FBY vs. HYGW

Last updated Aug 2, 2026

FBY (YieldMax META Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. FBY is actively managed, while HYGW is passively managed. Over the past 3 years, FBY returned 12.92%/yr vs 5.30%/yr for HYGW. Their 0.34 correlation means their historical movements had little consistent relationship. FBY charges 0.99%/yr vs 0.69%/yr for HYGW.

Performance

FBY vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income Strategy ETF (FBY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBY achieves a -15.55% return, which is significantly lower than HYGW's 2.36% return.

FBY

• 1D: 2.07%
• 1M: -4.56%
• 6M: -21.00%
• YTD: -15.55%
• 1Y: -24.10%
• 3Y*: 12.92%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.50%

HYGW

• 1D: 0.14%
• 1M: 0.03%
• 6M: 1.81%
• YTD: 2.36%
• 1Y: 5.90%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.68%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FBY YieldMax META Option Income Strategy ETF	$1.42M	$1.53M	$1.62M
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$480.97K	$636.40K	$814.79K

FBY vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBY YieldMax META Option Income Strategy ETF	-15.55%	1.98%	44.42%	17.68%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.36%	6.19%	6.99%	0.80%

Correlation

The correlation between FBY and HYGW is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.34
Correlation (All Time) Calculated using the full available price history since Jul 28, 2023	0.34

Return for Risk

FBY vs. HYGW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FBY

FBY Risk / Return Rank: 2
FBY Sharpe Ratio Rank: 3
FBY Sortino Ratio Rank: 3
FBY Omega Ratio Rank: 3
FBY Calmar Ratio Rank: 2
FBY Martin Ratio Rank: 0

HYGW

HYGW Risk / Return Rank: 88
HYGW Sharpe Ratio Rank: 86
HYGW Sortino Ratio Rank: 87
HYGW Omega Ratio Rank: 90
HYGW Calmar Ratio Rank: 85
HYGW Martin Ratio Rank: 90

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FBY vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income Strategy ETF (FBY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.

	FBY	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	-0.81	2.03	-2.85
Sortino ratio: Return per unit of downside risk	-1.03	2.95	-3.97
Omega ratio: Gain probability vs. loss probability	0.87	1.42	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.88	3.26	-4.14
Martin ratio: Return relative to average drawdown	-1.61	14.57	-16.18

FBY vs. HYGW - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.81, which is lower than the HYGW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of FBY and HYGW, 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

FBY vs. HYGW - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for FBY and HYGW.

Drawdown Indicators

	FBY	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-5.49%	-26.04%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-1.82%	-27.68%
Max Drawdown (3Y) Largest decline over 3 years	-31.53%	-3.42%	-28.11%
Current Drawdown Current decline from peak	-27.42%	-0.21%	-27.21%
Average Drawdown Average peak-to-trough decline	-8.56%	-0.59%	-7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.09%	0.41%	+15.68%

Volatility

FBY vs. HYGW - Volatility Comparison

YieldMax META Option Income Strategy ETF (FBY) has a higher volatility of 13.27% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that FBY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBY	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.27%	0.80%	+12.47%
Volatility (6M) Calculated over the trailing 6-month period	25.65%	2.32%	+23.33%
Volatility (1Y) Calculated over the trailing 1-year period	32.93%	2.92%	+30.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.49%	4.62%	+24.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.49%	4.62%	+24.87%

FBY vs. HYGW - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

FBY vs. HYGW - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 62.78%, more than HYGW's 10.71% yield.

Position	TTM	2025	2024	2023	2022
FBY YieldMax META Option Income Strategy ETF	62.78%	55.43%	53.89%	8.31%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.71%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both FBY and HYGW in my portfolio?

FBY and HYGW have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBY or HYGW?

FBY has higher volatility (13.27%) compared to HYGW (0.80%). In terms of maximum drawdown, FBY dropped -31.53% vs HYGW's -5.49%.

Which ETF is better, FBY or HYGW?

On 3-year performance, FBY leads with 12.92% vs 5.30% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBY or HYGW?

Over the 3-year period, FBY has performed better with a 12.92% return vs 5.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBY or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for FBY.

Which ETF pays a higher dividend yield, FBY or HYGW?

FBY has the higher dividend yield at 62.78%, compared with 10.71% for HYGW.

What is the main difference between FBY and HYGW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for FBY and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.03 vs -0.81), 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.