FIAT vs. SPY
FIAT (YieldMax Short COIN Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FIAT is a Derivative Income fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. FIAT is actively managed, while SPY is passively managed. Over the past year, FIAT returned -0.18% vs 27.98% for SPY. At a correlation of -0.59, they often move in opposite directions. FIAT charges 0.99%/yr vs 0.09%/yr for SPY.
Performance
FIAT vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, FIAT achieves a 13.84% return, which is significantly higher than SPY's 10.91% return.
FIAT
- 1D
- 4.32%
- 1M
- 16.99%
- YTD
- 13.84%
- 6M
- 33.71%
- 1Y
- -0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.70%
- 1M
- 5.05%
- YTD
- 10.91%
- 6M
- 10.91%
- 1Y
- 27.98%
- 3Y*
- 22.35%
- 5Y*
- 13.83%
- 10Y*
- 15.49%
FIAT vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.84% | -24.17% | -28.61% |
SPY State Street SPDR S&P 500 ETF | 10.91% | 17.72% | 5.08% |
Correlation
The correlation between FIAT and SPY is -0.56, 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 | -0.56 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | -0.59 |
The correlation between FIAT and SPY has been stable across timeframes, ranging from -0.59 to -0.56 - a consistent structural relationship.
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Return for Risk
FIAT vs. SPY — Risk / Return Rank
FIAT
SPY
FIAT vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and State Street SPDR S&P 500 ETF (SPY). 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.
| FIAT | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.38 | ||
| Sortino ratioReturn per unit of downside risk | -2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.05 | 1.43 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 3.16 | -3.17 |
| Martin ratioReturn relative to average drawdown | -0.01 | 14.72 | -14.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIAT | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.00 | 2.38 | -2.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.82 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.37 | 0.59 | -0.96 |
Drawdowns
FIAT vs. SPY - Drawdown Comparison
The maximum FIAT drawdown since its inception was -70.50%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FIAT and SPY.
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Drawdown Indicators
| FIAT | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.50% | -55.19% | -15.31% |
Max Drawdown (1Y)Largest decline over 1 year | -42.26% | -8.88% | -33.38% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -50.94% | -0.70% | -50.24% |
Average DrawdownAverage peak-to-trough decline | -45.35% | -9.05% | -36.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.32% | 1.91% | +25.41% |
Volatility
FIAT vs. SPY - Volatility Comparison
YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 15.34% compared to State Street SPDR S&P 500 ETF (SPY) at 2.84%. This indicates that FIAT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAT | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.34% | 2.84% | +12.50% |
Volatility (6M)Calculated over the trailing 6-month period | 42.03% | 8.90% | +33.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.49% | 11.83% | +43.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.56% | 17.05% | +43.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.56% | 17.94% | +42.62% |
FIAT vs. SPY - Expense Ratio Comparison
FIAT has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
FIAT vs. SPY - Dividend Comparison
FIAT's dividend yield for the trailing twelve months is around 93.28%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 93.28% | 178.11% | 70.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
FIAT and SPY have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (15.34%) compared to SPY (2.84%). In terms of maximum drawdown, FIAT dropped -70.50% vs SPY's -55.19%.
On 1-year performance, SPY leads with 27.98% vs -0.18% for FIAT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 27.98% return vs -0.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 93.28%, compared with 0.98% for SPY.
FIAT is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for FIAT and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.38 vs -0.00), 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.
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