APLY vs. YMAX

Last updated Jul 14, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - APLY 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, APLY returned 32.66% vs -2.22% for YMAX. At a 0.39 correlation, their price movements are largely independent. APLY charges 0.99%/yr vs 1.28%/yr for YMAX.

Performance

APLY vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) 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, APLY achieves a 10.37% return, which is significantly higher than YMAX's 2.28% return.

APLY

• 1D: 0.53%
• 1M: 6.42%
• 6M: 14.95%
• YTD: 10.37%
• 1Y: 32.66%
• 3Y*: 10.51%
• 5Y*: —
• 10Y*: —

YMAX

• 1D: -1.26%
• 1M: 2.73%
• 6M: -0.00%
• YTD: 2.28%
• 1Y: -2.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APLY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APLY YieldMax AAPL Option Income Strategy ETF	10.37%	4.69%	23.67%
YMAX YieldMax Universe Fund of Option Income ETFs	2.28%	6.04%	26.90%

Correlation

The correlation between APLY and YMAX is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.39

Return for Risk

APLY vs. YMAX — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 63
APLY Sharpe Ratio Rank: 64
APLY Sortino Ratio Rank: 61
APLY Omega Ratio Rank: 69
APLY Calmar Ratio Rank: 70
APLY Martin Ratio Rank: 50

YMAX

YMAX Risk / Return Rank: 8
YMAX Sharpe Ratio Rank: 8
YMAX Sortino Ratio Rank: 8
YMAX Omega Ratio Rank: 8
YMAX Calmar Ratio Rank: 8
YMAX Martin Ratio Rank: 8

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. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) 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.

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	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-0.09	+1.75
Sortino ratio: Return per unit of downside risk	2.27	0.03	+2.23
Omega ratio: Gain probability vs. loss probability	1.32	1.00	+0.32
Calmar ratio: Return relative to maximum drawdown	2.79	-0.09	+2.88
Martin ratio: Return relative to average drawdown	6.71	-0.20	+6.90

APLY vs. YMAX - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 1.66, which is higher than the YMAX Sharpe Ratio of -0.09. The chart below compares the historical Sharpe Ratios of APLY 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.

Drawdowns

APLY vs. YMAX - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for APLY and YMAX.

Drawdown Indicators

	APLY	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-26.13%	-4.28%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-26.13%	+14.37%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	—	—
Current Drawdown Current decline from peak	-0.06%	-9.33%	+9.27%
Average Drawdown Average peak-to-trough decline	-6.84%	-6.45%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.88%	11.43%	-6.55%

Volatility

APLY vs. YMAX - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) has a higher volatility of 9.27% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 7.96%. This indicates that APLY's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	7.96%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	15.90%	19.94%	-4.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.82%	23.81%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.33%	23.53%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.33%	23.53%	-2.20%

APLY vs. YMAX - Expense Ratio Comparison

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

Dividends

APLY vs. YMAX - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 35.30%, less than YMAX's 72.04% yield.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	35.30%	36.38%	24.95%	14.36%
YMAX YieldMax Universe Fund of Option Income ETFs	72.04%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both APLY and YMAX in my portfolio?

APLY and YMAX have a correlation of 0.34, 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 YMAX?

APLY has higher volatility (9.27%) compared to YMAX (7.96%). In terms of maximum drawdown, APLY dropped -30.41% vs YMAX's -26.13%.

Which ETF is better, APLY or YMAX?

On 1-year performance, APLY leads with 32.66% vs -2.22% for YMAX. On fees, APLY is cheaper at 0.99% per year. On volatility, YMAX has been the lower-risk option at 7.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or YMAX?

Over the 1-year period, APLY has performed better with a 32.66% return vs -2.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or YMAX?

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

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

YMAX has the higher dividend yield at 72.04%, compared with 35.30% for APLY.

What is the main difference between APLY and YMAX?

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

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (1.66 vs -0.09), 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.