FTKI vs. TSMY

Last updated Jun 4, 2026

FTKI (First Trust Small Cap BuyWrite Income ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, FTKI returned 18.90% vs 92.13% for TSMY. At a 0.39 correlation, their price movements are largely independent. FTKI charges 0.85%/yr vs 0.99%/yr for TSMY.

Performance

FTKI vs. TSMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap BuyWrite Income ETF (FTKI) and YieldMax TSM Option Income Strategy ETF (TSMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTKI achieves a 9.41% return, which is significantly lower than TSMY's 37.04% return.

FTKI

• 1D: -0.19%
• 1M: 0.46%
• YTD: 9.41%
• 6M: 9.82%
• 1Y: 18.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FTKI vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
FTKI First Trust Small Cap BuyWrite Income ETF	9.41%	4.33%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	57.18%

Correlation

The correlation between FTKI and TSMY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.39

Return for Risk

FTKI vs. TSMY — Risk / Return Rank

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

FTKI

FTKI Risk / Return Rank: 63
FTKI Sharpe Ratio Rank: 59
FTKI Sortino Ratio Rank: 61
FTKI Omega Ratio Rank: 61
FTKI Calmar Ratio Rank: 70
FTKI Martin Ratio Rank: 64

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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.

FTKI vs. TSMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap BuyWrite Income ETF (FTKI) and YieldMax TSM Option Income Strategy ETF (TSMY). 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.

	FTKI	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	1.96	3.21	-1.25
Sortino ratio: Return per unit of downside risk	2.81	3.86	-1.05
Omega ratio: Gain probability vs. loss probability	1.37	1.50	-0.14
Calmar ratio: Return relative to maximum drawdown	3.41	5.98	-2.56
Martin ratio: Return relative to average drawdown	11.54	22.18	-10.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTKI vs. TSMY - Sharpe Ratio Comparison

The current FTKI Sharpe Ratio is 1.96, which is lower than the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of FTKI and TSMY, 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

	FTKI	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	3.21	-1.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	1.56	-0.83

Drawdowns

FTKI vs. TSMY - Drawdown Comparison

The maximum FTKI drawdown since its inception was -15.17%, smaller than the maximum TSMY drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for FTKI and TSMY.

Drawdown Indicators

	FTKI	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-31.15%	+15.98%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-15.50%	+9.94%
Current Drawdown Current decline from peak	-0.97%	-1.37%	+0.40%
Average Drawdown Average peak-to-trough decline	-2.59%	-5.51%	+2.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	4.17%	-2.53%

Volatility

FTKI vs. TSMY - Volatility Comparison

The current volatility for First Trust Small Cap BuyWrite Income ETF (FTKI) is 2.54%, while YieldMax TSM Option Income Strategy ETF (TSMY) has a volatility of 9.52%. This indicates that FTKI experiences smaller price fluctuations and is considered to be less risky than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTKI	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	9.52%	-6.98%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	22.68%	-15.24%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	28.87%	-19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.31%	33.22%	-17.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	33.22%	-17.91%

FTKI vs. TSMY - Expense Ratio Comparison

FTKI has a 0.85% expense ratio, which is lower than TSMY's 0.99% expense ratio.

Dividends

FTKI vs. TSMY - Dividend Comparison

FTKI's dividend yield for the trailing twelve months is around 11.51%, less than TSMY's 52.19% yield.

Position	TTM	2025	2024
FTKI First Trust Small Cap BuyWrite Income ETF	11.51%	8.99%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both FTKI and TSMY in my portfolio?

FTKI and TSMY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTKI or TSMY?

TSMY has higher volatility (9.52%) compared to FTKI (2.54%). In terms of maximum drawdown, FTKI dropped -15.17% vs TSMY's -31.15%.

Which ETF is better, FTKI or TSMY?

On 1-year performance, TSMY leads with 92.13% vs 18.90% for FTKI. On fees, FTKI is cheaper at 0.85% per year. On volatility, FTKI has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTKI or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs 18.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTKI or TSMY?

FTKI is cheaper with a 0.85% expense ratio, compared with 0.99% for TSMY.

Which ETF pays a higher dividend yield, FTKI or TSMY?

TSMY has the higher dividend yield at 52.19%, compared with 11.51% for FTKI.

What is the main difference between FTKI and TSMY?

They also come from different issuers: First Trust and YieldMax. Their fees differ too: 0.85% for FTKI and 0.99% for TSMY.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs 1.96), 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.