DRAY vs. FYEE

Last updated Jul 16, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and FYEE (Fidelity Yield Enhanced Equity ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DRAY returned -42.41% vs 22.43% for FYEE. At a 0.17 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 0.28%/yr for FYEE.

Performance

DRAY vs. FYEE - Performance Comparison

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

Returns By Period

In the year-to-date period, DRAY achieves a -28.70% return, which is significantly lower than FYEE's 8.81% return.

DRAY

• 1D: 0.34%
• 1M: -9.99%
• 6M: -27.98%
• YTD: -28.70%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FYEE

• 1D: 0.58%
• 1M: 2.21%
• 6M: 8.32%
• YTD: 8.81%
• 1Y: 22.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRAY vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.70%	-19.48%
FYEE Fidelity Yield Enhanced Equity ETF	8.81%	12.20%

Correlation

The correlation between DRAY and FYEE is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.17

Return for Risk

DRAY vs. FYEE — Risk / Return Rank

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

DRAY

DRAY Risk / Return Rank: 2
DRAY Sharpe Ratio Rank: 2
DRAY Sortino Ratio Rank: 2
DRAY Omega Ratio Rank: 1
DRAY Calmar Ratio Rank: 3
DRAY Martin Ratio Rank: 4

FYEE

FYEE Risk / Return Rank: 83
FYEE Sharpe Ratio Rank: 85
FYEE Sortino Ratio Rank: 82
FYEE Omega Ratio Rank: 88
FYEE Calmar Ratio Rank: 75
FYEE Martin Ratio Rank: 88

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.

DRAY vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and Fidelity Yield Enhanced Equity ETF (FYEE). 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	FYEE	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	2.17	-3.18
Sortino ratio: Return per unit of downside risk	-1.37	2.91	-4.28
Omega ratio: Gain probability vs. loss probability	0.82	1.43	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.74	3.05	-3.78
Martin ratio: Return relative to average drawdown	-1.13	14.68	-15.80

DRAY vs. FYEE - Sharpe Ratio Comparison

The current DRAY Sharpe Ratio is -1.01, which is lower than the FYEE Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of DRAY and FYEE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DRAY vs. FYEE - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than FYEE's maximum drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for DRAY and FYEE.

Drawdown Indicators

	DRAY	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-18.79%	-39.08%
Max Drawdown (1Y) Largest decline over 1 year	-57.87%	-7.39%	-50.48%
Current Drawdown Current decline from peak	-48.25%	0.00%	-48.25%
Average Drawdown Average peak-to-trough decline	-32.92%	-2.20%	-30.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.71%	1.53%	+36.18%

Volatility

DRAY vs. FYEE - Volatility Comparison

YieldMax DKNG Option Income Strategy ETF (DRAY) has a higher volatility of 14.35% compared to Fidelity Yield Enhanced Equity ETF (FYEE) at 2.91%. This indicates that DRAY's price experiences larger fluctuations and is considered to be riskier than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRAY	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	2.91%	+11.44%
Volatility (6M) Calculated over the trailing 6-month period	34.35%	8.25%	+26.10%
Volatility (1Y) Calculated over the trailing 1-year period	42.33%	10.38%	+31.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.33%	13.81%	+28.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.33%	13.81%	+28.52%

DRAY vs. FYEE - Expense Ratio Comparison

DRAY has a 0.99% expense ratio, which is higher than FYEE's 0.28% expense ratio.

Dividends

DRAY vs. FYEE - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 101.99%, more than FYEE's 8.35% yield.

Position	TTM	2025	2024
DRAY YieldMax DKNG Option Income Strategy ETF	101.99%	32.48%	0.00%
FYEE Fidelity Yield Enhanced Equity ETF	8.35%	7.08%	5.45%

Frequently Asked Questions

Can I hold both DRAY and FYEE in my portfolio?

DRAY and FYEE have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRAY or FYEE?

DRAY has higher volatility (14.35%) compared to FYEE (2.91%). In terms of maximum drawdown, DRAY dropped -57.87% vs FYEE's -18.79%.

Which ETF is better, DRAY or FYEE?

On 1-year performance, FYEE leads with 22.43% vs -42.41% for DRAY. On fees, FYEE is cheaper at 0.28% per year. On volatility, FYEE has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRAY or FYEE?

Over the 1-year period, FYEE has performed better with a 22.43% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRAY or FYEE?

FYEE is cheaper with a 0.28% expense ratio, compared with 0.99% for DRAY.

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

DRAY has the higher dividend yield at 101.99%, compared with 8.35% for FYEE.

What is the main difference between DRAY and FYEE?

They also come from different issuers: YieldMax and Fidelity. Their fees differ too: 0.99% for DRAY and 0.28% for FYEE.

Which has better risk-adjusted returns?

FYEE currently has the higher Sharpe Ratio (2.17 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.