DRAY vs. CWII

Last updated Jun 5, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and CWII (REX CRWV Growth & Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.14 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 1.03%/yr for CWII.

Performance

DRAY vs. CWII - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DKNG Option Income Strategy ETF (DRAY) and REX CRWV Growth & Income ETF (CWII). 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 CWII's 35.03% return.

DRAY

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

CWII

• 1D: -1.60%
• 1M: -10.42%
• YTD: 35.03%
• 6M: 9.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRAY vs. CWII - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.25%	15.87%
CWII REX CRWV Growth & Income ETF	35.03%	-42.16%

Correlation

The correlation between DRAY and CWII is 0.14, 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 Nov 5, 2025	0.14

Return for Risk

DRAY vs. CWII - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and REX CRWV Growth & Income ETF (CWII). 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	CWII	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	-0.40	-0.73

Drawdowns

DRAY vs. CWII - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than CWII's maximum drawdown of -48.46%. Use the drawdown chart below to compare losses from any high point for DRAY and CWII.

Drawdown Indicators

	DRAY	CWII	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-48.46%	-9.41%
Current Drawdown Current decline from peak	-47.92%	-21.90%	-26.02%
Average Drawdown Average peak-to-trough decline	-31.42%	-30.49%	-0.93%

Volatility

Volatility by Period

	DRAY	CWII	Difference
Volatility (1Y) Calculated over the trailing 1-year period	40.72%	88.33%	-47.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.72%	88.33%	-47.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.72%	88.33%	-47.61%

DRAY vs. CWII - Expense Ratio Comparison

DRAY has a 0.99% expense ratio, which is lower than CWII's 1.03% expense ratio.

Dividends

DRAY vs. CWII - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 89.20%, more than CWII's 21.06% yield.

Position	TTM	2025
CWII REX CRWV Growth & Income ETF	21.06%	6.09%
DRAY YieldMax DKNG Option Income Strategy ETF	89.20%	32.48%

Frequently Asked Questions

Can I hold both DRAY and CWII in my portfolio?

DRAY and CWII have a correlation of 0.14, 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 CWII?

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.

Which ETF is cheaper, DRAY or CWII?

DRAY is cheaper with a 0.99% expense ratio, compared with 1.03% for CWII.

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

DRAY has the higher dividend yield at 89.20%, compared with 21.06% for CWII.

What is the main difference between DRAY and CWII?

They also come from different issuers: YieldMax and REX Shares. Their fees differ too: 0.99% for DRAY and 1.03% for CWII.