HYGW vs. MSTY
HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index, while MSTY is a Derivative Income fund actively managed by YieldMax. HYGW is passively managed, while MSTY is actively managed. Over the past year, HYGW returned 6.67% vs -59.99% for MSTY. At a 0.36 correlation, their price movements are largely independent. HYGW charges 0.69%/yr vs 0.99%/yr for MSTY.
Performance
HYGW vs. MSTY - Performance Comparison
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Returns By Period
In the year-to-date period, HYGW achieves a 1.89% return, which is significantly higher than MSTY's -12.93% return.
HYGW
- 1D
- 0.20%
- 1M
- 0.66%
- YTD
- 1.89%
- 6M
- 2.47%
- 1Y
- 6.67%
- 3Y*
- 5.74%
- 5Y*
- —
- 10Y*
- —
MSTY
- 1D
- 2.11%
- 1M
- -27.89%
- YTD
- -12.93%
- 6M
- -25.20%
- 1Y
- -59.99%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW vs. MSTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 1.89% | 6.19% | 5.42% |
MSTY YieldMax™ MSTR Option Income Strategy ETF | -12.93% | -42.71% | 200.20% |
Correlation
The correlation between HYGW and MSTY is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024 | 0.36 |
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Return for Risk
HYGW vs. MSTY — Risk / Return Rank
HYGW
MSTY
HYGW vs. MSTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.
| HYGW | MSTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.38 | ||
| Sortino ratioReturn per unit of downside risk | +5.17 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 0.81 | +0.70 |
| Calmar ratioReturn relative to maximum drawdown | 3.69 | -0.84 | +4.52 |
| Martin ratioReturn relative to average drawdown | 16.88 | -1.28 | +18.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HYGW | MSTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.39 | -1.00 | +3.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.26 | 0.27 | +0.99 |
Drawdowns
HYGW vs. MSTY - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for HYGW and MSTY.
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Drawdown Indicators
| HYGW | MSTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -5.49% | -71.79% | +66.30% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -71.79% | +69.97% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -65.77% | +65.77% |
Average DrawdownAverage peak-to-trough decline | -0.61% | -26.15% | +25.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 47.05% | -46.65% |
Volatility
HYGW vs. MSTY - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.88%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 17.17%. This indicates that HYGW experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HYGW | MSTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.88% | 17.17% | -16.29% |
Volatility (6M)Calculated over the trailing 6-month period | 2.22% | 48.56% | -46.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.81% | 60.41% | -57.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.68% | 71.87% | -67.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.68% | 71.87% | -67.19% |
HYGW vs. MSTY - Expense Ratio Comparison
HYGW has a 0.69% expense ratio, which is lower than MSTY's 0.99% expense ratio.
Dividends
HYGW vs. MSTY - Dividend Comparison
HYGW's dividend yield for the trailing twelve months is around 11.54%, less than MSTY's 268.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.54% | 12.53% | 12.30% | 15.98% | 8.71% |
MSTY YieldMax™ MSTR Option Income Strategy ETF | 268.88% | 294.61% | 104.56% | 0.00% | 0.00% |
Frequently Asked Questions
HYGW and MSTY have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTY has higher volatility (17.17%) compared to HYGW (0.88%). In terms of maximum drawdown, HYGW dropped -5.49% vs MSTY's -71.79%.
On 1-year performance, HYGW leads with 6.67% vs -59.99% for MSTY. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 6.67% return vs -59.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for MSTY.
MSTY has the higher dividend yield at 268.88%, compared with 11.54% for HYGW.
HYGW is categorized as High Yield Bonds, while MSTY is Derivative Income. They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.69% for HYGW and 0.99% for MSTY.
HYGW currently has the higher Sharpe Ratio (2.39 vs -1.00), 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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