JPO vs. HOOY

Last updated Jul 17, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and HOOY (YieldMax HOOD Option Income Strategy ETF) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while HOOY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, JPO returned 17.56% vs -3.54% for HOOY. At a 0.27 correlation, their price movements are largely independent. JPO charges 1.19%/yr vs 0.99%/yr for HOOY.

Performance

JPO vs. HOOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and YieldMax HOOD Option Income Strategy ETF (HOOY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPO achieves a 6.43% return, which is significantly higher than HOOY's -3.91% return.

JPO

• 1D: -1.00%
• 1M: 3.82%
• 6M: 10.53%
• YTD: 6.43%
• 1Y: 17.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HOOY

• 1D: -6.94%
• 1M: 6.70%
• 6M: -3.10%
• YTD: -3.91%
• 1Y: -3.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. HOOY - Yearly Performance Comparison

	2026 (YTD)	2025
JPO YieldMax JPM Option Income Strategy ETF	6.43%	22.77%
HOOY YieldMax HOOD Option Income Strategy ETF	-3.91%	67.41%

Correlation

The correlation between JPO and HOOY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since May 8, 2025	0.27

Return for Risk

JPO vs. HOOY — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 29
JPO Sharpe Ratio Rank: 31
JPO Sortino Ratio Rank: 29
JPO Omega Ratio Rank: 29
JPO Calmar Ratio Rank: 30
JPO Martin Ratio Rank: 28

HOOY

HOOY Risk / Return Rank: 10
HOOY Sharpe Ratio Rank: 9
HOOY Sortino Ratio Rank: 11
HOOY Omega Ratio Rank: 11
HOOY Calmar Ratio Rank: 9
HOOY Martin Ratio Rank: 9

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.

JPO vs. HOOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and YieldMax HOOD Option Income Strategy ETF (HOOY). 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.

	JPO	HOOY	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.06	+0.98
Sortino ratio: Return per unit of downside risk	1.30	0.31	+0.99
Omega ratio: Gain probability vs. loss probability	1.17	1.04	+0.13
Calmar ratio: Return relative to maximum drawdown	1.24	-0.07	+1.31
Martin ratio: Return relative to average drawdown	3.07	-0.12	+3.18

JPO vs. HOOY - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.92, which is higher than the HOOY Sharpe Ratio of -0.06. The chart below compares the historical Sharpe Ratios of JPO and HOOY, 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

JPO vs. HOOY - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, smaller than the maximum HOOY drawdown of -51.54%. Use the drawdown chart below to compare losses from any high point for JPO and HOOY.

Drawdown Indicators

	JPO	HOOY	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-51.54%	+26.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-51.54%	+37.30%
Current Drawdown Current decline from peak	-1.00%	-28.40%	+27.40%
Average Drawdown Average peak-to-trough decline	-4.48%	-21.11%	+16.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.74%	30.12%	-24.38%

Volatility

JPO vs. HOOY - Volatility Comparison

The current volatility for YieldMax JPM Option Income Strategy ETF (JPO) is 6.36%, while YieldMax HOOD Option Income Strategy ETF (HOOY) has a volatility of 16.16%. This indicates that JPO experiences smaller price fluctuations and is considered to be less risky than HOOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPO	HOOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.36%	16.16%	-9.80%
Volatility (6M) Calculated over the trailing 6-month period	14.51%	43.54%	-29.03%
Volatility (1Y) Calculated over the trailing 1-year period	19.14%	56.45%	-37.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	54.51%	-35.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	54.51%	-35.43%

JPO vs. HOOY - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than HOOY's 0.99% expense ratio.

Dividends

JPO vs. HOOY - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 34.28%, less than HOOY's 142.29% yield.

Position	TTM	2025	2024	2023
HOOY YieldMax HOOD Option Income Strategy ETF	142.29%	82.87%	0.00%	0.00%
JPO YieldMax JPM Option Income Strategy ETF	34.28%	34.13%	25.15%	4.84%

Frequently Asked Questions

Can I hold both JPO and HOOY in my portfolio?

JPO and HOOY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or HOOY?

HOOY has higher volatility (16.16%) compared to JPO (6.36%). In terms of maximum drawdown, JPO dropped -24.80% vs HOOY's -51.54%.

Which ETF is better, JPO or HOOY?

On 1-year performance, JPO leads with 17.56% vs -3.54% for HOOY. On fees, HOOY is cheaper at 0.99% per year. On volatility, JPO has been the lower-risk option at 6.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or HOOY?

Over the 1-year period, JPO has performed better with a 17.56% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or HOOY?

HOOY is cheaper with a 0.99% expense ratio, compared with 1.19% for JPO.

Which ETF pays a higher dividend yield, JPO or HOOY?

HOOY has the higher dividend yield at 142.29%, compared with 34.28% for JPO.

What is the main difference between JPO and HOOY?

JPO is categorized as Options Trading, while HOOY is Derivative Income. They also come from different issuers: Tidal and YieldMax. Their fees differ too: 1.19% for JPO and 0.99% for HOOY.

Which has better risk-adjusted returns?

JPO currently has the higher Sharpe Ratio (0.92 vs -0.06), 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.