AMZZ vs. AMZY

Last updated Jun 4, 2026

AMZZ (GraniteShares 2x Long AMZN Daily ETF) and AMZY (YieldMax AMZN Option Income Strategy ETF) are both exchange-traded funds - AMZZ is a Leveraged Equities fund actively managed by GraniteShares, while AMZY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, AMZZ returned 25.28% vs 14.23% for AMZY. With a 0.97 correlation, they move nearly in lockstep. AMZZ charges 1.15%/yr vs 0.99%/yr for AMZY.

Performance

AMZZ vs. AMZY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long AMZN Daily ETF (AMZZ) and YieldMax AMZN Option Income Strategy ETF (AMZY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMZZ achieves a 9.44% return, which is significantly higher than AMZY's 3.56% return.

AMZZ

• 1D: -5.02%
• 1M: -16.12%
• YTD: 9.44%
• 6M: 7.26%
• 1Y: 25.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AMZY

• 1D: -2.31%
• 1M: -6.16%
• YTD: 3.56%
• 6M: 3.86%
• 1Y: 14.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMZZ vs. AMZY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZZ GraniteShares 2x Long AMZN Daily ETF	9.44%	-8.94%	38.36%
AMZY YieldMax AMZN Option Income Strategy ETF	3.56%	10.39%	18.44%

Correlation

The correlation between AMZZ and AMZY is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Mar 19, 2024	0.97

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

Return for Risk

AMZZ vs. AMZY — Risk / Return Rank

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

AMZZ

AMZZ Risk / Return Rank: 17
AMZZ Sharpe Ratio Rank: 15
AMZZ Sortino Ratio Rank: 19
AMZZ Omega Ratio Rank: 19
AMZZ Calmar Ratio Rank: 16
AMZZ Martin Ratio Rank: 15

AMZY

AMZY Risk / Return Rank: 18
AMZY Sharpe Ratio Rank: 18
AMZY Sortino Ratio Rank: 18
AMZY Omega Ratio Rank: 19
AMZY Calmar Ratio Rank: 18
AMZY Martin Ratio Rank: 17

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.

AMZZ vs. AMZY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long AMZN Daily ETF (AMZZ) and YieldMax AMZN Option Income Strategy ETF (AMZY). 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.

	AMZZ	AMZY	Difference
Sharpe ratio: Return per unit of total volatility	0.43	0.61	-0.18
Sortino ratio: Return per unit of downside risk	0.99	0.95	+0.05
Omega ratio: Gain probability vs. loss probability	1.12	1.13	0.00
Calmar ratio: Return relative to maximum drawdown	0.61	0.73	-0.12
Martin ratio: Return relative to average drawdown	1.37	1.81	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMZZ vs. AMZY - Sharpe Ratio Comparison

The current AMZZ Sharpe Ratio is 0.43, which is comparable to the AMZY Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of AMZZ and AMZY, 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

	AMZZ	AMZY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	0.61	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.94	-0.69

Drawdowns

AMZZ vs. AMZY - Drawdown Comparison

The maximum AMZZ drawdown since its inception was -55.28%, which is greater than AMZY's maximum drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for AMZZ and AMZY.

Drawdown Indicators

	AMZZ	AMZY	Difference
Max Drawdown Largest peak-to-trough decline	-55.28%	-23.70%	-31.58%
Max Drawdown (1Y) Largest decline over 1 year	-41.97%	-19.61%	-22.36%
Current Drawdown Current decline from peak	-18.02%	-7.53%	-10.49%
Average Drawdown Average peak-to-trough decline	-20.21%	-5.32%	-14.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.49%	7.88%	+10.61%

Volatility

AMZZ vs. AMZY - Volatility Comparison

GraniteShares 2x Long AMZN Daily ETF (AMZZ) has a higher volatility of 14.66% compared to YieldMax AMZN Option Income Strategy ETF (AMZY) at 6.01%. This indicates that AMZZ's price experiences larger fluctuations and is considered to be riskier than AMZY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMZZ	AMZY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.66%	6.01%	+8.65%
Volatility (6M) Calculated over the trailing 6-month period	40.44%	16.09%	+24.35%
Volatility (1Y) Calculated over the trailing 1-year period	59.66%	23.59%	+36.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.82%	25.06%	+37.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.82%	25.06%	+37.76%

AMZZ vs. AMZY - Expense Ratio Comparison

AMZZ has a 1.15% expense ratio, which is higher than AMZY's 0.99% expense ratio.

Dividends

AMZZ vs. AMZY - Dividend Comparison

AMZZ has not paid dividends to shareholders, while AMZY's dividend yield for the trailing twelve months is around 57.72%.

Position	TTM	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	57.72%	52.59%	47.91%	9.90%
AMZZ GraniteShares 2x Long AMZN Daily ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMZZ and AMZY in my portfolio?

With a correlation of 0.98, AMZZ and AMZY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, AMZZ or AMZY?

AMZZ has higher volatility (14.66%) compared to AMZY (6.01%). In terms of maximum drawdown, AMZZ dropped -55.28% vs AMZY's -23.70%.

Which ETF is better, AMZZ or AMZY?

On 1-year performance, AMZZ leads with 25.28% vs 14.23% for AMZY. On fees, AMZY is cheaper at 0.99% per year. On volatility, AMZY has been the lower-risk option at 6.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZZ or AMZY?

Over the 1-year period, AMZZ has performed better with a 25.28% return vs 14.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZZ or AMZY?

AMZY is cheaper with a 0.99% expense ratio, compared with 1.15% for AMZZ.

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

AMZY has the higher dividend yield at 57.72%, compared with 0.00% for AMZZ.

What is the main difference between AMZZ and AMZY?

AMZZ is categorized as Leveraged Equities, while AMZY is Options Trading. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for AMZZ and 0.99% for AMZY.

Which has better risk-adjusted returns?

AMZY currently has the higher Sharpe Ratio (0.61 vs 0.43), 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.