HIYY vs. CVNY

Last updated Jul 12, 2026

HIYY (YieldMax HIMS Option Income Strategy ETF) and CVNY (YieldMax CVNA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

HIYY vs. CVNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax HIMS Option Income Strategy ETF (HIYY) and YieldMax CVNA Option Income Strategy ETF (CVNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIYY achieves a 2.11% return, which is significantly higher than CVNY's -16.60% return.

HIYY

• 1D: -2.64%
• 1M: 15.27%
• 6M: 5.26%
• YTD: 2.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CVNY

• 1D: -0.89%
• 1M: 4.17%
• 6M: -22.71%
• YTD: -16.60%
• 1Y: 2.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIYY vs. CVNY - Yearly Performance Comparison

	2026 (YTD)	2025
HIYY YieldMax HIMS Option Income Strategy ETF	2.11%	-37.34%
CVNY YieldMax CVNA Option Income Strategy ETF	-16.60%	9.19%

Correlation

The correlation between HIYY and CVNY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 23, 2025	0.34

Return for Risk

HIYY vs. CVNY — Risk / Return Rank

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

HIYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

CVNY

CVNY Risk / Return Rank: 11
CVNY Sharpe Ratio Rank: 10
CVNY Sortino Ratio Rank: 12
CVNY Omega Ratio Rank: 12
CVNY Calmar Ratio Rank: 10
CVNY Martin Ratio Rank: 10

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.

HIYY vs. CVNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax HIMS Option Income Strategy ETF (HIYY) and YieldMax CVNA Option Income Strategy ETF (CVNY). 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.

	HIYY	CVNY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.04	—
Sortino ratio: Return per unit of downside risk	—	0.40	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.05	—
Martin ratio: Return relative to average drawdown	—	0.10	—

Drawdowns

HIYY vs. CVNY - Drawdown Comparison

The maximum HIYY drawdown since its inception was -73.95%, which is greater than CVNY's maximum drawdown of -43.27%. Use the drawdown chart below to compare losses from any high point for HIYY and CVNY.

Drawdown Indicators

	HIYY	CVNY	Difference
Max Drawdown Largest peak-to-trough decline	-73.95%	-43.27%	-30.68%
Max Drawdown (1Y) Largest decline over 1 year	—	-36.27%	—
Current Drawdown Current decline from peak	-41.79%	-24.95%	-16.84%
Average Drawdown Average peak-to-trough decline	-43.76%	-14.22%	-29.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.72%	—

Volatility

Volatility by Period

	HIYY	CVNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.64%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	82.75%	50.01%	+32.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.75%	57.54%	+25.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.75%	57.54%	+25.21%

HIYY vs. CVNY - Expense Ratio Comparison

Both HIYY and CVNY have an expense ratio of 0.99%.

Dividends

HIYY vs. CVNY - Dividend Comparison

HIYY's dividend yield for the trailing twelve months is around 92.74%, less than CVNY's 112.08% yield.

Position	TTM	2025
CVNY YieldMax CVNA Option Income Strategy ETF	112.08%	80.86%
HIYY YieldMax HIMS Option Income Strategy ETF	92.74%	29.99%

Frequently Asked Questions

Can I hold both HIYY and CVNY in my portfolio?

HIYY and CVNY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HIYY or CVNY?

Both ETFs have the same 0.99% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HIYY or CVNY?

HIYY and CVNY have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, HIYY or CVNY?

CVNY has the higher dividend yield at 112.08%, compared with 92.74% for HIYY.