BIOY vs. MRNY

Last updated Jul 21, 2026

BIOY (GraniteShares YieldBOOST Biotech ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. BIOY charges 1.07%/yr vs 0.99%/yr for MRNY.

Performance

BIOY vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST Biotech ETF (BIOY) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BIOY

• 1D: -3.35%
• 1M: -2.48%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MRNY

• 1D: -2.68%
• 1M: -5.68%
• 6M: 30.19%
• YTD: 72.56%
• 1Y: 49.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.50%

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

BIOY vs. MRNY - Yearly Performance Comparison

	2026 (YTD)
BIOY GraniteShares YieldBOOST Biotech ETF	-3.36%
MRNY YieldMax MRNA Option Income Strategy ETF	18.65%

Correlation

The correlation between BIOY and MRNY is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.53

Return for Risk

BIOY vs. MRNY — Risk / Return Rank

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

BIOY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MRNY

MRNY Risk / Return Rank: 36
MRNY Sharpe Ratio Rank: 34
MRNY Sortino Ratio Rank: 40
MRNY Omega Ratio Rank: 38
MRNY Calmar Ratio Rank: 41
MRNY Martin Ratio Rank: 29

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.

BIOY vs. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST Biotech ETF (BIOY) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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.

	BIOY	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.93	—
Sortino ratio: Return per unit of downside risk	—	1.64	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.57	—
Martin ratio: Return relative to average drawdown	—	3.00	—

Drawdowns

BIOY vs. MRNY - Drawdown Comparison

The maximum BIOY drawdown since its inception was -6.64%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for BIOY and MRNY.

Drawdown Indicators

	BIOY	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-6.64%	-82.15%	+75.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.53%	—
Current Drawdown Current decline from peak	-6.64%	-63.67%	+57.03%
Average Drawdown Average peak-to-trough decline	-2.16%	-53.02%	+50.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.49%	—

Volatility

Volatility by Period

	BIOY	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.71%	—
Volatility (6M) Calculated over the trailing 6-month period	—	38.75%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.55%	53.35%	-34.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.55%	51.57%	-33.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.55%	51.57%	-33.02%

BIOY vs. MRNY - Expense Ratio Comparison

BIOY has a 1.07% expense ratio, which is higher than MRNY's 0.99% expense ratio.

Dividends

BIOY vs. MRNY - Dividend Comparison

BIOY's dividend yield for the trailing twelve months is around 13.82%, less than MRNY's 88.52% yield.

Position	TTM	2025	2024	2023
BIOY GraniteShares YieldBOOST Biotech ETF	13.82%	0.00%	0.00%	0.00%
MRNY YieldMax MRNA Option Income Strategy ETF	88.52%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both BIOY and MRNY in my portfolio?

BIOY and MRNY have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BIOY or MRNY?

On fees, MRNY is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BIOY or MRNY?

MRNY is cheaper with a 0.99% expense ratio, compared with 1.07% for BIOY.

Which ETF pays a higher dividend yield, BIOY or MRNY?

MRNY has the higher dividend yield at 88.52%, compared with 13.82% for BIOY.

What is the main difference between BIOY and MRNY?

They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.07% for BIOY and 0.99% for MRNY.