BABX vs. BABO

Last updated Jul 14, 2026

BABX (GraniteShares 2x Long BABA Daily ETF) and BABO (YieldMax BABA Option Income Strategy ETF) are both exchange-traded funds - BABX is a Leveraged Equities fund actively managed by GraniteShares, while BABO is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, BABX returned -14.42% vs 2.70% for BABO. With a 0.98 correlation, they move nearly in lockstep. BABX charges 1.15%/yr vs 0.99%/yr for BABO.

Performance

BABX vs. BABO - Performance Comparison

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

Returns By Period

In the year-to-date period, BABX achieves a -48.11% return, which is significantly lower than BABO's -20.83% return.

BABX

• 1D: 0.05%
• 1M: -3.16%
• 6M: -58.87%
• YTD: -48.11%
• 1Y: -14.42%
• 3Y*: -8.01%
• 5Y*: —
• 10Y*: —

BABO

• 1D: 0.49%
• 1M: -0.24%
• 6M: -28.11%
• YTD: -20.83%
• 1Y: 2.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BABX vs. BABO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BABX GraniteShares 2x Long BABA Daily ETF	-48.11%	123.85%	7.40%
BABO YieldMax BABA Option Income Strategy ETF	-20.83%	46.84%	0.65%

Correlation

The correlation between BABX and BABO 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 Aug 8, 2024	0.98

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

Return for Risk

BABX vs. BABO — Risk / Return Rank

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

BABX

BABX Risk / Return Rank: 9
BABX Sharpe Ratio Rank: 8
BABX Sortino Ratio Rank: 12
BABX Omega Ratio Rank: 12
BABX Calmar Ratio Rank: 8
BABX Martin Ratio Rank: 8

BABO

BABO Risk / Return Rank: 11
BABO Sharpe Ratio Rank: 10
BABO Sortino Ratio Rank: 12
BABO Omega Ratio Rank: 12
BABO Calmar Ratio Rank: 10
BABO Martin Ratio Rank: 10

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.

BABX vs. BABO - Risk-Adjusted Trends Comparison

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

	BABX	BABO	Difference
Sharpe ratio: Return per unit of total volatility	-0.16	0.07	-0.24
Sortino ratio: Return per unit of downside risk	0.44	0.40	+0.04
Omega ratio: Gain probability vs. loss probability	1.05	1.04	0.00
Calmar ratio: Return relative to maximum drawdown	-0.18	0.06	-0.25
Martin ratio: Return relative to average drawdown	-0.34	0.15	-0.48

BABX vs. BABO - Sharpe Ratio Comparison

The current BABX Sharpe Ratio is -0.16, which is lower than the BABO Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of BABX and BABO, 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

BABX vs. BABO - Drawdown Comparison

The maximum BABX drawdown since its inception was -78.83%, which is greater than BABO's maximum drawdown of -42.63%. Use the drawdown chart below to compare losses from any high point for BABX and BABO.

Drawdown Indicators

	BABX	BABO	Difference
Max Drawdown Largest peak-to-trough decline	-78.83%	-42.63%	-36.20%
Max Drawdown (1Y) Largest decline over 1 year	-78.83%	-42.63%	-36.20%
Max Drawdown (3Y) Largest decline over 3 years	-78.83%	—	—
Current Drawdown Current decline from peak	-70.71%	-33.49%	-37.22%
Average Drawdown Average peak-to-trough decline	-46.02%	-14.86%	-31.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.95%	18.55%	+24.40%

Volatility

BABX vs. BABO - Volatility Comparison

GraniteShares 2x Long BABA Daily ETF (BABX) has a higher volatility of 26.87% compared to YieldMax BABA Option Income Strategy ETF (BABO) at 11.85%. This indicates that BABX's price experiences larger fluctuations and is considered to be riskier than BABO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BABX	BABO	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.87%	11.85%	+15.02%
Volatility (6M) Calculated over the trailing 6-month period	60.34%	25.72%	+34.62%
Volatility (1Y) Calculated over the trailing 1-year period	90.33%	36.54%	+53.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.38%	36.92%	+46.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.38%	36.92%	+46.46%

BABX vs. BABO - Expense Ratio Comparison

BABX has a 1.15% expense ratio, which is higher than BABO's 0.99% expense ratio.

Dividends

BABX vs. BABO - Dividend Comparison

BABX has not paid dividends to shareholders, while BABO's dividend yield for the trailing twelve months is around 99.77%.

Position	TTM	2025	2024
BABO YieldMax BABA Option Income Strategy ETF	99.77%	85.50%	20.65%
BABX GraniteShares 2x Long BABA Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BABX and BABO in my portfolio?

With a correlation of 0.98, BABX and BABO 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, BABX or BABO?

BABX has higher volatility (26.87%) compared to BABO (11.85%). In terms of maximum drawdown, BABX dropped -78.83% vs BABO's -42.63%.

Which ETF is better, BABX or BABO?

On 1-year performance, BABO leads with 2.70% vs -14.42% for BABX. On fees, BABO is cheaper at 0.99% per year. On volatility, BABO has been the lower-risk option at 11.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BABX or BABO?

Over the 1-year period, BABO has performed better with a 2.70% return vs -14.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BABX or BABO?

BABO is cheaper with a 0.99% expense ratio, compared with 1.15% for BABX.

Which ETF pays a higher dividend yield, BABX or BABO?

BABO has the higher dividend yield at 99.77%, compared with 0.00% for BABX.

What is the main difference between BABX and BABO?

BABX is categorized as Leveraged Equities, while BABO is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.15% for BABX and 0.99% for BABO.

Which has better risk-adjusted returns?

BABO currently has the higher Sharpe Ratio (0.07 vs -0.16), 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.