FIAT vs. MSTY

Last updated Jun 24, 2026

FIAT (YieldMax Short COIN Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, FIAT returned 25.10% vs -66.58% for MSTY. At a correlation of -0.71, they often move in opposite directions. Both charge a 0.99% expense ratio.

Performance

FIAT vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short COIN Option Income Strategy ETF (FIAT) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIAT achieves a 16.16% return, which is significantly higher than MSTY's -27.80% return.

FIAT

• 1D: 2.82%
• 1M: 11.72%
• YTD: 16.16%
• 6M: 21.46%
• 1Y: 25.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -4.55%
• 1M: -31.74%
• YTD: -27.80%
• 6M: -29.80%
• 1Y: -66.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAT vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	16.16%	-24.17%	-28.04%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-27.80%	-42.71%	75.80%

Correlation

The correlation between FIAT and MSTY is -0.76, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.76
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.71

The correlation between FIAT and MSTY has been stable across timeframes, ranging from -0.76 to -0.71 - a consistent structural relationship.

Return for Risk

FIAT vs. MSTY — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 17
FIAT Sharpe Ratio Rank: 16
FIAT Sortino Ratio Rank: 18
FIAT Omega Ratio Rank: 19
FIAT Calmar Ratio Rank: 18
FIAT Martin Ratio Rank: 16

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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.

FIAT vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	FIAT	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	0.47	-1.08	+1.55
Sortino ratio: Return per unit of downside risk	0.94	-1.96	+2.91
Omega ratio: Gain probability vs. loss probability	1.13	0.79	+0.34
Calmar ratio: Return relative to maximum drawdown	0.74	-0.93	+1.67
Martin ratio: Return relative to average drawdown	1.60	-1.35	+2.95

FIAT vs. MSTY - Sharpe Ratio Comparison

The current FIAT Sharpe Ratio is 0.47, which is higher than the MSTY Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of FIAT and MSTY, 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

FIAT vs. MSTY - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, roughly equal to the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for FIAT and MSTY.

Drawdown Indicators

	FIAT	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-71.79%	+1.29%
Max Drawdown (1Y) Largest decline over 1 year	-34.22%	-71.79%	+37.57%
Current Drawdown Current decline from peak	-49.94%	-71.62%	+21.68%
Average Drawdown Average peak-to-trough decline	-45.40%	-26.97%	-18.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.71%	49.36%	-31.65%

Volatility

FIAT vs. MSTY - Volatility Comparison

The current volatility for YieldMax Short COIN Option Income Strategy ETF (FIAT) is 14.10%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 19.32%. This indicates that FIAT experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAT	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.10%	19.32%	-5.22%
Volatility (6M) Calculated over the trailing 6-month period	42.87%	49.66%	-6.79%
Volatility (1Y) Calculated over the trailing 1-year period	53.54%	62.02%	-8.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	71.82%	-11.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.24%	71.82%	-11.58%

FIAT vs. MSTY - Expense Ratio Comparison

Both FIAT and MSTY have an expense ratio of 0.99%.

Dividends

FIAT vs. MSTY - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 100.29%, less than MSTY's 286.06% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	100.29%	178.11%	70.99%
MSTY YieldMax™ MSTR Option Income Strategy ETF	286.06%	294.61%	104.56%

Frequently Asked Questions

Can I hold both FIAT and MSTY in my portfolio?

FIAT and MSTY have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAT or MSTY?

MSTY has higher volatility (19.32%) compared to FIAT (14.10%). In terms of maximum drawdown, FIAT dropped -70.50% vs MSTY's -71.79%.

Which ETF is better, FIAT or MSTY?

On 1-year performance, FIAT leads with 25.10% vs -66.58% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, FIAT has been the lower-risk option at 14.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAT or MSTY?

Over the 1-year period, FIAT has performed better with a 25.10% return vs -66.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAT or MSTY?

FIAT and MSTY have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, FIAT or MSTY?

MSTY has the higher dividend yield at 286.06%, compared with 100.29% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.47 vs -1.08), 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.