APLY vs. SPY

Last updated Jun 4, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. APLY is actively managed, while SPY is passively managed. Over the past 3 years, APLY returned 11.75%/yr vs 22.35%/yr for SPY. A 0.54 correlation means they provide meaningful diversification when combined. APLY charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

APLY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLY achieves a 9.41% return, which is significantly lower than SPY's 10.91% return.

APLY

• 1D: -0.93%
• 1M: 9.06%
• YTD: 9.41%
• 6M: 5.60%
• 1Y: 36.14%
• 3Y*: 11.75%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

APLY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	9.41%	4.69%	18.62%	11.44%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	16.05%

Correlation

The correlation between APLY and SPY 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 (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Apr 19, 2023	0.54

The correlation between APLY and SPY has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

APLY vs. SPY — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 57
APLY Sharpe Ratio Rank: 59
APLY Sortino Ratio Rank: 58
APLY Omega Ratio Rank: 60
APLY Calmar Ratio Rank: 62
APLY Martin Ratio Rank: 47

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

APLY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and State Street SPDR S&P 500 ETF (SPY). 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.

	APLY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.38	-0.36
Sortino ratio: Return per unit of downside risk	2.79	3.24	-0.45
Omega ratio: Gain probability vs. loss probability	1.37	1.43	-0.06
Calmar ratio: Return relative to maximum drawdown	3.09	3.16	-0.07
Martin ratio: Return relative to average drawdown	7.87	14.72	-6.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLY vs. SPY - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 2.02, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of APLY and SPY, 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

	APLY	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.38	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.59	+0.09

Drawdowns

APLY vs. SPY - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for APLY and SPY.

Drawdown Indicators

	APLY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-55.19%	+24.78%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-8.88%	-2.88%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	-18.76%	-11.65%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.93%	-0.70%	-0.23%
Average Drawdown Average peak-to-trough decline	-6.93%	-9.05%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	1.91%	+2.69%

Volatility

APLY vs. SPY - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) has a higher volatility of 4.12% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that APLY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	2.84%	+1.28%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	8.90%	+4.13%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	11.83%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	17.05%	+3.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	17.94%	+3.03%

APLY vs. SPY - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

APLY vs. SPY - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 34.76%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APLY YieldMax AAPL Option Income Strategy ETF	34.76%	36.38%	24.95%	14.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both APLY and SPY in my portfolio?

APLY and SPY 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, APLY or SPY?

APLY has higher volatility (4.12%) compared to SPY (2.84%). In terms of maximum drawdown, APLY dropped -30.41% vs SPY's -55.19%.

Which ETF is better, APLY or SPY?

On 3-year performance, SPY leads with 22.35% vs 11.75% for APLY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 11.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for APLY.

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

APLY has the higher dividend yield at 34.76%, compared with 0.98% for SPY.

What is the main difference between APLY and SPY?

APLY is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for APLY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.02), 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.