CVNY vs. BUYW

Last updated Jun 25, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, CVNY returned 5.94% vs 8.45% for BUYW. At a 0.37 correlation, their price movements are largely independent. CVNY charges 0.99%/yr vs 1.29%/yr for BUYW.

Performance

CVNY vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CVNA Option Income Strategy ETF (CVNY) and Main Buywrite ETF (BUYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNY achieves a -16.37% return, which is significantly lower than BUYW's 3.10% return.

CVNY

• 1D: 3.36%
• 1M: 0.39%
• YTD: -16.37%
• 6M: -19.84%
• 1Y: 5.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUYW

• 1D: -0.62%
• 1M: -0.28%
• YTD: 3.10%
• 6M: 3.03%
• 1Y: 8.45%
• 3Y*: 8.45%
• 5Y*: —
• 10Y*: —

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

CVNY vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-16.37%	52.13%
BUYW Main Buywrite ETF	3.10%	8.07%

Correlation

The correlation between CVNY and BUYW is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.37

Return for Risk

CVNY vs. BUYW — Risk / Return Rank

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

CVNY

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

BUYW

BUYW Risk / Return Rank: 70
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 64
BUYW Omega Ratio Rank: 64
BUYW Calmar Ratio Rank: 72
BUYW Martin Ratio Rank: 89

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.

CVNY vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) and Main Buywrite ETF (BUYW). 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.

	CVNY	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.75	-1.64
Sortino ratio: Return per unit of downside risk	0.51	2.64	-2.12
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.28
Calmar ratio: Return relative to maximum drawdown	0.16	3.28	-3.11
Martin ratio: Return relative to average drawdown	0.35	17.45	-17.10

CVNY vs. BUYW - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is 0.12, which is lower than the BUYW Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of CVNY and BUYW, 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

CVNY vs. BUYW - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for CVNY and BUYW.

Drawdown Indicators

	CVNY	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-9.36%	-33.91%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-2.59%	-33.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-24.74%	-0.62%	-24.12%
Average Drawdown Average peak-to-trough decline	-13.87%	-0.60%	-13.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.92%	0.48%	+16.44%

Volatility

CVNY vs. BUYW - Volatility Comparison

YieldMax CVNA Option Income Strategy ETF (CVNY) has a higher volatility of 15.83% compared to Main Buywrite ETF (BUYW) at 1.36%. This indicates that CVNY's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNY	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.83%	1.36%	+14.47%
Volatility (6M) Calculated over the trailing 6-month period	37.03%	3.89%	+33.14%
Volatility (1Y) Calculated over the trailing 1-year period	49.85%	4.88%	+44.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.96%	8.43%	+49.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.96%	8.43%	+49.53%

CVNY vs. BUYW - Expense Ratio Comparison

CVNY has a 0.99% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

CVNY vs. BUYW - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 111.14%, more than BUYW's 5.44% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.44%	5.89%	5.93%	5.95%	0.50%
CVNY YieldMax CVNA Option Income Strategy ETF	111.14%	80.86%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVNY and BUYW in my portfolio?

CVNY and BUYW have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVNY or BUYW?

CVNY has higher volatility (15.83%) compared to BUYW (1.36%). In terms of maximum drawdown, CVNY dropped -43.27% vs BUYW's -9.36%.

Which ETF is better, CVNY or BUYW?

On 1-year performance, BUYW leads with 8.45% vs 5.94% for CVNY. On fees, CVNY is cheaper at 0.99% per year. On volatility, BUYW has been the lower-risk option at 1.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or BUYW?

Over the 1-year period, BUYW has performed better with a 8.45% return vs 5.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or BUYW?

CVNY is cheaper with a 0.99% expense ratio, compared with 1.29% for BUYW.

Which ETF pays a higher dividend yield, CVNY or BUYW?

CVNY has the higher dividend yield at 111.14%, compared with 5.44% for BUYW.

What is the main difference between CVNY and BUYW?

They also come from different issuers: YieldMax and Main Funds. Their fees differ too: 0.99% for CVNY and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.75 vs 0.12), 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.