DRAY vs. DKNG
DRAY (YieldMax DKNG Option Income Strategy ETF) is Derivative Income fund actively managed by YieldMax, while DKNG (DraftKings Inc.) is a stock. Over the past year, DRAY returned -42.41% vs -42.35% for DKNG. Their correlation of 0.93 suggests significant overlap in exposure.
Performance
DRAY vs. DKNG - Performance Comparison
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Returns By Period
In the year-to-date period, DRAY achieves a -28.70% return, which is significantly lower than DKNG's -26.73% return.
DRAY
- 1D
- 0.34%
- 1M
- -9.99%
- 6M
- -27.98%
- YTD
- -28.70%
- 1Y
- -42.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DKNG
- 1D
- 0.16%
- 1M
- -12.30%
- 6M
- -26.43%
- YTD
- -26.73%
- 1Y
- -42.35%
- 3Y*
- -6.15%
- 5Y*
- -10.43%
- 10Y*
- —
DRAY vs. DKNG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DRAY YieldMax DKNG Option Income Strategy ETF | -28.70% | -19.48% |
DKNG DraftKings Inc. | -26.73% | -21.31% |
Correlation
The correlation between DRAY and DKNG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.93 |
The correlation between DRAY and DKNG has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.
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Return for Risk
DRAY vs. DKNG — Risk / Return Rank
DRAY
DKNG
DRAY vs. DKNG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and DraftKings Inc. (DKNG). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DRAY | DKNG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.86 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.74 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.13 | -1.12 | -0.01 |
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Drawdowns
DRAY vs. DKNG - Drawdown Comparison
The maximum DRAY drawdown since its inception was -57.87%, smaller than the maximum DKNG drawdown of -85.73%. Use the drawdown chart below to compare losses from any high point for DRAY and DKNG.
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Drawdown Indicators
| DRAY | DKNG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.87% | -85.73% | +27.86% |
Max Drawdown (1Y)Largest decline over 1 year | -57.87% | -57.04% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | — | -61.26% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -83.87% | — |
Current DrawdownCurrent decline from peak | -48.25% | -64.92% | +16.67% |
Average DrawdownAverage peak-to-trough decline | -32.92% | -49.15% | +16.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.71% | 37.84% | -0.13% |
Volatility
DRAY vs. DKNG - Volatility Comparison
The current volatility for YieldMax DKNG Option Income Strategy ETF (DRAY) is 14.35%, while DraftKings Inc. (DKNG) has a volatility of 17.05%. This indicates that DRAY experiences smaller price fluctuations and is considered to be less risky than DKNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRAY | DKNG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.35% | 17.05% | -2.70% |
Volatility (6M)Calculated over the trailing 6-month period | 34.35% | 39.68% | -5.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.33% | 49.75% | -7.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 42.33% | 61.59% | -19.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 42.33% | 63.29% | -20.96% |
Dividends
DRAY vs. DKNG - Dividend Comparison
DRAY's dividend yield for the trailing twelve months is around 101.99%, while DKNG has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
DKNG DraftKings Inc. | 0.00% | 0.00% |
DRAY YieldMax DKNG Option Income Strategy ETF | 101.99% | 32.48% |
Frequently Asked Questions
With a correlation of 0.93, DRAY and DKNG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DKNG has higher volatility (17.05%) compared to DRAY (14.35%). In terms of maximum drawdown, DRAY dropped -57.87% vs DKNG's -85.73%.
DKNG currently has the higher Sharpe Ratio (-0.85 vs -1.00), 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.
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