CWII vs. DRAY

Last updated Jul 16, 2026

CWII (REX CRWV Growth & Income ETF) and DRAY (YieldMax DKNG Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.10 correlation, their price movements are largely independent. CWII charges 1.03%/yr vs 0.99%/yr for DRAY.

Performance

CWII vs. DRAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX CRWV Growth & Income ETF (CWII) and YieldMax DKNG Option Income Strategy ETF (DRAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWII achieves a 13,199.78% return, which is significantly higher than DRAY's -28.70% return.

CWII

• 1D: 0.00%
• 1M: 10,779.80%
• 6M: 10,682.10%
• YTD: 13,199.78%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DRAY

• 1D: 0.34%
• 1M: -9.99%
• 6M: -27.98%
• YTD: -28.70%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CWII vs. DRAY - Yearly Performance Comparison

	2026 (YTD)	2025
CWII REX CRWV Growth & Income ETF	13,199.78%	-45.06%
DRAY YieldMax DKNG Option Income Strategy ETF	-28.70%	9.28%

Correlation

The correlation between CWII and DRAY is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 4, 2025	0.10

Return for Risk

CWII vs. DRAY — Risk / Return Rank

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

CWII

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

DRAY

DRAY Risk / Return Rank: 2
DRAY Sharpe Ratio Rank: 2
DRAY Sortino Ratio Rank: 2
DRAY Omega Ratio Rank: 1
DRAY Calmar Ratio Rank: 3
DRAY Martin Ratio Rank: 4

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.

CWII vs. DRAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX CRWV Growth & Income ETF (CWII) and YieldMax DKNG Option Income Strategy ETF (DRAY). 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.

	CWII	DRAY	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.01	—
Sortino ratio: Return per unit of downside risk	—	-1.37	—
Omega ratio: Gain probability vs. loss probability	—	0.82	—
Calmar ratio: Return relative to maximum drawdown	—	-0.74	—
Martin ratio: Return relative to average drawdown	—	-1.13	—

Drawdowns

CWII vs. DRAY - Drawdown Comparison

The maximum CWII drawdown since its inception was -51.04%, smaller than the maximum DRAY drawdown of -57.87%. Use the drawdown chart below to compare losses from any high point for CWII and DRAY.

Drawdown Indicators

	CWII	DRAY	Difference
Max Drawdown Largest peak-to-trough decline	-51.04%	-57.87%	+6.83%
Max Drawdown (1Y) Largest decline over 1 year	—	-57.87%	—
Current Drawdown Current decline from peak	0.00%	-48.25%	+48.25%
Average Drawdown Average peak-to-trough decline	-33.26%	-32.92%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	37.71%	—

Volatility

Volatility by Period

	CWII	DRAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	34.35%	—
Volatility (1Y) Calculated over the trailing 1-year period	13,701.30%	42.33%	+13,658.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13,701.30%	42.33%	+13,658.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13,701.30%	42.33%	+13,658.97%

CWII vs. DRAY - Expense Ratio Comparison

CWII has a 1.03% expense ratio, which is higher than DRAY's 0.99% expense ratio.

Dividends

CWII vs. DRAY - Dividend Comparison

CWII has not paid dividends to shareholders, while DRAY's dividend yield for the trailing twelve months is around 101.99%.

Position	TTM	2025
CWII REX CRWV Growth & Income ETF	123.26%	6.09%
DRAY YieldMax DKNG Option Income Strategy ETF	101.99%	32.48%

Frequently Asked Questions

Can I hold both CWII and DRAY in my portfolio?

CWII and DRAY have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWII or DRAY?

On fees, DRAY 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, CWII or DRAY?

DRAY is cheaper with a 0.99% expense ratio, compared with 1.03% for CWII.

Which ETF pays a higher dividend yield, CWII or DRAY?

CWII has the higher dividend yield at 123.26%, compared with 101.99% for DRAY.

What is the main difference between CWII and DRAY?

They also come from different issuers: REX Shares and YieldMax. Their fees differ too: 1.03% for CWII and 0.99% for DRAY.