FIAT vs. TSLY

Last updated Jun 24, 2026

FIAT (YieldMax Short COIN Option Income Strategy ETF) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - FIAT is a Derivative Income fund actively managed by YieldMax, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, FIAT returned 25.10% vs 15.73% for TSLY. At a correlation of -0.47, they often move in opposite directions. FIAT charges 0.99%/yr vs 1.07%/yr for TSLY.

Performance

FIAT vs. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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 TSLY's -9.17% return.

FIAT

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

TSLY

• 1D: -4.63%
• 1M: -8.15%
• YTD: -9.17%
• 6M: -14.89%
• 1Y: 15.73%
• 3Y*: 8.26%
• 5Y*: —
• 10Y*: —

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

FIAT vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	16.16%	-24.17%	-28.04%
TSLY YieldMax TSLA Option Income Strategy ETF	-9.17%	13.62%	27.03%

Correlation

The correlation between FIAT and TSLY is -0.40, 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	-0.40
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	-0.47

Return for Risk

FIAT vs. TSLY — 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

TSLY

TSLY Risk / Return Rank: 16
TSLY Sharpe Ratio Rank: 15
TSLY Sortino Ratio Rank: 16
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 18
TSLY Martin Ratio Rank: 17

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. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe ratio: Return per unit of total volatility	0.47	0.44	+0.03
Sortino ratio: Return per unit of downside risk	0.94	0.83	+0.11
Omega ratio: Gain probability vs. loss probability	1.13	1.10	+0.03
Calmar ratio: Return relative to maximum drawdown	0.74	0.73	+0.01
Martin ratio: Return relative to average drawdown	1.60	1.73	-0.13

FIAT vs. TSLY - Sharpe Ratio Comparison

The current FIAT Sharpe Ratio is 0.47, which is comparable to the TSLY Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of FIAT and TSLY, 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. TSLY - Drawdown Comparison

The maximum FIAT drawdown since its inception was -70.50%, which is greater than TSLY's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for FIAT and TSLY.

Drawdown Indicators

	FIAT	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-70.50%	-49.52%	-20.98%
Max Drawdown (1Y) Largest decline over 1 year	-34.22%	-21.64%	-12.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.52%	—
Current Drawdown Current decline from peak	-49.94%	-15.07%	-34.87%
Average Drawdown Average peak-to-trough decline	-45.40%	-19.87%	-25.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.71%	9.28%	+8.43%

Volatility

FIAT vs. TSLY - Volatility Comparison

YieldMax Short COIN Option Income Strategy ETF (FIAT) has a higher volatility of 14.10% compared to YieldMax TSLA Option Income Strategy ETF (TSLY) at 12.37%. This indicates that FIAT's price experiences larger fluctuations and is considered to be riskier than TSLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAT	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.10%	12.37%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	42.87%	23.73%	+19.14%
Volatility (1Y) Calculated over the trailing 1-year period	53.54%	36.06%	+17.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.24%	45.52%	+14.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.24%	45.52%	+14.72%

FIAT vs. TSLY - Expense Ratio Comparison

FIAT has a 0.99% expense ratio, which is lower than TSLY's 1.07% expense ratio.

Dividends

FIAT vs. TSLY - Dividend Comparison

FIAT's dividend yield for the trailing twelve months is around 100.29%, more than TSLY's 89.48% yield.

Position	TTM	2025	2024	2023
FIAT YieldMax Short COIN Option Income Strategy ETF	100.29%	178.11%	70.99%	0.00%
TSLY YieldMax TSLA Option Income Strategy ETF	89.48%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both FIAT and TSLY in my portfolio?

FIAT and TSLY 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, FIAT or TSLY?

FIAT has higher volatility (14.10%) compared to TSLY (12.37%). In terms of maximum drawdown, FIAT dropped -70.50% vs TSLY's -49.52%.

Which ETF is better, FIAT or TSLY?

On 1-year performance, FIAT leads with 25.10% vs 15.73% for TSLY. On fees, FIAT is cheaper at 0.99% per year. On volatility, TSLY has been the lower-risk option at 12.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAT or TSLY?

Over the 1-year period, FIAT has performed better with a 25.10% return vs 15.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAT or TSLY?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.07% for TSLY.

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

FIAT has the higher dividend yield at 100.29%, compared with 89.48% for TSLY.

What is the main difference between FIAT and TSLY?

FIAT is categorized as Derivative Income, while TSLY is Options Trading. Their fees differ too: 0.99% for FIAT and 1.07% for TSLY.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.47 vs 0.44), 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.