HOOY vs. SPY
HOOY (YieldMax HOOD Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HOOY is a Derivative Income fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. HOOY is actively managed, while SPY is passively managed. Over the past year, HOOY returned -16.31% vs 21.49% for SPY. Their 0.57 correlation means they have sometimes moved together and sometimes differently. HOOY charges 0.99%/yr vs 0.09%/yr for SPY.
Performance
HOOY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, HOOY achieves a -19.12% return, which is significantly lower than SPY's 10.13% return.
HOOY
- 1D
- 0.65%
- 1M
- -19.02%
- 6M
- -10.75%
- YTD
- -19.12%
- 1Y
- -16.31%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 27.96%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.48M | $4.88M | $3.99M | |
| $37.27B | $35.99B | $39.23B |
HOOY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HOOY YieldMax HOOD Option Income Strategy ETF | -19.12% | 67.41% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 22.58% |
Correlation
The correlation between HOOY and SPY is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.60 |
Correlation (All Time) Calculated using the full available price history since May 8, 2025 | 0.57 |
The correlation between HOOY and SPY has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.
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Return for Risk
HOOY vs. SPY — Risk / Return Rank
HOOY
SPY
HOOY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax HOOD Option Income Strategy ETF (HOOY) and State Street SPDR S&P 500 ETF (SPY). 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.
| HOOY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.86 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.27 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.20 | -2.58 |
| Martin ratioReturn relative to average drawdown | -0.62 | 9.40 | -10.02 |
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Drawdowns
HOOY vs. SPY - Drawdown Comparison
The maximum HOOY drawdown since its inception was -51.54%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HOOY and SPY.
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Drawdown Indicators
| HOOY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -51.54% | -55.19% | +3.65% |
Max Drawdown (1Y)Largest decline over 1 year | -51.54% | -8.88% | -42.66% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -39.73% | -1.40% | -38.33% |
Average DrawdownAverage peak-to-trough decline | -21.58% | -9.01% | -12.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.95% | 2.08% | +28.87% |
Volatility
HOOY vs. SPY - Volatility Comparison
YieldMax HOOD Option Income Strategy ETF (HOOY) has a higher volatility of 15.19% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that HOOY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HOOY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.19% | 3.58% | +11.61% |
Volatility (6M)Calculated over the trailing 6-month period | 44.44% | 10.14% | +34.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.14% | 12.89% | +44.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 54.58% | 17.18% | +37.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.58% | 17.95% | +36.63% |
HOOY vs. SPY - Expense Ratio Comparison
HOOY has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
HOOY vs. SPY - Dividend Comparison
HOOY's dividend yield for the trailing twelve months is around 148.68%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HOOY YieldMax HOOD Option Income Strategy ETF | 148.68% | 82.87% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HOOY and SPY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HOOY has higher volatility (15.19%) compared to SPY (3.58%). In terms of maximum drawdown, HOOY dropped -51.54% vs SPY's -55.19%.
On 1-year performance, SPY leads with 21.49% vs -16.31% for HOOY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 21.49% return vs -16.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for HOOY.
HOOY has the higher dividend yield at 148.68%, compared with 1.01% for SPY.
HOOY is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for HOOY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.34), 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.
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