FMET vs. NFLY

Last updated Jun 3, 2026

FMET (Fidelity Metaverse ETF) and NFLY (YieldMax NFLX Option Income Strategy ETF) are both exchange-traded funds - FMET is a Communications Equities fund actively managed by Fidelity, while NFLY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, FMET returned 30.24% vs -26.13% for NFLY. At a 0.38 correlation, their price movements are largely independent. FMET charges 0.39%/yr vs 0.99%/yr for NFLY.

Performance

FMET vs. NFLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Metaverse ETF (FMET) and YieldMax NFLX Option Income Strategy ETF (NFLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FMET achieves a 11.46% return, which is significantly higher than NFLY's -7.02% return.

FMET

• 1D: 0.18%
• 1M: 9.41%
• YTD: 11.46%
• 6M: 11.72%
• 1Y: 30.24%
• 3Y*: 17.27%
• 5Y*: —
• 10Y*: —

NFLY

• 1D: -2.44%
• 1M: -6.88%
• YTD: -7.02%
• 6M: -17.50%
• 1Y: -26.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FMET vs. NFLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FMET Fidelity Metaverse ETF	11.46%	21.93%	6.76%	8.65%
NFLY YieldMax NFLX Option Income Strategy ETF	-7.02%	1.66%	66.37%	3.45%

Correlation

The correlation between FMET and NFLY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023	0.38

Over the past year, the correlation between FMET and NFLY has dropped to 0.16 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.

Return for Risk

FMET vs. NFLY — Risk / Return Rank

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

FMET

FMET Risk / Return Rank: 36
FMET Sharpe Ratio Rank: 44
FMET Sortino Ratio Rank: 42
FMET Omega Ratio Rank: 43
FMET Calmar Ratio Rank: 28
FMET Martin Ratio Rank: 26

NFLY

NFLY Risk / Return Rank: 2
NFLY Sharpe Ratio Rank: 1
NFLY Sortino Ratio Rank: 2
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 3
NFLY 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.

FMET vs. NFLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Metaverse ETF (FMET) and YieldMax NFLX Option Income Strategy ETF (NFLY). 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.

	FMET	NFLY	Difference
Sharpe ratio Return per unit of total volatility	1.56	-0.95	+2.51
Sortino ratio Return per unit of downside risk	2.16	-1.29	+3.45
Omega ratio Gain probability vs. loss probability	1.28	0.83	+0.45
Calmar ratio Return relative to maximum drawdown	1.39	-0.69	+2.07
Martin ratio Return relative to average drawdown	3.70	-1.25	+4.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FMET vs. NFLY - Sharpe Ratio Comparison

The current FMET Sharpe Ratio is 1.56, which is higher than the NFLY Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of FMET and NFLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FMET	NFLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.56	-0.95	+2.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.67	-0.11

Drawdowns

FMET vs. NFLY - Drawdown Comparison

The maximum FMET drawdown since its inception was -29.22%, smaller than the maximum NFLY drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for FMET and NFLY.

Drawdown Indicators

	FMET	NFLY	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-37.18%	+7.96%
Max Drawdown (1Y) Largest decline over 1 year	-23.00%	-37.18%	+14.18%
Max Drawdown (3Y) Largest decline over 3 years	-25.02%	—	—
Current Drawdown Current decline from peak	0.00%	-30.95%	+30.95%
Average Drawdown Average peak-to-trough decline	-7.48%	-8.47%	+0.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.63%	20.45%	-11.82%

Volatility

FMET vs. NFLY - Volatility Comparison

Fidelity Metaverse ETF (FMET) and YieldMax NFLX Option Income Strategy ETF (NFLY) have volatilities of 5.87% and 5.92%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FMET	NFLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.87%	5.92%	-0.05%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	21.11%	-6.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.48%	27.62%	-8.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.20%	28.31%	-4.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.20%	28.31%	-4.11%

FMET vs. NFLY - Expense Ratio Comparison

FMET has a 0.39% expense ratio, which is lower than NFLY's 0.99% expense ratio.

Dividends

FMET vs. NFLY - Dividend Comparison

FMET's dividend yield for the trailing twelve months is around 0.50%, less than NFLY's 57.09% yield.

Position	TTM	2025	2024	2023	2022
FMET Fidelity Metaverse ETF	0.50%	0.81%	0.44%	0.40%	0.18%
NFLY YieldMax NFLX Option Income Strategy ETF	57.09%	61.53%	49.91%	11.84%	0.00%

Frequently Asked Questions

Can I hold both FMET and NFLY in my portfolio?

FMET and NFLY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FMET or NFLY?

NFLY has higher volatility (5.92%) compared to FMET (5.87%). In terms of maximum drawdown, FMET dropped -29.22% vs NFLY's -37.18%.

Which ETF is better, FMET or NFLY?

On 1-year performance, FMET leads with 30.24% vs -26.13% for NFLY. On fees, FMET is cheaper at 0.39% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FMET or NFLY?

Over the 1-year period, FMET has performed better with a 30.24% return vs -26.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FMET or NFLY?

FMET is cheaper with a 0.39% expense ratio, compared with 0.99% for NFLY.

Which ETF pays a higher dividend yield, FMET or NFLY?

NFLY has the higher dividend yield at 57.09%, compared with 0.50% for FMET.

What is the main difference between FMET and NFLY?

FMET is categorized as Communications Equities, while NFLY is Derivative Income. They also come from different issuers: Fidelity and YieldMax. Their fees differ too: 0.39% for FMET and 0.99% for NFLY.

Which has better risk-adjusted returns?

FMET currently has the higher Sharpe Ratio (1.56 vs -0.95), 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.