HOOX vs. HOOY

Last updated Jul 14, 2026

HOOX (Defiance Daily Target 2X Long HOOD ETF) and HOOY (YieldMax HOOD Option Income Strategy ETF) are both exchange-traded funds - HOOX is a Leveraged Equities fund actively managed by Defiance, while HOOY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HOOX returned -36.63% vs 3.14% for HOOY. With a 0.98 correlation, they move nearly in lockstep. HOOX charges 1.31%/yr vs 0.99%/yr for HOOY.

Performance

HOOX vs. HOOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long HOOD ETF (HOOX) and YieldMax HOOD Option Income Strategy ETF (HOOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HOOX achieves a -35.42% return, which is significantly lower than HOOY's -0.97% return.

HOOX

• 1D: -3.78%
• 1M: 32.61%
• 6M: -39.46%
• YTD: -35.42%
• 1Y: -36.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOY

• 1D: -1.58%
• 1M: 14.02%
• 6M: -4.94%
• YTD: -0.97%
• 1Y: 3.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOOX vs. HOOY - Yearly Performance Comparison

	2026 (YTD)	2025
HOOX Defiance Daily Target 2X Long HOOD ETF	-35.42%	248.13%
HOOY YieldMax HOOD Option Income Strategy ETF	-0.97%	67.41%

Correlation

The correlation between HOOX and HOOY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since May 8, 2025	0.98

The correlation between HOOX and HOOY has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.

Return for Risk

HOOX vs. HOOY — Risk / Return Rank

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

HOOX

HOOX Risk / Return Rank: 9
HOOX Sharpe Ratio Rank: 7
HOOX Sortino Ratio Rank: 14
HOOX Omega Ratio Rank: 13
HOOX Calmar Ratio Rank: 6
HOOX Martin Ratio Rank: 6

HOOY

HOOY Risk / Return Rank: 11
HOOY Sharpe Ratio Rank: 10
HOOY Sortino Ratio Rank: 13
HOOY Omega Ratio Rank: 13
HOOY Calmar Ratio Rank: 10
HOOY 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.

HOOX vs. HOOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long HOOD ETF (HOOX) and YieldMax HOOD Option Income Strategy ETF (HOOY). 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.

	HOOX	HOOY	Difference
Sharpe ratio: Return per unit of total volatility	-0.27	0.06	-0.32
Sortino ratio: Return per unit of downside risk	0.53	0.48	+0.05
Omega ratio: Gain probability vs. loss probability	1.06	1.06	0.00
Calmar ratio: Return relative to maximum drawdown	-0.42	0.06	-0.48
Martin ratio: Return relative to average drawdown	-0.63	0.10	-0.73

HOOX vs. HOOY - Sharpe Ratio Comparison

The current HOOX Sharpe Ratio is -0.27, which is lower than the HOOY Sharpe Ratio of 0.06. The chart below compares the historical Sharpe Ratios of HOOX and HOOY, 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

HOOX vs. HOOY - Drawdown Comparison

The maximum HOOX drawdown since its inception was -87.11%, which is greater than HOOY's maximum drawdown of -51.54%. Use the drawdown chart below to compare losses from any high point for HOOX and HOOY.

Drawdown Indicators

	HOOX	HOOY	Difference
Max Drawdown Largest peak-to-trough decline	-87.11%	-51.54%	-35.57%
Max Drawdown (1Y) Largest decline over 1 year	-87.11%	-51.54%	-35.57%
Current Drawdown Current decline from peak	-70.10%	-26.20%	-43.90%
Average Drawdown Average peak-to-trough decline	-40.22%	-21.07%	-19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.47%	29.99%	+28.48%

Volatility

HOOX vs. HOOY - Volatility Comparison

Defiance Daily Target 2X Long HOOD ETF (HOOX) has a higher volatility of 38.19% compared to YieldMax HOOD Option Income Strategy ETF (HOOY) at 15.03%. This indicates that HOOX's price experiences larger fluctuations and is considered to be riskier than HOOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HOOX	HOOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	38.19%	15.03%	+23.16%
Volatility (6M) Calculated over the trailing 6-month period	104.74%	42.90%	+61.84%
Volatility (1Y) Calculated over the trailing 1-year period	138.67%	56.06%	+82.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.48%	54.32%	+89.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.48%	54.32%	+89.16%

HOOX vs. HOOY - Expense Ratio Comparison

HOOX has a 1.31% expense ratio, which is higher than HOOY's 0.99% expense ratio.

Dividends

HOOX vs. HOOY - Dividend Comparison

HOOX's dividend yield for the trailing twelve months is around 21.87%, less than HOOY's 133.42% yield.

Position	TTM	2025
HOOX Defiance Daily Target 2X Long HOOD ETF	21.87%	14.12%
HOOY YieldMax HOOD Option Income Strategy ETF	133.42%	82.87%

Frequently Asked Questions

Can I hold both HOOX and HOOY in my portfolio?

With a correlation of 0.99, HOOX and HOOY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, HOOX or HOOY?

HOOX has higher volatility (38.19%) compared to HOOY (15.03%). In terms of maximum drawdown, HOOX dropped -87.11% vs HOOY's -51.54%.

Which ETF is better, HOOX or HOOY?

On 1-year performance, HOOY leads with 3.14% vs -36.63% for HOOX. On fees, HOOY is cheaper at 0.99% per year. On volatility, HOOY has been the lower-risk option at 15.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HOOX or HOOY?

Over the 1-year period, HOOY has performed better with a 3.14% return vs -36.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HOOX or HOOY?

HOOY is cheaper with a 0.99% expense ratio, compared with 1.31% for HOOX.

Which ETF pays a higher dividend yield, HOOX or HOOY?

HOOY has the higher dividend yield at 133.42%, compared with 21.87% for HOOX.

What is the main difference between HOOX and HOOY?

HOOX is categorized as Leveraged Equities, while HOOY is Derivative Income. They also come from different issuers: Defiance and YieldMax. Their fees differ too: 1.31% for HOOX and 0.99% for HOOY.

Which has better risk-adjusted returns?

HOOY currently has the higher Sharpe Ratio (0.06 vs -0.27), 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.