GRNY vs. AFOS

Last updated Jul 15, 2026

GRNY (Fundstrat Granny Shots U.S. Large Cap ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both Large Cap Blend Equities funds. Over the past year, GRNY returned 21.68% vs 71.54% for AFOS. Their correlation of 0.84 suggests significant overlap in exposure. GRNY charges 0.75%/yr vs 0.45%/yr for AFOS.

Performance

GRNY vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GRNY achieves a 12.44% return, which is significantly lower than AFOS's 30.98% return.

GRNY

• 1D: 0.72%
• 1M: 2.36%
• 6M: 7.79%
• YTD: 12.44%
• 1Y: 21.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: 1.51%
• 1M: 1.47%
• 6M: 22.53%
• YTD: 30.98%
• 1Y: 71.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GRNY vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	12.44%	11.73%
AFOS ARS Focused Opportunities Strategy ETF	30.98%	37.10%

Correlation

The correlation between GRNY and AFOS is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.84

The correlation between GRNY and AFOS has been stable across timeframes, ranging from 0.84 to 0.84 - a consistent structural relationship.

Return for Risk

GRNY vs. AFOS — Risk / Return Rank

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

GRNY

GRNY Risk / Return Rank: 42
GRNY Sharpe Ratio Rank: 43
GRNY Sortino Ratio Rank: 40
GRNY Omega Ratio Rank: 38
GRNY Calmar Ratio Rank: 47
GRNY Martin Ratio Rank: 44

AFOS

AFOS Risk / Return Rank: 95
AFOS Sharpe Ratio Rank: 96
AFOS Sortino Ratio Rank: 94
AFOS Omega Ratio Rank: 93
AFOS Calmar Ratio Rank: 95
AFOS Martin Ratio Rank: 96

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.

GRNY vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	GRNY	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	1.21	3.25	-2.04
Sortino ratio: Return per unit of downside risk	1.69	3.94	-2.25
Omega ratio: Gain probability vs. loss probability	1.21	1.52	-0.31
Calmar ratio: Return relative to maximum drawdown	1.87	6.24	-4.37
Martin ratio: Return relative to average drawdown	5.64	27.13	-21.49

GRNY vs. AFOS - Sharpe Ratio Comparison

The current GRNY Sharpe Ratio is 1.21, which is lower than the AFOS Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of GRNY and AFOS, 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

GRNY vs. AFOS - Drawdown Comparison

The maximum GRNY drawdown since its inception was -24.18%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for GRNY and AFOS.

Drawdown Indicators

	GRNY	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-24.18%	-11.52%	-12.66%
Max Drawdown (1Y) Largest decline over 1 year	-11.63%	-11.52%	-0.11%
Current Drawdown Current decline from peak	-0.50%	-4.24%	+3.74%
Average Drawdown Average peak-to-trough decline	-3.86%	-1.54%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.85%	2.65%	+1.20%

Volatility

GRNY vs. AFOS - Volatility Comparison

The current volatility for Fundstrat Granny Shots U.S. Large Cap ETF (GRNY) is 4.31%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.31%. This indicates that GRNY experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GRNY	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	8.31%	-4.00%
Volatility (6M) Calculated over the trailing 6-month period	12.99%	18.40%	-5.41%
Volatility (1Y) Calculated over the trailing 1-year period	18.01%	22.12%	-4.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.87%	21.75%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.87%	21.75%	+1.12%

GRNY vs. AFOS - Expense Ratio Comparison

GRNY has a 0.75% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

GRNY vs. AFOS - Dividend Comparison

GRNY's dividend yield for the trailing twelve months is around 0.07%, less than AFOS's 0.23% yield.

Position	TTM	2025
AFOS ARS Focused Opportunities Strategy ETF	0.23%	0.30%
GRNY Fundstrat Granny Shots U.S. Large Cap ETF	0.07%	0.00%

Frequently Asked Questions

Can I hold both GRNY and AFOS in my portfolio?

GRNY and AFOS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GRNY or AFOS?

AFOS has higher volatility (8.31%) compared to GRNY (4.31%). In terms of maximum drawdown, GRNY dropped -24.18% vs AFOS's -11.52%.

Which ETF is better, GRNY or AFOS?

On 1-year performance, AFOS leads with 71.54% vs 21.68% for GRNY. On fees, AFOS is cheaper at 0.45% per year. On volatility, GRNY has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GRNY or AFOS?

Over the 1-year period, AFOS has performed better with a 71.54% return vs 21.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GRNY or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.75% for GRNY.

Which ETF pays a higher dividend yield, GRNY or AFOS?

AFOS has the higher dividend yield at 0.23%, compared with 0.07% for GRNY.

What is the main difference between GRNY and AFOS?

They also come from different issuers: Tidal ETFs and ARS Investment Partners. Their fees differ too: 0.75% for GRNY and 0.45% for AFOS.

Which has better risk-adjusted returns?

AFOS currently has the higher Sharpe Ratio (3.25 vs 1.21), 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.