DRAY vs. NVDY

Last updated Jun 5, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

DRAY vs. NVDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DKNG Option Income Strategy ETF (DRAY) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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 NVDY's 14.49% return.

DRAY

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

NVDY

• 1D: 1.27%
• 1M: 7.84%
• YTD: 14.49%
• 6M: 17.01%
• 1Y: 47.85%
• 3Y*: 55.07%
• 5Y*: —
• 10Y*: —

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

DRAY vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.25%	-19.23%
NVDY YieldMax NVDA Option Income Strategy ETF	14.49%	11.85%

Correlation

The correlation between DRAY and NVDY is 0.13, 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	0.13

Return for Risk

DRAY vs. NVDY — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 56
NVDY Sharpe Ratio Rank: 52
NVDY Sortino Ratio Rank: 48
NVDY Omega Ratio Rank: 48
NVDY Calmar Ratio Rank: 76
NVDY Martin Ratio Rank: 54

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. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.76	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	1.65	-2.78

Drawdowns

DRAY vs. NVDY - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than NVDY's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for DRAY and NVDY.

Drawdown Indicators

	DRAY	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-34.08%	-23.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Current Drawdown Current decline from peak	-47.92%	-5.47%	-42.45%
Average Drawdown Average peak-to-trough decline	-31.42%	-6.15%	-25.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.21%	—

Volatility

Volatility by Period

	DRAY	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	20.71%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.72%	27.33%	+13.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.72%	38.22%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.72%	38.22%	+2.50%

DRAY vs. NVDY - Expense Ratio Comparison

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

Dividends

DRAY vs. NVDY - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 89.20%, more than NVDY's 62.14% yield.

Position	TTM	2025	2024	2023
DRAY YieldMax DKNG Option Income Strategy ETF	89.20%	32.48%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	62.14%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both DRAY and NVDY in my portfolio?

DRAY and NVDY have a correlation of 0.13, 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 NVDY?

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 NVDY?

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

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

DRAY has the higher dividend yield at 89.20%, compared with 62.14% for NVDY.