ISPY vs. CHPY

Last updated Jun 25, 2026

ISPY (ProShares S&P 500 High Income ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds. ISPY is passively managed, while CHPY is actively managed. Over the past year, ISPY returned 19.08% vs 127.37% for CHPY. A 0.71 correlation means they provide meaningful diversification when combined. ISPY charges 0.55%/yr vs 0.99%/yr for CHPY.

Performance

ISPY vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 6.57% return, which is significantly lower than CHPY's 80.95% return.

ISPY

• 1D: -0.12%
• 1M: -1.41%
• YTD: 6.57%
• 6M: 5.30%
• 1Y: 19.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHPY

• 1D: -0.95%
• 1M: 9.84%
• YTD: 80.95%
• 6M: 79.34%
• 1Y: 127.37%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
ISPY ProShares S&P 500 High Income ETF	6.57%	16.00%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	80.95%	56.76%

Correlation

The correlation between ISPY and CHPY is 0.68, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.68
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.71

The correlation between ISPY and CHPY has been stable across timeframes, ranging from 0.68 to 0.71 - a consistent structural relationship.

Return for Risk

ISPY vs. CHPY — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 51
ISPY Sharpe Ratio Rank: 52
ISPY Sortino Ratio Rank: 46
ISPY Omega Ratio Rank: 49
ISPY Calmar Ratio Rank: 51
ISPY Martin Ratio Rank: 58

CHPY

CHPY Risk / Return Rank: 96
CHPY Sharpe Ratio Rank: 97
CHPY Sortino Ratio Rank: 93
CHPY Omega Ratio Rank: 94
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

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.

ISPY vs. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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.

	ISPY	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	1.60	3.94	-2.34
Sortino ratio: Return per unit of downside risk	2.12	4.14	-2.02
Omega ratio: Gain probability vs. loss probability	1.28	1.61	-0.33
Calmar ratio: Return relative to maximum drawdown	2.27	10.53	-8.26
Martin ratio: Return relative to average drawdown	9.28	36.72	-27.43

ISPY vs. CHPY - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.60, which is lower than the CHPY Sharpe Ratio of 3.94. The chart below compares the historical Sharpe Ratios of ISPY and CHPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ISPY vs. CHPY - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than CHPY's maximum drawdown of -12.19%. Use the drawdown chart below to compare losses from any high point for ISPY and CHPY.

Drawdown Indicators

	ISPY	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-12.19%	-4.69%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-12.17%	+3.74%
Current Drawdown Current decline from peak	-3.46%	-7.85%	+4.39%
Average Drawdown Average peak-to-trough decline	-2.09%	-2.15%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	3.48%	-1.42%

Volatility

ISPY vs. CHPY - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 4.68%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 19.71%. This indicates that ISPY experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	19.71%	-15.03%
Volatility (6M) Calculated over the trailing 6-month period	9.47%	27.92%	-18.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.04%	32.59%	-20.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	36.33%	-22.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	36.33%	-22.61%

ISPY vs. CHPY - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than CHPY's 0.99% expense ratio.

Dividends

ISPY vs. CHPY - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.54%, less than CHPY's 29.92% yield.

Position	TTM	2025	2024
CHPY YieldMax Semiconductor Portfolio Option Income ETF	29.92%	28.19%	0.00%
ISPY ProShares S&P 500 High Income ETF	4.54%	8.56%	9.84%

Frequently Asked Questions

Can I hold both ISPY and CHPY in my portfolio?

ISPY and CHPY have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or CHPY?

CHPY has higher volatility (19.71%) compared to ISPY (4.68%). In terms of maximum drawdown, ISPY dropped -16.88% vs CHPY's -12.19%.

Which ETF is better, ISPY or CHPY?

On 1-year performance, CHPY leads with 127.37% vs 19.08% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or CHPY?

Over the 1-year period, CHPY has performed better with a 127.37% return vs 19.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or CHPY?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.99% for CHPY.

Which ETF pays a higher dividend yield, ISPY or CHPY?

CHPY has the higher dividend yield at 29.92%, compared with 4.54% for ISPY.

What is the main difference between ISPY and CHPY?

They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.55% for ISPY and 0.99% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (3.94 vs 1.60), 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.