DRAY vs. BUYW
DRAY (YieldMax DKNG Option Income Strategy ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. At a 0.15 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 1.29%/yr for BUYW.
Performance
DRAY vs. BUYW - Performance Comparison
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Returns By Period
In the year-to-date period, DRAY achieves a -28.67% return, which is significantly lower than BUYW's 3.39% return.
DRAY
- 1D
- -0.44%
- 1M
- 4.29%
- YTD
- -28.67%
- 6M
- -29.04%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BUYW
- 1D
- 0.35%
- 1M
- 0.99%
- YTD
- 3.39%
- 6M
- 4.27%
- 1Y
- 9.76%
- 3Y*
- 8.73%
- 5Y*
- —
- 10Y*
- —
DRAY vs. BUYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DRAY YieldMax DKNG Option Income Strategy ETF | -28.67% | -19.23% |
BUYW Main Buywrite ETF | 3.39% | 4.59% |
Correlation
The correlation between DRAY and BUYW is 0.15, 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 Jul 16, 2025 | 0.15 |
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Return for Risk
DRAY vs. BUYW — Risk / Return Rank
DRAY
BUYW
DRAY vs. BUYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and Main Buywrite ETF (BUYW). 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.
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Sharpe Ratios by Period
| DRAY | BUYW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.03 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.14 | 1.17 | -2.30 |
Drawdowns
DRAY vs. BUYW - Drawdown Comparison
The maximum DRAY drawdown since its inception was -57.87%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for DRAY and BUYW.
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Drawdown Indicators
| DRAY | BUYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.87% | -9.36% | -48.51% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.59% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.36% | — |
Current DrawdownCurrent decline from peak | -48.22% | -0.21% | -48.01% |
Average DrawdownAverage peak-to-trough decline | -31.34% | -0.61% | -30.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.48% | — |
Volatility
DRAY vs. BUYW - Volatility Comparison
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Volatility by Period
| DRAY | BUYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.02% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 4.03% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.80% | 4.85% | +35.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.80% | 8.47% | +32.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.80% | 8.47% | +32.33% |
DRAY vs. BUYW - Expense Ratio Comparison
DRAY has a 0.99% expense ratio, which is lower than BUYW's 1.29% expense ratio.
Dividends
DRAY vs. BUYW - Dividend Comparison
DRAY's dividend yield for the trailing twelve months is around 87.37%, more than BUYW's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BUYW Main Buywrite ETF | 5.91% | 5.89% | 5.93% | 5.95% | 0.50% |
DRAY YieldMax DKNG Option Income Strategy ETF | 87.37% | 32.48% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRAY and BUYW have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, DRAY is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.
DRAY is cheaper with a 0.99% expense ratio, compared with 1.29% for BUYW.
DRAY has the higher dividend yield at 87.37%, compared with 5.91% for BUYW.
They also come from different issuers: YieldMax and Main Funds. Their fees differ too: 0.99% for DRAY and 1.29% for BUYW.
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