MRNY vs. CHPY

Last updated Jun 5, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, MRNY returned 53.27% vs 143.61% for CHPY. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

MRNY vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MRNA Option Income Strategy ETF (MRNY) 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, MRNY achieves a 55.67% return, which is significantly lower than CHPY's 82.97% return.

MRNY

• 1D: 2.69%
• 1M: 7.98%
• YTD: 55.67%
• 6M: 64.78%
• 1Y: 53.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHPY

• 1D: -1.51%
• 1M: 23.37%
• YTD: 82.97%
• 6M: 82.98%
• 1Y: 143.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MRNY vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
MRNY YieldMax MRNA Option Income Strategy ETF	55.67%	6.27%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	82.97%	62.91%

Correlation

The correlation between MRNY and CHPY is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.29

Return for Risk

MRNY vs. CHPY — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 32
MRNY Sharpe Ratio Rank: 30
MRNY Sortino Ratio Rank: 36
MRNY Omega Ratio Rank: 33
MRNY Calmar Ratio Rank: 35
MRNY Martin Ratio Rank: 25

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 96
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 97
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.

MRNY vs. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) 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.

	MRNY	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	1.08	5.23	-4.15
Sortino ratio: Return per unit of downside risk	1.82	5.59	-3.77
Omega ratio: Gain probability vs. loss probability	1.22	1.78	-0.56
Calmar ratio: Return relative to maximum drawdown	1.70	11.88	-10.18
Martin ratio: Return relative to average drawdown	3.31	45.33	-42.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MRNY vs. CHPY - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 1.08, which is lower than the CHPY Sharpe Ratio of 5.23. The chart below compares the historical Sharpe Ratios of MRNY 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.

Sharpe Ratios by Period

	MRNY	CHPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.08	5.23	-4.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	4.71	-5.18

Drawdowns

MRNY vs. CHPY - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, which is greater than CHPY's maximum drawdown of -12.17%. Use the drawdown chart below to compare losses from any high point for MRNY and CHPY.

Drawdown Indicators

	MRNY	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-12.17%	-69.98%
Max Drawdown (1Y) Largest decline over 1 year	-31.53%	-12.17%	-19.36%
Current Drawdown Current decline from peak	-67.23%	-1.51%	-65.72%
Average Drawdown Average peak-to-trough decline	-52.64%	-1.98%	-50.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.15%	3.18%	+12.97%

Volatility

MRNY vs. CHPY - Volatility Comparison

YieldMax MRNA Option Income Strategy ETF (MRNY) has a higher volatility of 13.53% compared to YieldMax Semiconductor Portfolio Option Income ETF (CHPY) at 11.32%. This indicates that MRNY's price experiences larger fluctuations and is considered to be riskier than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRNY	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.53%	11.32%	+2.21%
Volatility (6M) Calculated over the trailing 6-month period	37.11%	22.41%	+14.70%
Volatility (1Y) Calculated over the trailing 1-year period	49.38%	27.61%	+21.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.75%	33.16%	+17.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.75%	33.16%	+17.59%

MRNY vs. CHPY - Expense Ratio Comparison

Both MRNY and CHPY have an expense ratio of 0.99%.

Dividends

MRNY vs. CHPY - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 100.06%, more than CHPY's 28.83% yield.

Position	TTM	2025	2024	2023
CHPY YieldMax Semiconductor Portfolio Option Income ETF	28.83%	28.19%	0.00%	0.00%
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both MRNY and CHPY in my portfolio?

MRNY and CHPY have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MRNY or CHPY?

MRNY has higher volatility (13.53%) compared to CHPY (11.32%). In terms of maximum drawdown, MRNY dropped -82.15% vs CHPY's -12.17%.

Which ETF is better, MRNY or CHPY?

On 1-year performance, CHPY leads with 143.61% vs 53.27% for MRNY. Both ETFs have the same 0.99% expense ratio. On volatility, CHPY has been the lower-risk option at 11.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRNY or CHPY?

Over the 1-year period, CHPY has performed better with a 143.61% return vs 53.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRNY or CHPY?

MRNY and CHPY have the same expense ratio: 0.99% per year.

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

MRNY has the higher dividend yield at 100.06%, compared with 28.83% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (5.23 vs 1.08), 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.