CVNY vs. SPY

Last updated Jun 24, 2026

CVNY (YieldMax CVNA Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - CVNY is a Derivative Income fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. CVNY is actively managed, while SPY is passively managed. Over the past year, CVNY returned 4.20% vs 23.59% for SPY. At a 0.48 correlation, their price movements are largely independent. CVNY charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

CVNY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax CVNA Option Income Strategy ETF (CVNY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CVNY achieves a -19.08% return, which is significantly lower than SPY's 8.15% return.

CVNY

• 1D: -2.32%
• 1M: -2.88%
• YTD: -19.08%
• 6M: -21.58%
• 1Y: 4.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

CVNY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
CVNY YieldMax CVNA Option Income Strategy ETF	-19.08%	52.13%
SPY State Street SPDR S&P 500 ETF	8.15%	14.64%

Correlation

The correlation between CVNY and SPY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.48

Return for Risk

CVNY vs. SPY — Risk / Return Rank

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

CVNY

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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax CVNA Option Income Strategy ETF (CVNY) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.08	1.90	-1.81
Sortino ratio: Return per unit of downside risk	0.47	2.58	-2.12
Omega ratio: Gain probability vs. loss probability	1.06	1.34	-0.29
Calmar ratio: Return relative to maximum drawdown	0.12	2.67	-2.55
Martin ratio: Return relative to average drawdown	0.25	11.92	-11.67

CVNY vs. SPY - Sharpe Ratio Comparison

The current CVNY Sharpe Ratio is 0.08, which is lower than the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of CVNY and SPY, 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. SPY - Drawdown Comparison

The maximum CVNY drawdown since its inception was -43.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CVNY and SPY.

Drawdown Indicators

	CVNY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-43.27%	-55.19%	+11.92%
Max Drawdown (1Y) Largest decline over 1 year	-36.27%	-8.88%	-27.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-27.18%	-3.17%	-24.01%
Average Drawdown Average peak-to-trough decline	-13.84%	-9.04%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.85%	1.98%	+14.87%

Volatility

CVNY vs. SPY - Volatility Comparison

YieldMax CVNA Option Income Strategy ETF (CVNY) has a higher volatility of 16.20% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that CVNY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CVNY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	4.87%	+11.33%
Volatility (6M) Calculated over the trailing 6-month period	36.90%	9.85%	+27.05%
Volatility (1Y) Calculated over the trailing 1-year period	49.75%	12.50%	+37.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.98%	17.15%	+40.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.98%	17.95%	+40.03%

CVNY vs. SPY - Expense Ratio Comparison

CVNY has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

CVNY vs. SPY - Dividend Comparison

CVNY's dividend yield for the trailing twelve months is around 114.88%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVNY YieldMax CVNA Option Income Strategy ETF	114.88%	80.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both CVNY and SPY in my portfolio?

CVNY and SPY have a correlation of 0.45, 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 SPY?

CVNY has higher volatility (16.20%) compared to SPY (4.87%). In terms of maximum drawdown, CVNY dropped -43.27% vs SPY's -55.19%.

Which ETF is better, CVNY or SPY?

On 1-year performance, SPY leads with 23.59% vs 4.20% for CVNY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVNY or SPY?

Over the 1-year period, SPY has performed better with a 23.59% return vs 4.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVNY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for CVNY.

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

CVNY has the higher dividend yield at 114.88%, compared with 1.03% for SPY.

What is the main difference between CVNY and SPY?

CVNY is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for CVNY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 0.08), 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.