DIPS vs. TSLY

Last updated Jun 4, 2026

DIPS (YieldMax Short NVDA Option Income Strategy ETF) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, DIPS returned -26.57% vs 24.54% for TSLY. At a correlation of -0.39, they often move in opposite directions. Both charge a 0.99% expense ratio.

Performance

DIPS vs. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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 TSLY's -1.68% return.

DIPS

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

TSLY

• 1D: 0.10%
• 1M: 5.56%
• YTD: -1.68%
• 6M: -1.00%
• 1Y: 24.54%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

DIPS vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIPS YieldMax Short NVDA Option Income Strategy ETF	-8.73%	-31.46%	-23.19%
TSLY YieldMax TSLA Option Income Strategy ETF	-1.68%	13.62%	47.87%

Correlation

The correlation between DIPS and TSLY is -0.34, 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	-0.34
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024	-0.39

Return for Risk

DIPS vs. TSLY — 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

TSLY

TSLY Risk / Return Rank: 21
TSLY Sharpe Ratio Rank: 19
TSLY Sortino Ratio Rank: 19
TSLY Omega Ratio Rank: 20
TSLY Calmar Ratio Rank: 24
TSLY Martin Ratio Rank: 22

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. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	0.65	-1.60
Sortino ratio: Return per unit of downside risk	-1.28	1.05	-2.34
Omega ratio: Gain probability vs. loss probability	0.85	1.14	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.78	1.14	-1.92
Martin ratio: Return relative to average drawdown	-1.36	2.75	-4.12
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. TSLY - Sharpe Ratio Comparison

The current DIPS Sharpe Ratio is -0.96, which is lower than the TSLY Sharpe Ratio of 0.65. The chart below compares the historical Sharpe Ratios of DIPS and TSLY, 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	TSLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.96	0.65	-1.60
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.30	-1.16

Drawdowns

DIPS vs. TSLY - Drawdown Comparison

The maximum DIPS drawdown since its inception was -59.93%, which is greater than TSLY's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DIPS and TSLY.

Drawdown Indicators

	DIPS	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-59.93%	-49.52%	-10.41%
Max Drawdown (1Y) Largest decline over 1 year	-33.97%	-21.64%	-12.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.52%	—
Current Drawdown Current decline from peak	-55.85%	-8.07%	-47.78%
Average Drawdown Average peak-to-trough decline	-38.22%	-20.00%	-18.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.49%	9.10%	+10.39%

Volatility

DIPS vs. TSLY - Volatility Comparison

YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 10.68% compared to YieldMax TSLA Option Income Strategy ETF (TSLY) at 9.96%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than TSLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIPS	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.68%	9.96%	+0.72%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	22.37%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	27.88%	38.18%	-10.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.03%	45.50%	-7.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.03%	45.50%	-7.47%

DIPS vs. TSLY - Expense Ratio Comparison

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

Dividends

DIPS vs. TSLY - Dividend Comparison

DIPS's dividend yield for the trailing twelve months is around 66.49%, less than TSLY's 83.79% yield.

Position	TTM	2025	2024	2023
DIPS YieldMax Short NVDA Option Income Strategy ETF	66.49%	96.20%	24.18%	0.00%
TSLY YieldMax TSLA Option Income Strategy ETF	83.79%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both DIPS and TSLY in my portfolio?

DIPS and TSLY have a correlation of -0.34, 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 TSLY?

DIPS has higher volatility (10.68%) compared to TSLY (9.96%). In terms of maximum drawdown, DIPS dropped -59.93% vs TSLY's -49.52%.

Which ETF is better, DIPS or TSLY?

On 1-year performance, TSLY leads with 24.54% vs -26.57% for DIPS. Both ETFs have the same 0.99% expense ratio. On volatility, TSLY has been the lower-risk option at 9.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIPS or TSLY?

Over the 1-year period, TSLY has performed better with a 24.54% 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 TSLY?

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

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

TSLY has the higher dividend yield at 83.79%, compared with 66.49% for DIPS.

What is the main difference between DIPS and TSLY?

DIPS is categorized as Derivative Income, while TSLY is Options Trading.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.65 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.