FIAT vs. TPRY

Last updated Jun 4, 2026

FIAT (YieldMax Short COIN Option Income Strategy ETF) and TPRY (VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF) are both Derivative Income funds. FIAT is actively managed, while TPRY is passively managed. At a correlation of -0.44, they often move in opposite directions. FIAT charges 0.99%/yr vs 0.95%/yr for TPRY.

Performance

FIAT vs. TPRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short COIN Option Income Strategy ETF (FIAT) and VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIAT

• 1D: 4.32%
• 1M: 16.99%
• YTD: 13.84%
• 6M: 33.71%
• 1Y: -0.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPRY

• 1D: -0.19%
• 1M: 4.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAT vs. TPRY - Yearly Performance Comparison

	2026 (YTD)
FIAT YieldMax Short COIN Option Income Strategy ETF	0.29%
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	8.01%

Correlation

The correlation between FIAT and TPRY is -0.44, 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 (All Time) Calculated using the full available price history since Feb 27, 2026	-0.44

Return for Risk

FIAT vs. TPRY — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 10
FIAT Sharpe Ratio Rank: 8
FIAT Sortino Ratio Rank: 11
FIAT Omega Ratio Rank: 11
FIAT Calmar Ratio Rank: 9
FIAT Martin Ratio Rank: 9

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. TPRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short COIN Option Income Strategy ETF (FIAT) and VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY). 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	TPRY	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	—	—
Sortino ratio: Return per unit of downside risk	0.37	—	—
Omega ratio: Gain probability vs. loss probability	1.05	—	—
Calmar ratio: Return relative to maximum drawdown	-0.00	—	—
Martin ratio: Return relative to average drawdown	-0.01	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FIAT	TPRY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.00	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	1.44	-1.81

Drawdowns

FIAT vs. TPRY - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, which is greater than TPRY's maximum drawdown of -10.85%. Use the drawdown chart below to compare losses from any high point for FIAT and TPRY.

Drawdown Indicators

	FIAT	TPRY	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-10.85%	-59.65%
Max Drawdown (1Y) Largest decline over 1 year	-42.26%	—	—
Current Drawdown Current decline from peak	-50.94%	-0.19%	-50.75%
Average Drawdown Average peak-to-trough decline	-45.35%	-3.13%	-42.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.32%	—	—

Volatility

Volatility by Period

	FIAT	TPRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	42.03%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	55.49%	23.60%	+31.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.56%	23.60%	+36.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.56%	23.60%	+36.96%

FIAT vs. TPRY - Expense Ratio Comparison

FIAT has a 0.99% expense ratio, which is higher than TPRY's 0.95% expense ratio.

Dividends

FIAT vs. TPRY - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 93.28%, more than TPRY's 3.54% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	93.28%	178.11%	70.99%
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	3.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIAT and TPRY in my portfolio?

FIAT and TPRY have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FIAT or TPRY?

On fees, TPRY is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FIAT or TPRY?

TPRY is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 93.28%, compared with 3.54% for TPRY.

What is the main difference between FIAT and TPRY?

They also come from different issuers: YieldMax and VistaShares. Their fees differ too: 0.99% for FIAT and 0.95% for TPRY.