APLY vs. AAPY

Last updated Aug 2, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and AAPY (Kurv Yield Premium Strategy Apple (AAPL) ETF) are both Derivative Income funds. Both are actively managed. Over the past year, APLY returned 31.95% vs 38.20% for AAPY. Their correlation of 0.90 means they have usually moved in the same direction. APLY charges 1.04%/yr vs 0.99%/yr for AAPY.

Performance

APLY vs. AAPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLY achieves a 7.08% return, which is significantly lower than AAPY's 11.62% return.

APLY

• 1D: -7.10%
• 1M: -1.04%
• 6M: 11.70%
• YTD: 7.08%
• 1Y: 31.95%
• 3Y*: 8.35%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.72%

AAPY

• 1D: -7.73%
• 1M: -0.78%
• 6M: 17.72%
• YTD: 11.62%
• 1Y: 38.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.02%

*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)
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	$210.67K	$187.15K	$144.01K
APLY YieldMax AAPL Option Income Strategy ETF	$2.55M	$1.69M	$1.63M

APLY vs. AAPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	7.08%	4.69%	18.62%	13.44%
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.62%	5.04%	20.54%	9.18%

Correlation

The correlation between APLY and AAPY is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.90

The correlation between APLY and AAPY has been stable across timeframes, ranging from 0.90 to 0.94 - a consistent structural relationship.

Return for Risk

APLY vs. AAPY — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 60
APLY Sharpe Ratio Rank: 57
APLY Sortino Ratio Rank: 52
APLY Omega Ratio Rank: 65
APLY Calmar Ratio Rank: 72
APLY Martin Ratio Rank: 52

AAPY

AAPY Risk / Return Rank: 60
AAPY Sharpe Ratio Rank: 58
AAPY Sortino Ratio Rank: 53
AAPY Omega Ratio Rank: 63
AAPY Calmar Ratio Rank: 72
AAPY Martin Ratio Rank: 53

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.

APLY vs. AAPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY). 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.

	APLY	AAPY	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.38	-0.02
Sortino ratio: Return per unit of downside risk	1.84	1.88	-0.04
Omega ratio: Gain probability vs. loss probability	1.27	1.27	+0.01
Calmar ratio: Return relative to maximum drawdown	2.51	2.49	+0.02
Martin ratio: Return relative to average drawdown	6.00	6.24	-0.23

APLY vs. AAPY - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.36, which is comparable to the AAPY Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of APLY and AAPY, 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

APLY vs. AAPY - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, roughly equal to the maximum AAPY drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for APLY and AAPY.

Drawdown Indicators

	APLY	AAPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-29.22%	-1.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-14.47%	+2.71%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	—	—
Current Drawdown Current decline from peak	-8.69%	-10.35%	+1.66%
Average Drawdown Average peak-to-trough decline	-6.75%	-6.23%	-0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.90%	5.77%	-0.87%

Volatility

APLY vs. AAPY - Volatility Comparison

The current volatility for YieldMax AAPL Option Income Strategy ETF (APLY) is 10.36%, while Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) has a volatility of 12.10%. This indicates that APLY experiences smaller price fluctuations and is considered to be less risky than AAPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	AAPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.36%	12.10%	-1.74%
Volatility (6M) Calculated over the trailing 6-month period	17.85%	23.02%	-5.17%
Volatility (1Y) Calculated over the trailing 1-year period	21.66%	26.10%	-4.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.73%	23.90%	-2.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	23.90%	-2.17%

APLY vs. AAPY - Expense Ratio Comparison

APLY has a 1.04% expense ratio, which is higher than AAPY's 0.99% expense ratio.

Dividends

APLY vs. AAPY - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 36.59%, more than AAPY's 11.83% yield.

Position	TTM	2025	2024	2023
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.83%	12.66%	17.15%	2.16%
APLY YieldMax AAPL Option Income Strategy ETF	36.59%	36.38%	24.95%	14.36%

Frequently Asked Questions

Can I hold both APLY and AAPY in my portfolio?

With a correlation of 0.94, APLY and AAPY 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, APLY or AAPY?

AAPY has higher volatility (12.10%) compared to APLY (10.36%). In terms of maximum drawdown, APLY dropped -30.41% vs AAPY's -29.22%.

Which ETF is better, APLY or AAPY?

On 1-year performance, AAPY leads with 38.20% vs 31.95% for APLY. On fees, AAPY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 10.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or AAPY?

Over the 1-year period, AAPY has performed better with a 38.20% return vs 31.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or AAPY?

AAPY is cheaper with a 0.99% expense ratio, compared with 1.04% for APLY.

Which ETF pays a higher dividend yield, APLY or AAPY?

APLY has the higher dividend yield at 36.59%, compared with 11.83% for AAPY.

What is the main difference between APLY and AAPY?

They also come from different issuers: YieldMax and Kurv. Their fees differ too: 1.04% for APLY and 0.99% for AAPY.

Which has better risk-adjusted returns?

AAPY currently has the higher Sharpe Ratio (1.38 vs 1.36), 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.