DIPS vs. NVDY

Last updated Jun 4, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, DIPS returned -26.57% vs 46.64% for NVDY. At a correlation of -0.93, they often move in opposite directions. Both charge a 0.99% expense ratio.

Performance

DIPS vs. NVDY - Performance Comparison

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

Returns By Period

In the year-to-date period, DIPS achieves a -8.73% return, which is significantly lower than NVDY's 13.06% return.

DIPS

• 1D: 2.87%
• 1M: -6.32%
• YTD: -8.73%
• 6M: -11.40%
• 1Y: -26.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -2.22%
• 1M: 5.54%
• YTD: 13.06%
• 6M: 17.67%
• 1Y: 46.64%
• 3Y*: 54.54%
• 5Y*: —
• 10Y*: —

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

DIPS vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-8.73%	-31.46%	-23.19%
NVDY YieldMax NVDA Option Income Strategy ETF	13.06%	27.38%	15.05%

Correlation

The correlation between DIPS and NVDY is -0.94, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.94
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.93

The correlation between DIPS and NVDY has been stable across timeframes, ranging from -0.94 to -0.93 - a consistent structural relationship.

Return for Risk

DIPS vs. NVDY — 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: 2
DIPS Sortino Ratio Rank: 2
DIPS Omega Ratio Rank: 2
DIPS Calmar Ratio Rank: 2
DIPS Martin Ratio Rank: 2

NVDY

NVDY Risk / Return Rank: 52
NVDY Sharpe Ratio Rank: 49
NVDY Sortino Ratio Rank: 45
NVDY Omega Ratio Rank: 44
NVDY Calmar Ratio Rank: 72
NVDY Martin Ratio Rank: 52

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. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	1.72	-2.67
Sortino ratio: Return per unit of downside risk	-1.28	2.29	-3.57
Omega ratio: Gain probability vs. loss probability	0.85	1.29	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.78	3.66	-4.44
Martin ratio: Return relative to average drawdown	-1.36	9.00	-10.37
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. NVDY - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.96, which is lower than the NVDY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DIPS and NVDY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIPS	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	1.72	-2.67
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	1.64	-2.50

Drawdowns

DIPS vs. NVDY - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, which is greater than NVDY's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for DIPS and NVDY.

Drawdown Indicators

	DIPS	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-34.08%	-25.85%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-12.81%	-21.16%
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Current Drawdown Current decline from peak	-55.85%	-6.66%	-49.19%
Average Drawdown Average peak-to-trough decline	-38.22%	-6.15%	-32.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	5.20%	+14.29%

Volatility

DIPS vs. NVDY - Volatility Comparison

YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 10.68% compared to YieldMax NVDA Option Income Strategy ETF (NVDY) at 9.46%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	9.46%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	20.68%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	27.35%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.03%	38.24%	-0.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	38.24%	-0.21%

DIPS vs. NVDY - Expense Ratio Comparison

Both DIPS and NVDY have an expense ratio of 0.99%.

Dividends

DIPS vs. NVDY - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 66.49%, more than NVDY's 61.36% yield.

Position	TTM	2025	2024	2023
DIPS YieldMax Short NVDA Option Income Strategy ETF	66.49%	96.20%	24.18%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	61.36%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both DIPS and NVDY in my portfolio?

DIPS and NVDY have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIPS or NVDY?

DIPS has higher volatility (10.68%) compared to NVDY (9.46%). In terms of maximum drawdown, DIPS dropped -59.93% vs NVDY's -34.08%.

Which ETF is better, DIPS or NVDY?

On 1-year performance, NVDY leads with 46.64% vs -26.57% for DIPS. Both ETFs have the same 0.99% expense ratio. On volatility, NVDY has been the lower-risk option at 9.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or NVDY?

Over the 1-year period, NVDY has performed better with a 46.64% return vs -26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIPS or NVDY?

DIPS and NVDY have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, DIPS or NVDY?

DIPS has the higher dividend yield at 66.49%, compared with 61.36% for NVDY.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.72 vs -0.96), 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.