DIPS vs. FYEE

Last updated Apr 1, 2026

Compare and contrast key facts about YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Fidelity Yield Enhanced Equity ETF (FYEE).

DIPS and FYEE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DIPS is an actively managed fund by YieldMax. It was launched on Jul 23, 2024. FYEE is an actively managed fund by Fidelity. It was launched on Apr 9, 2024.

Performance

DIPS vs. FYEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Fidelity Yield Enhanced Equity ETF (FYEE). The values are adjusted to include any dividend payments, if applicable.

DIPS vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	8.73%	-31.46%	-23.19%
FYEE Fidelity Yield Enhanced Equity ETF	-2.56%	15.76%	10.05%

Returns By Period

In the year-to-date period, DIPS achieves a 8.73% return, which is significantly higher than FYEE's -2.56% return.

DIPS

• 1D: -3.14%
• 1M: 1.75%
• YTD: 8.73%
• 6M: 10.07%
• 1Y: -35.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FYEE

• 1D: 2.88%
• 1M: -3.70%
• YTD: -2.56%
• 6M: 1.84%
• 1Y: 17.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIPS vs. FYEE - Expense Ratio Comparison

DIPS has a 0.99% expense ratio, which is higher than FYEE's 0.28% expense ratio.

DIPS

YieldMax Short NVDA Option Income Strategy ETF

FYEE

Fidelity Yield Enhanced Equity ETF

Return for Risk

DIPS vs. FYEE — Risk / Return Rank

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

DIPS

DIPS Risk / Return Rank: 2
DIPS Sharpe Ratio Rank: 0
DIPS Sortino Ratio Rank: 1
DIPS Omega Ratio Rank: 1
DIPS Calmar Ratio Rank: 2
DIPS Martin Ratio Rank: 5

FYEE

FYEE Risk / Return Rank: 69
FYEE Sharpe Ratio Rank: 63
FYEE Sortino Ratio Rank: 64
FYEE Omega Ratio Rank: 75
FYEE Calmar Ratio Rank: 63
FYEE Martin Ratio Rank: 78

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.

DIPS vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	DIPS	FYEE	Difference
Sharpe ratio Return per unit of total volatility	-0.99	1.08	-2.07
Sortino ratio Return per unit of downside risk	-1.29	1.58	-2.87
Omega ratio Gain probability vs. loss probability	0.82	1.27	-0.45
Calmar ratio Return relative to maximum drawdown	-0.69	1.53	-2.22
Martin ratio Return relative to average drawdown	-0.89	8.06	-8.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIPS vs. FYEE - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.99, which is lower than the FYEE Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of DIPS and FYEE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DIPS	FYEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.99	1.08	-2.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.74	0.93	-1.67

Correlation

The correlation between DIPS and FYEE is -0.58. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

DIPS vs. FYEE - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 65.43%, more than FYEE's 8.31% yield.

	TTM	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	65.43%	96.20%	24.18%
FYEE Fidelity Yield Enhanced Equity ETF	8.31%	7.08%	5.45%

Drawdowns

DIPS vs. FYEE - Drawdown Comparison

The maximum DIPS drawdown since its inception was -56.99%, which is greater than FYEE's maximum drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for DIPS and FYEE.

Drawdown Indicators

	DIPS	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-56.99%	-18.79%	-38.20%
Max Drawdown (1Y) Largest decline over 1 year	-49.98%	-11.60%	-38.38%
Current Drawdown Current decline from peak	-47.40%	-4.72%	-42.68%
Average Drawdown Average peak-to-trough decline	-36.53%	-2.40%	-34.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.64%	2.20%	+36.44%

Volatility

DIPS vs. FYEE - Volatility Comparison

YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 7.41% compared to Fidelity Yield Enhanced Equity ETF (FYEE) at 4.92%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.41%	4.92%	+2.49%
Volatility (6M) Calculated over the trailing 6-month period	20.56%	8.48%	+12.08%
Volatility (1Y) Calculated over the trailing 1-year period	35.57%	15.89%	+19.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.48%	14.32%	+24.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.48%	14.32%	+24.16%