DRAY vs. YMAX
DRAY (YieldMax DKNG Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both Derivative Income funds from YieldMax. Both are actively managed. At a 0.22 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 1.28%/yr for YMAX.
Performance
DRAY vs. YMAX - Performance Comparison
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Returns By Period
In the year-to-date period, DRAY achieves a -28.25% return, which is significantly lower than YMAX's 6.30% return.
DRAY
- 1D
- 0.59%
- 1M
- 3.07%
- YTD
- -28.25%
- 6M
- -29.58%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
YMAX
- 1D
- 0.24%
- 1M
- 6.50%
- YTD
- 6.30%
- 6M
- 3.22%
- 1Y
- 9.04%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DRAY vs. YMAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DRAY YieldMax DKNG Option Income Strategy ETF | -28.25% | -19.23% |
YMAX YieldMax Universe Fund of Option Income ETFs | 6.30% | -5.09% |
Correlation
The correlation between DRAY and YMAX is 0.22, 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 | 0.22 |
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Return for Risk
DRAY vs. YMAX — Risk / Return Rank
DRAY
YMAX
DRAY vs. YMAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax DKNG Option Income Strategy ETF (DRAY) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.
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Sharpe Ratios by Period
| DRAY | YMAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.13 | 0.70 | -1.83 |
Drawdowns
DRAY vs. YMAX - Drawdown Comparison
The maximum DRAY drawdown since its inception was -57.87%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for DRAY and YMAX.
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Drawdown Indicators
| DRAY | YMAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.87% | -26.13% | -31.74% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.13% | — |
Current DrawdownCurrent decline from peak | -47.92% | -5.75% | -42.17% |
Average DrawdownAverage peak-to-trough decline | -31.42% | -6.33% | -25.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 11.00% | — |
Volatility
DRAY vs. YMAX - Volatility Comparison
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Volatility by Period
| DRAY | YMAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 17.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 40.72% | 21.60% | +19.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.72% | 22.95% | +17.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.72% | 22.95% | +17.77% |
DRAY vs. YMAX - Expense Ratio Comparison
DRAY has a 0.99% expense ratio, which is lower than YMAX's 1.28% expense ratio.
Dividends
DRAY vs. YMAX - Dividend Comparison
DRAY's dividend yield for the trailing twelve months is around 89.20%, more than YMAX's 72.77% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DRAY YieldMax DKNG Option Income Strategy ETF | 89.20% | 32.48% | 0.00% |
YMAX YieldMax Universe Fund of Option Income ETFs | 72.77% | 78.70% | 44.20% |
Frequently Asked Questions
DRAY and YMAX have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
DRAY is cheaper with a 0.99% expense ratio, compared with 1.28% for YMAX.
DRAY has the higher dividend yield at 89.20%, compared with 72.77% for YMAX.
Their fees differ too: 0.99% for DRAY and 1.28% for YMAX.
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