DRAY vs. TSLY

Last updated Jun 5, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - DRAY is a Derivative Income fund actively managed by YieldMax, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 1.07%/yr for TSLY.

Performance

DRAY vs. TSLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DKNG Option Income Strategy ETF (DRAY) and YieldMax TSLA Option Income Strategy ETF (TSLY). 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 TSLY's -2.70% return.

DRAY

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

TSLY

• 1D: -1.05%
• 1M: 4.95%
• YTD: -2.70%
• 6M: -3.20%
• 1Y: 27.37%
• 3Y*: 14.39%
• 5Y*: —
• 10Y*: —

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

DRAY vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.25%	-19.23%
TSLY YieldMax TSLA Option Income Strategy ETF	-2.70%	38.00%

Correlation

The correlation between DRAY and TSLY is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.01

Return for Risk

DRAY vs. TSLY — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 24
TSLY Sharpe Ratio Rank: 22
TSLY Sortino Ratio Rank: 22
TSLY Omega Ratio Rank: 23
TSLY Calmar Ratio Rank: 27
TSLY Martin Ratio Rank: 24

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. TSLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and YieldMax TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.72	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.13	0.30	-1.42

Drawdowns

DRAY vs. TSLY - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than TSLY's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for DRAY and TSLY.

Drawdown Indicators

	DRAY	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-49.52%	-8.35%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-49.52%	—
Current Drawdown Current decline from peak	-47.92%	-9.03%	-38.89%
Average Drawdown Average peak-to-trough decline	-31.42%	-19.99%	-11.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.95%	—

Volatility

Volatility by Period

	DRAY	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	40.72%	38.20%	+2.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.72%	45.48%	-4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.72%	45.48%	-4.76%

DRAY vs. TSLY - Expense Ratio Comparison

DRAY has a 0.99% expense ratio, which is lower than TSLY's 1.07% expense ratio.

Dividends

DRAY vs. TSLY - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 89.20%, more than TSLY's 86.88% yield.

Position	TTM	2025	2024	2023
DRAY YieldMax DKNG Option Income Strategy ETF	89.20%	32.48%	0.00%	0.00%
TSLY YieldMax TSLA Option Income Strategy ETF	86.88%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both DRAY and TSLY in my portfolio?

DRAY and TSLY have a correlation of 0.01, 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 TSLY?

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 TSLY?

DRAY is cheaper with a 0.99% expense ratio, compared with 1.07% for TSLY.

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

DRAY has the higher dividend yield at 89.20%, compared with 86.88% for TSLY.

What is the main difference between DRAY and TSLY?

DRAY is categorized as Derivative Income, while TSLY is Options Trading. Their fees differ too: 0.99% for DRAY and 1.07% for TSLY.