CVNY vs. MSTY

Last updated Jul 18, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, CVNY returned 2.63% vs -73.71% for MSTY. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

CVNY vs. MSTY - Performance Comparison

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

Returns By Period

In the year-to-date period, CVNY achieves a -14.74% return, which is significantly higher than MSTY's -33.23% return.

CVNY

• 1D: -2.28%
• 1M: 6.75%
• 6M: -18.15%
• YTD: -14.74%
• 1Y: 2.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: 1.34%
• 1M: -16.45%
• 6M: -40.34%
• YTD: -33.23%
• 1Y: -73.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CVNY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-14.74%	52.13%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-33.23%	-48.66%

Correlation

The correlation between CVNY and MSTY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.33

Return for Risk

CVNY vs. MSTY — Risk / Return Rank

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

CVNY

CVNY Risk / Return Rank: 12
CVNY Sharpe Ratio Rank: 11
CVNY Sortino Ratio Rank: 13
CVNY Omega Ratio Rank: 13
CVNY Calmar Ratio Rank: 11
CVNY Martin Ratio Rank: 11

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	0.05	-1.14	+1.19
Sortino ratio: Return per unit of downside risk	0.43	-2.34	+2.77
Omega ratio: Gain probability vs. loss probability	1.05	0.75	+0.30
Calmar ratio: Return relative to maximum drawdown	0.07	-0.97	+1.04
Martin ratio: Return relative to average drawdown	0.15	-1.44	+1.59

CVNY vs. MSTY - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is 0.05, which is higher than the MSTY Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of CVNY and MSTY, 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. MSTY - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for CVNY and MSTY.

Drawdown Indicators

	CVNY	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-77.40%	+34.13%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-76.26%	+39.99%
Current Drawdown Current decline from peak	-23.28%	-73.75%	+50.47%
Average Drawdown Average peak-to-trough decline	-14.33%	-28.31%	+13.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.00%	52.95%	-34.95%

Volatility

CVNY vs. MSTY - Volatility Comparison

The current volatility for YieldMax CVNA Option Income Strategy ETF (CVNY) is 14.32%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 22.94%. This indicates that CVNY experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNY	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.32%	22.94%	-8.62%
Volatility (6M) Calculated over the trailing 6-month period	37.16%	52.71%	-15.55%
Volatility (1Y) Calculated over the trailing 1-year period	50.38%	64.67%	-14.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.41%	72.18%	-14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.41%	72.18%	-14.77%

CVNY vs. MSTY - Expense Ratio Comparison

Both CVNY and MSTY have an expense ratio of 0.99%.

Dividends

CVNY vs. MSTY - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 112.64%, less than MSTY's 285.40% yield.

Position	TTM	2025	2024
CVNY YieldMax CVNA Option Income Strategy ETF	112.64%	80.86%	0.00%
MSTY YieldMax™ MSTR Option Income Strategy ETF	285.40%	294.61%	104.56%

Frequently Asked Questions

Can I hold both CVNY and MSTY in my portfolio?

CVNY and MSTY have a correlation of 0.30, 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 MSTY?

MSTY has higher volatility (22.94%) compared to CVNY (14.32%). In terms of maximum drawdown, CVNY dropped -43.27% vs MSTY's -77.40%.

Which ETF is better, CVNY or MSTY?

On 1-year performance, CVNY leads with 2.63% vs -73.71% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, CVNY has been the lower-risk option at 14.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or MSTY?

Over the 1-year period, CVNY has performed better with a 2.63% return vs -73.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or MSTY?

CVNY and MSTY have the same expense ratio: 0.99% per year.

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

MSTY has the higher dividend yield at 285.40%, compared with 112.64% for CVNY.

Which has better risk-adjusted returns?

CVNY currently has the higher Sharpe Ratio (0.05 vs -1.14), 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.