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 6.34% vs -73.54% 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 2.21% return, which is significantly higher than MSTY's -40.18% return.
HYGW
- 1D
- 0.03%
- 1M
- 0.69%
- YTD
- 2.21%
- 6M
- 2.31%
- 1Y
- 6.34%
- 3Y*
- 5.88%
- 5Y*
- —
- 10Y*
- —
MSTY
- 1D
- -8.83%
- 1M
- -43.57%
- YTD
- -40.18%
- 6M
- -42.12%
- 1Y
- -73.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW vs. MSTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.21% | 6.19% | 5.62% |
MSTY YieldMax™ MSTR Option Income Strategy ETF | -40.18% | -42.71% | 212.16% |
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 22, 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.
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.
| HYGW | MSTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.40 | ||
| Sortino ratioReturn per unit of downside risk | +5.63 | ||
| Omega ratioGain probability vs. loss probability | 1.48 | 0.74 | +0.73 |
| Calmar ratioReturn relative to maximum drawdown | 3.50 | -0.96 | +4.46 |
| Martin ratioReturn relative to average drawdown | 15.96 | -1.48 | +17.44 |
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Drawdowns
HYGW vs. MSTY - Drawdown Comparison
The maximum HYGW drawdown since its inception was -5.49%, smaller than the maximum MSTY drawdown of -76.48%. 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% | -76.48% | +70.99% |
Max Drawdown (1Y)Largest decline over 1 year | -1.82% | -76.48% | +74.66% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | — | — |
Current DrawdownCurrent decline from peak | -0.03% | -76.48% | +76.45% |
Average DrawdownAverage peak-to-trough decline | -0.60% | -27.14% | +26.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.40% | 49.81% | -49.41% |
Volatility
HYGW vs. MSTY - Volatility Comparison
The current volatility for iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) is 0.78%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 21.71%. 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 | 0.78% | 21.71% | -20.93% |
Volatility (6M)Calculated over the trailing 6-month period | 2.23% | 51.12% | -48.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.85% | 63.14% | -60.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.66% | 72.19% | -67.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.66% | 72.19% | -67.53% |
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 11.51%, less than MSTY's 351.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.51% | 12.53% | 12.30% | 15.98% | 8.71% |
MSTY YieldMax™ MSTR Option Income Strategy ETF | 351.76% | 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 (21.71%) compared to HYGW (0.78%). In terms of maximum drawdown, HYGW dropped -5.49% vs MSTY's -76.48%.
On 1-year performance, HYGW leads with 6.34% vs -73.54% for MSTY. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.78%. 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 6.34% return vs -73.54%. 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 351.76%, compared with 11.51% 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 (2.23 vs -1.17), 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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