequently Asked Questions

Can I hold both AMZY and AMZD in my portfolio?

AMZY and AMZD have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZY or AMZD?

AMZD has higher volatility (18.93%) compared to AMZY (13.72%). In terms of maximum drawdown, AMZY dropped -23.70% vs AMZD's -74.75%.

Which ETF is better, AMZY or AMZD?

On 3-year performance, AMZY leads with 22.79% vs -23.64% for AMZD. Both ETFs have the same 1.09% expense ratio. On volatility, AMZY has been the lower-risk option at 13.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZY or AMZD?

Over the 3-year period, AMZY has performed better with a 22.79% return vs -23.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZY or AMZD?

AMZY and AMZD have the same expense ratio: 1.09% per year.

Which ETF pays a higher dividend yield, AMZY or AMZD?

AMZY has the higher dividend yield at 45.29%, compared with 3.99% for AMZD.

What is the main difference between AMZY and AMZD?

AMZY is categorized as Derivative Income, while AMZD is Inverse Equities. They also come from different issuers: YieldMax and Direxion.

Which has better risk-adjusted returns?

AMZY currently has the higher Sharpe Ratio (0.78 vs -0.82), 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.