AMZY vs. YMAX

Last updated Jun 5, 2026

AMZY (YieldMax AMZN Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - AMZY is a Options Trading fund actively managed by YieldMax, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, AMZY returned 14.86% vs 9.04% for YMAX. A 0.60 correlation means they provide meaningful diversification when combined. AMZY charges 0.99%/yr vs 1.28%/yr for YMAX.

Performance

AMZY vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMZN Option Income Strategy ETF (AMZY) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZY achieves a 4.65% return, which is significantly lower than YMAX's 6.30% return.

AMZY

• 1D: 1.05%
• 1M: -5.54%
• YTD: 4.65%
• 6M: 5.86%
• 1Y: 14.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YMAX

• 1D: 0.24%
• 1M: 6.50%
• YTD: 6.30%
• 6M: 3.22%
• 1Y: 9.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMZY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZY YieldMax AMZN Option Income Strategy ETF	4.65%	10.39%	38.80%
YMAX YieldMax Universe Fund of Option Income ETFs	6.30%	6.04%	26.26%

Correlation

The correlation between AMZY and YMAX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.60

The correlation between AMZY and YMAX has been stable across timeframes, ranging from 0.51 to 0.60 - a consistent structural relationship.

Return for Risk

AMZY vs. YMAX — Risk / Return Rank

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

AMZY

AMZY Risk / Return Rank: 20
AMZY Sharpe Ratio Rank: 20
AMZY Sortino Ratio Rank: 20
AMZY Omega Ratio Rank: 21
AMZY Calmar Ratio Rank: 19
AMZY Martin Ratio Rank: 18

YMAX

YMAX Risk / Return Rank: 15
YMAX Sharpe Ratio Rank: 16
YMAX Sortino Ratio Rank: 16
YMAX Omega Ratio Rank: 16
YMAX Calmar Ratio Rank: 13
YMAX Martin Ratio Rank: 13

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.

AMZY vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMZN Option Income Strategy ETF (AMZY) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	AMZY	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.63	0.42	+0.21
Sortino ratio: Return per unit of downside risk	0.98	0.70	+0.28
Omega ratio: Gain probability vs. loss probability	1.13	1.09	+0.04
Calmar ratio: Return relative to maximum drawdown	0.76	0.35	+0.41
Martin ratio: Return relative to average drawdown	1.89	0.82	+1.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZY vs. YMAX - Sharpe Ratio Comparison

The current AMZY Sharpe Ratio is 0.63, which is higher than the YMAX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of AMZY and YMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMZY	YMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.63	0.42	+0.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	0.70	+0.26

Drawdowns

AMZY vs. YMAX - Drawdown Comparison

The maximum AMZY drawdown since its inception was -23.70%, smaller than the maximum YMAX drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for AMZY and YMAX.

Drawdown Indicators

	AMZY	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-26.13%	+2.43%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-26.13%	+6.52%
Current Drawdown Current decline from peak	-6.56%	-5.75%	-0.81%
Average Drawdown Average peak-to-trough decline	-5.32%	-6.33%	+1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.89%	11.00%	-3.11%

Volatility

AMZY vs. YMAX - Volatility Comparison

YieldMax AMZN Option Income Strategy ETF (AMZY) and YieldMax Universe Fund of Option Income ETFs (YMAX) have volatilities of 6.13% and 6.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZY	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	6.22%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	17.09%	-0.97%
Volatility (1Y) Calculated over the trailing 1-year period	23.61%	21.60%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.05%	22.95%	+2.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.05%	22.95%	+2.10%

AMZY vs. YMAX - Expense Ratio Comparison

AMZY has a 0.99% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

AMZY vs. YMAX - Dividend Comparison

AMZY's dividend yield for the trailing twelve months is around 58.07%, less than YMAX's 72.77% yield.

Position	TTM	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	58.07%	52.59%	47.91%	9.90%
YMAX YieldMax Universe Fund of Option Income ETFs	72.77%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both AMZY and YMAX in my portfolio?

AMZY and YMAX have a correlation of 0.51, 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 YMAX?

YMAX has higher volatility (6.22%) compared to AMZY (6.13%). In terms of maximum drawdown, AMZY dropped -23.70% vs YMAX's -26.13%.

Which ETF is better, AMZY or YMAX?

On 1-year performance, AMZY leads with 14.86% vs 9.04% for YMAX. On fees, AMZY is cheaper at 0.99% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZY or YMAX?

Over the 1-year period, AMZY has performed better with a 14.86% return vs 9.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZY or YMAX?

AMZY is cheaper with a 0.99% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 72.77%, compared with 58.07% for AMZY.

What is the main difference between AMZY and YMAX?

AMZY is categorized as Options Trading, while YMAX is Derivative Income. Their fees differ too: 0.99% for AMZY and 1.28% for YMAX.

Which has better risk-adjusted returns?

AMZY currently has the higher Sharpe Ratio (0.63 vs 0.42), 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.