IMRA vs. TSMY

Last updated Jun 4, 2026

IMRA (Bitwise MARA Option Income Strategy ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, IMRA returned -32.66% vs 92.13% for TSMY. At a 0.34 correlation, their price movements are largely independent. IMRA charges 0.98%/yr vs 0.99%/yr for TSMY.

Performance

IMRA vs. TSMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise MARA Option Income Strategy ETF (IMRA) and YieldMax TSM Option Income Strategy ETF (TSMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IMRA achieves a 30.26% return, which is significantly lower than TSMY's 37.04% return.

IMRA

• 1D: -0.83%
• 1M: 9.36%
• YTD: 30.26%
• 6M: 0.68%
• 1Y: -32.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IMRA vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025
IMRA Bitwise MARA Option Income Strategy ETF	30.26%	-33.37%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	73.00%

Correlation

The correlation between IMRA and TSMY is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.34

Return for Risk

IMRA vs. TSMY — Risk / Return Rank

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

IMRA

IMRA Risk / Return Rank: 5
IMRA Sharpe Ratio Rank: 4
IMRA Sortino Ratio Rank: 5
IMRA Omega Ratio Rank: 5
IMRA Calmar Ratio Rank: 4
IMRA Martin Ratio Rank: 5

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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.

IMRA vs. TSMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise MARA Option Income Strategy ETF (IMRA) and YieldMax TSM Option Income Strategy ETF (TSMY). 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.

	IMRA	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	3.21	-3.76
Sortino ratio: Return per unit of downside risk	-0.51	3.86	-4.37
Omega ratio: Gain probability vs. loss probability	0.94	1.50	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.53	5.98	-6.51
Martin ratio: Return relative to average drawdown	-0.86	22.18	-23.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IMRA vs. TSMY - Sharpe Ratio Comparison

The current IMRA Sharpe Ratio is -0.55, which is lower than the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of IMRA and TSMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IMRA	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	3.21	-3.76
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	1.56	-1.74

Drawdowns

IMRA vs. TSMY - Drawdown Comparison

The maximum IMRA drawdown since its inception was -61.55%, which is greater than TSMY's maximum drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for IMRA and TSMY.

Drawdown Indicators

	IMRA	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-61.55%	-31.15%	-30.40%
Max Drawdown (1Y) Largest decline over 1 year	-61.55%	-15.50%	-46.05%
Current Drawdown Current decline from peak	-40.71%	-1.37%	-39.34%
Average Drawdown Average peak-to-trough decline	-28.21%	-5.51%	-22.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.93%	4.17%	+33.76%

Volatility

IMRA vs. TSMY - Volatility Comparison

Bitwise MARA Option Income Strategy ETF (IMRA) and YieldMax TSM Option Income Strategy ETF (TSMY) have volatilities of 9.53% and 9.52%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IMRA	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.53%	9.52%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	43.61%	22.68%	+20.93%
Volatility (1Y) Calculated over the trailing 1-year period	59.89%	28.87%	+31.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.39%	33.22%	+28.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.39%	33.22%	+28.17%

IMRA vs. TSMY - Expense Ratio Comparison

IMRA has a 0.98% expense ratio, which is lower than TSMY's 0.99% expense ratio.

Dividends

IMRA vs. TSMY - Dividend Comparison

IMRA's dividend yield for the trailing twelve months is around 108.66%, more than TSMY's 52.19% yield.

Position	TTM	2025	2024
IMRA Bitwise MARA Option Income Strategy ETF	108.66%	188.74%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both IMRA and TSMY in my portfolio?

IMRA and TSMY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IMRA or TSMY?

IMRA has higher volatility (9.53%) compared to TSMY (9.52%). In terms of maximum drawdown, IMRA dropped -61.55% vs TSMY's -31.15%.

Which ETF is better, IMRA or TSMY?

On 1-year performance, TSMY leads with 92.13% vs -32.66% for IMRA. On fees, IMRA is cheaper at 0.98% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IMRA or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs -32.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IMRA or TSMY?

IMRA is cheaper with a 0.98% expense ratio, compared with 0.99% for TSMY.

Which ETF pays a higher dividend yield, IMRA or TSMY?

IMRA has the higher dividend yield at 108.66%, compared with 52.19% for TSMY.

What is the main difference between IMRA and TSMY?

They also come from different issuers: Bitwise and YieldMax. Their fees differ too: 0.98% for IMRA and 0.99% for TSMY.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs -0.55), 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.