CHPY vs. TSMY

Last updated Aug 4, 2026

CHPY (YieldMax Semiconductor Portfolio Option Income ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CHPY returned 95.00% vs 60.96% for TSMY. Their 0.73 correlation means they have sometimes moved together and sometimes differently. CHPY charges 0.99%/yr vs 1.01%/yr for TSMY.

Performance

CHPY vs. TSMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and YieldMax TSM Option Income Strategy ETF (TSMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CHPY achieves a 56.70% return, which is significantly higher than TSMY's 30.73% return.

CHPY

• 1D: 0.77%
• 1M: -10.41%
• 6M: 38.53%
• YTD: 56.70%
• 1Y: 95.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 96.22%

TSMY

• 1D: 0.20%
• 1M: -4.03%
• 6M: 18.90%
• YTD: 30.73%
• 1Y: 60.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 42.39%

*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)
CHPY YieldMax Semiconductor Portfolio Option Income ETF	$51.63M	$53.85M	$60.48M
TSMY YieldMax TSM Option Income Strategy ETF	$2.03M	$3.02M	$3.01M

CHPY vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	56.70%	56.76%
TSMY YieldMax TSM Option Income Strategy ETF	30.73%	60.91%

Correlation

The correlation between CHPY and TSMY is 0.74, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.74
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.73

The correlation between CHPY and TSMY has been stable across timeframes, ranging from 0.73 to 0.74 - a consistent structural relationship.

Return for Risk

CHPY vs. TSMY — Risk / Return Rank

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

CHPY

CHPY Risk / Return Rank: 89
CHPY Sharpe Ratio Rank: 93
CHPY Sortino Ratio Rank: 86
CHPY Omega Ratio Rank: 88
CHPY Calmar Ratio Rank: 86
CHPY Martin Ratio Rank: 92

TSMY

TSMY Risk / Return Rank: 78
TSMY Sharpe Ratio Rank: 77
TSMY Sortino Ratio Rank: 73
TSMY Omega Ratio Rank: 72
TSMY Calmar Ratio Rank: 86
TSMY Martin Ratio Rank: 82

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.

CHPY vs. TSMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Semiconductor Portfolio Option Income ETF (CHPY) and YieldMax TSM Option Income Strategy ETF (TSMY). 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.

	CHPY	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	2.50	1.82	+0.68
Sortino ratio: Return per unit of downside risk	2.89	2.42	+0.47
Omega ratio: Gain probability vs. loss probability	1.40	1.31	+0.09
Calmar ratio: Return relative to maximum drawdown	3.46	3.43	+0.03
Martin ratio: Return relative to average drawdown	15.85	11.39	+4.46

CHPY vs. TSMY - Sharpe Ratio Comparison

The current CHPY Sharpe Ratio is 2.50, which is higher than the TSMY Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of CHPY and TSMY, 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

CHPY vs. TSMY - Drawdown Comparison

The maximum CHPY drawdown since its inception was -27.64%, smaller than the maximum TSMY drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for CHPY and TSMY.

Drawdown Indicators

	CHPY	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-27.64%	-31.15%	+3.51%
Max Drawdown (1Y) Largest decline over 1 year	-27.64%	-17.86%	-9.78%
Current Drawdown Current decline from peak	-20.20%	-11.49%	-8.71%
Average Drawdown Average peak-to-trough decline	-3.08%	-5.65%	+2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.01%	5.37%	+0.64%

Volatility

CHPY vs. TSMY - Volatility Comparison

YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a higher volatility of 17.01% compared to YieldMax TSM Option Income Strategy ETF (TSMY) at 11.84%. This indicates that CHPY's price experiences larger fluctuations and is considered to be riskier than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CHPY	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.01%	11.84%	+5.17%
Volatility (6M) Calculated over the trailing 6-month period	33.89%	27.82%	+6.07%
Volatility (1Y) Calculated over the trailing 1-year period	38.24%	33.74%	+4.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.09%	34.61%	+4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.09%	34.61%	+4.48%

CHPY vs. TSMY - Expense Ratio Comparison

CHPY has a 0.99% expense ratio, which is lower than TSMY's 1.01% expense ratio.

Dividends

CHPY vs. TSMY - Dividend Comparison

CHPY's dividend yield for the trailing twelve months is around 38.40%, less than TSMY's 58.19% yield.

Position	TTM	2025	2024
CHPY YieldMax Semiconductor Portfolio Option Income ETF	38.40%	28.19%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	58.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both CHPY and TSMY in my portfolio?

CHPY and TSMY have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CHPY or TSMY?

CHPY has higher volatility (17.01%) compared to TSMY (11.84%). In terms of maximum drawdown, CHPY dropped -27.64% vs TSMY's -31.15%.

Which ETF is better, CHPY or TSMY?

On 1-year performance, CHPY leads with 95.00% vs 60.96% for TSMY. On fees, CHPY is cheaper at 0.99% per year. On volatility, TSMY has been the lower-risk option at 11.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CHPY or TSMY?

Over the 1-year period, CHPY has performed better with a 95.00% return vs 60.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CHPY or TSMY?

CHPY is cheaper with a 0.99% expense ratio, compared with 1.01% for TSMY.

Which ETF pays a higher dividend yield, CHPY or TSMY?

TSMY has the higher dividend yield at 58.19%, compared with 38.40% for CHPY.

What is the main difference between CHPY and TSMY?

Their fees differ too: 0.99% for CHPY and 1.01% for TSMY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (2.50 vs 1.82), 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.