HOOZ vs. FIAT

Last updated Jun 27, 2026

HOOZ (Defiance Daily Target 2X Short HOOD ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - HOOZ is a Inverse Equities fund tracking the Robinhood Markets, Inc., while FIAT is a Derivative Income fund actively managed by YieldMax. HOOZ is passively managed, while FIAT is actively managed. Their correlation of 0.82 suggests significant overlap in exposure. HOOZ charges 1.31%/yr vs 0.99%/yr for FIAT.

Performance

HOOZ vs. FIAT - Performance Comparison

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

Returns By Period

In the year-to-date period, HOOZ achieves a -43.35% return, which is significantly lower than FIAT's 20.02% return.

HOOZ

• 1D: -11.54%
• 1M: -52.19%
• YTD: -43.35%
• 6M: -38.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: -4.05%
• 1M: 10.66%
• YTD: 20.02%
• 6M: 23.41%
• 1Y: 56.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HOOZ vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
HOOZ Defiance Daily Target 2X Short HOOD ETF	-43.35%	2.80%
FIAT YieldMax Short COIN Option Income Strategy ETF	20.02%	23.30%

Correlation

The correlation between HOOZ and FIAT is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.82

Return for Risk

HOOZ vs. FIAT — Risk / Return Rank

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

HOOZ

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

FIAT

FIAT Risk / Return Rank: 32
FIAT Sharpe Ratio Rank: 33
FIAT Sortino Ratio Rank: 31
FIAT Omega Ratio Rank: 34
FIAT Calmar Ratio Rank: 36
FIAT Martin Ratio Rank: 28

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.

HOOZ vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short HOOD ETF (HOOZ) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	HOOZ	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	—	1.09	—
Sortino ratio: Return per unit of downside risk	—	1.58	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.67	—
Martin ratio: Return relative to average drawdown	—	3.63	—

Drawdowns

HOOZ vs. FIAT - Drawdown Comparison

The maximum HOOZ drawdown since its inception was -77.16%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for HOOZ and FIAT.

Drawdown Indicators

	HOOZ	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-77.16%	-70.50%	-6.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.22%	—
Current Drawdown Current decline from peak	-73.37%	-48.27%	-25.10%
Average Drawdown Average peak-to-trough decline	-32.87%	-45.41%	+12.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	15.73%	—

Volatility

Volatility by Period

	HOOZ	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	43.32%	—
Volatility (1Y) Calculated over the trailing 1-year period	145.36%	52.97%	+92.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	145.36%	60.25%	+85.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	145.36%	60.25%	+85.11%

HOOZ vs. FIAT - Expense Ratio Comparison

HOOZ has a 1.31% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

HOOZ vs. FIAT - Dividend Comparison

HOOZ has not paid dividends to shareholders, while FIAT's dividend yield for the trailing twelve months is around 93.31%.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	93.31%	178.11%	70.99%
HOOZ Defiance Daily Target 2X Short HOOD ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOOZ and FIAT in my portfolio?

HOOZ and FIAT have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HOOZ or FIAT?

On fees, FIAT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HOOZ or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.31% for HOOZ.

Which ETF pays a higher dividend yield, HOOZ or FIAT?

FIAT has the higher dividend yield at 93.31%, compared with 0.00% for HOOZ.

What is the main difference between HOOZ and FIAT?

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