DRAY vs. ARMW

Last updated Jun 5, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

DRAY vs. ARMW - Performance Comparison

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

Returns By Period

In the year-to-date period, DRAY achieves a -28.25% return, which is significantly lower than ARMW's 336.58% return.

DRAY

• 1D: 0.59%
• 1M: 3.07%
• YTD: -28.25%
• 6M: -29.58%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: -5.75%
• 1M: 108.38%
• YTD: 336.58%
• 6M: 222.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRAY vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.25%	-2.61%
ARMW Roundhill ARM WeeklyPay ETF	336.58%	-40.49%

Correlation

The correlation between DRAY and ARMW is 0.01, 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 Oct 24, 2025	0.01

Return for Risk

DRAY vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and Roundhill ARM WeeklyPay ETF (ARMW). 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

	DRAY	ARMW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	4.33	-5.45

Drawdowns

DRAY vs. ARMW - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than ARMW's maximum drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for DRAY and ARMW.

Drawdown Indicators

	DRAY	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-48.47%	-9.40%
Current Drawdown Current decline from peak	-47.92%	-5.75%	-42.17%
Average Drawdown Average peak-to-trough decline	-31.42%	-26.42%	-5.00%

Volatility

Volatility by Period

	DRAY	ARMW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	40.72%	88.57%	-47.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.72%	88.57%	-47.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.72%	88.57%	-47.85%

DRAY vs. ARMW - Expense Ratio Comparison

Both DRAY and ARMW have an expense ratio of 0.99%.

Dividends

DRAY vs. ARMW - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 89.20%, more than ARMW's 16.13% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	16.13%	16.38%
DRAY YieldMax DKNG Option Income Strategy ETF	89.20%	32.48%

Frequently Asked Questions

Can I hold both DRAY and ARMW in my portfolio?

DRAY and ARMW have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRAY or ARMW?

Both ETFs have the same 0.99% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRAY or ARMW?

DRAY and ARMW have the same expense ratio: 0.99% per year.

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

DRAY has the higher dividend yield at 89.20%, compared with 16.13% for ARMW.

What is the main difference between DRAY and ARMW?

They also come from different issuers: YieldMax and Roundhill Investments.