DIVE vs. MRNY

Last updated Jun 4, 2026

DIVE (Dana Concentrated Dividend ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - DIVE is a Dividend fund actively managed by Dana, while MRNY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. DIVE charges 0.65%/yr vs 0.99%/yr for MRNY.

Performance

DIVE vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dana Concentrated Dividend ETF (DIVE) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVE achieves a 0.38% return, which is significantly lower than MRNY's 51.59% return.

DIVE

• 1D: -0.22%
• 1M: -1.09%
• YTD: 0.38%
• 6M: 1.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MRNY

• 1D: 5.73%
• 1M: 4.23%
• YTD: 51.59%
• 6M: 62.21%
• 1Y: 47.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVE vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025
DIVE Dana Concentrated Dividend ETF	0.38%	2.18%
MRNY YieldMax MRNA Option Income Strategy ETF	51.59%	9.98%

Correlation

The correlation between DIVE and MRNY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.39

Return for Risk

DIVE vs. MRNY — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 28
MRNY Sharpe Ratio Rank: 27
MRNY Sortino Ratio Rank: 31
MRNY Omega Ratio Rank: 29
MRNY Calmar Ratio Rank: 30
MRNY Martin Ratio Rank: 23

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.

DIVE vs. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dana Concentrated Dividend ETF (DIVE) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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.

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

Sharpe Ratios by Period

	DIVE	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.28	-0.49	+0.77

Drawdowns

DIVE vs. MRNY - Drawdown Comparison

The maximum DIVE drawdown since its inception was -11.45%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for DIVE and MRNY.

Drawdown Indicators

	DIVE	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-11.45%	-82.15%	+70.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.53%	—
Current Drawdown Current decline from peak	-4.35%	-68.09%	+63.74%
Average Drawdown Average peak-to-trough decline	-3.11%	-52.62%	+49.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	16.15%	—

Volatility

Volatility by Period

	DIVE	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.36%	—
Volatility (6M) Calculated over the trailing 6-month period	—	37.05%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	49.37%	-36.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.93%	50.76%	-37.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	50.76%	-37.83%

DIVE vs. MRNY - Expense Ratio Comparison

DIVE has a 0.65% expense ratio, which is lower than MRNY's 0.99% expense ratio.

Dividends

DIVE vs. MRNY - Dividend Comparison

DIVE's dividend yield for the trailing twelve months is around 0.98%, less than MRNY's 100.06% yield.

Position	TTM	2025	2024	2023
DIVE Dana Concentrated Dividend ETF	0.98%	0.66%	0.00%	0.00%
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both DIVE and MRNY in my portfolio?

DIVE and MRNY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DIVE or MRNY?

On fees, DIVE is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DIVE or MRNY?

DIVE is cheaper with a 0.65% expense ratio, compared with 0.99% for MRNY.

Which ETF pays a higher dividend yield, DIVE or MRNY?

MRNY has the higher dividend yield at 100.06%, compared with 0.98% for DIVE.

What is the main difference between DIVE and MRNY?

DIVE is categorized as Dividend, while MRNY is Derivative Income. They also come from different issuers: Dana and YieldMax. Their fees differ too: 0.65% for DIVE and 0.99% for MRNY.