FLYD vs. FIAT

Last updated Jun 26, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while FIAT is a Derivative Income fund actively managed by YieldMax. FLYD is passively managed, while FIAT is actively managed. Over the past year, FLYD returned -55.29% vs 51.22% for FIAT. At a 0.48 correlation, their price movements are largely independent. FLYD charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

FLYD vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -30.35% return, which is significantly lower than FIAT's 25.08% return.

FLYD

• 1D: 3.79%
• 1M: -24.33%
• YTD: -30.35%
• 6M: -26.65%
• 1Y: -55.29%
• 3Y*: -56.28%
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 3.97%
• 1M: 18.03%
• YTD: 25.08%
• 6M: 30.07%
• 1Y: 51.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLYD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-30.35%	-60.42%	-43.97%
FIAT YieldMax Short COIN Option Income Strategy ETF	25.08%	-24.17%	-28.04%

Correlation

The correlation between FLYD and FIAT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.48

The correlation between FLYD and FIAT shifts across timeframes, from 0.37 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FLYD vs. FIAT — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 4
FLYD Omega Ratio Rank: 4
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

FIAT

FIAT Risk / Return Rank: 30
FIAT Sharpe Ratio Rank: 29
FIAT Sortino Ratio Rank: 29
FIAT Omega Ratio Rank: 31
FIAT Calmar Ratio Rank: 33
FIAT Martin Ratio Rank: 26

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.

FLYD vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	FLYD	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	0.97	-1.71
Sortino ratio: Return per unit of downside risk	-0.90	1.46	-2.36
Omega ratio: Gain probability vs. loss probability	0.90	1.20	-0.30
Calmar ratio: Return relative to maximum drawdown	-1.01	1.50	-2.51
Martin ratio: Return relative to average drawdown	-2.07	3.27	-5.34

FLYD vs. FIAT - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.73, which is lower than the FIAT Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of FLYD and FIAT, 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

FLYD vs. FIAT - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.45%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for FLYD and FIAT.

Drawdown Indicators

	FLYD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-98.45%	-70.50%	-27.95%
Max Drawdown (1Y) Largest decline over 1 year	-55.15%	-34.22%	-20.93%
Max Drawdown (3Y) Largest decline over 3 years	-94.61%	—	—
Current Drawdown Current decline from peak	-98.39%	-46.09%	-52.30%
Average Drawdown Average peak-to-trough decline	-83.26%	-45.40%	-37.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.03%	15.74%	+14.29%

Volatility

FLYD vs. FIAT - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 26.01% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.53%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.01%	14.53%	+11.48%
Volatility (6M) Calculated over the trailing 6-month period	62.95%	43.12%	+19.83%
Volatility (1Y) Calculated over the trailing 1-year period	75.71%	52.81%	+22.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.83%	60.24%	+23.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.83%	60.24%	+23.59%

FLYD vs. FIAT - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

FLYD vs. FIAT - Dividend Comparison

FLYD has not paid dividends to shareholders, while FIAT's dividend yield for the trailing twelve months is around 95.94%.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	95.94%	178.11%	70.99%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLYD and FIAT in my portfolio?

FLYD and FIAT have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYD or FIAT?

FLYD has higher volatility (26.01%) compared to FIAT (14.53%). In terms of maximum drawdown, FLYD dropped -98.45% vs FIAT's -70.50%.

Which ETF is better, FLYD or FIAT?

On 1-year performance, FIAT leads with 51.22% vs -55.29% for FLYD. On fees, FLYD is cheaper at 0.95% per year. On volatility, FIAT has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or FIAT?

Over the 1-year period, FIAT has performed better with a 51.22% return vs -55.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or FIAT?

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

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

FIAT has the higher dividend yield at 95.94%, compared with 0.00% for FLYD.

What is the main difference between FLYD and FIAT?

FLYD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: REX and YieldMax. Their fees differ too: 0.95% for FLYD and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.97 vs -0.73), 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.