MRNY vs. MRNA

Last updated Jun 3, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) is Derivative Income fund actively managed by YieldMax, while MRNA (Moderna, Inc.) is a stock. Over the past year, MRNY returned 42.90% vs 68.72% for MRNA. With a 0.97 correlation, they move nearly in lockstep.

Performance

MRNY vs. MRNA - Performance Comparison

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

Returns By Period

In the year-to-date period, MRNY achieves a 43.37% return, which is significantly lower than MRNA's 54.76% return.

MRNY

• 1D: -0.33%
• 1M: 1.83%
• YTD: 43.37%
• 6M: 59.24%
• 1Y: 42.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MRNA

• 1D: -0.91%
• 1M: 0.60%
• YTD: 54.76%
• 6M: 89.69%
• 1Y: 68.72%
• 3Y*: -29.55%
• 5Y*: -25.22%
• 10Y*: —

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

MRNY vs. MRNA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	43.37%	-35.72%	-59.32%	19.61%
MRNA Moderna, Inc.	54.76%	-29.08%	-58.19%	24.69%

Correlation

The correlation between MRNY and MRNA is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	0.97

The correlation between MRNY and MRNA has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

Return for Risk

MRNY vs. MRNA — Risk / Return Rank

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

MRNY

MRNY Risk / Return Rank: 26
MRNY Sharpe Ratio Rank: 25
MRNY Sortino Ratio Rank: 29
MRNY Omega Ratio Rank: 27
MRNY Calmar Ratio Rank: 29
MRNY Martin Ratio Rank: 22

MRNA

MRNA Risk / Return Rank: 72
MRNA Sharpe Ratio Rank: 73
MRNA Sortino Ratio Rank: 73
MRNA Omega Ratio Rank: 68
MRNA Calmar Ratio Rank: 74
MRNA Martin Ratio Rank: 71

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. MRNA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MRNA Option Income Strategy ETF (MRNY) and Moderna, Inc. (MRNA). 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	MRNA	Difference
Sharpe ratio Return per unit of total volatility	0.88	1.09	-0.21
Sortino ratio Return per unit of downside risk	1.58	1.93	-0.35
Omega ratio Gain probability vs. loss probability	1.19	1.22	-0.03
Calmar ratio Return relative to maximum drawdown	1.42	2.02	-0.61
Martin ratio Return relative to average drawdown	2.77	4.02	-1.25
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. MRNA - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 0.88, which is comparable to the MRNA Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of MRNY and MRNA, 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	MRNA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	1.09	-0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.53	0.18	-0.70

Drawdowns

MRNY vs. MRNA - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, smaller than the maximum MRNA drawdown of -95.38%. Use the drawdown chart below to compare losses from any high point for MRNY and MRNA.

Drawdown Indicators

	MRNY	MRNA	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-95.38%	+13.23%
Max Drawdown (1Y) Largest decline over 1 year	-31.53%	-35.51%	+3.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-86.58%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-95.38%	—
Current Drawdown Current decline from peak	-69.82%	-90.58%	+20.76%
Average Drawdown Average peak-to-trough decline	-52.59%	-56.62%	+4.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.14%	17.87%	-1.73%

Volatility

MRNY vs. MRNA - Volatility Comparison

The current volatility for YieldMax MRNA Option Income Strategy ETF (MRNY) is 12.56%, while Moderna, Inc. (MRNA) has a volatility of 17.07%. This indicates that MRNY experiences smaller price fluctuations and is considered to be less risky than MRNA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRNY	MRNA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.56%	17.07%	-4.51%
Volatility (6M) Calculated over the trailing 6-month period	37.22%	48.11%	-10.89%
Volatility (1Y) Calculated over the trailing 1-year period	49.07%	63.55%	-14.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.67%	66.32%	-15.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.67%	71.89%	-21.22%

Dividends

MRNY vs. MRNA - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 105.80%, while MRNA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MRNA Moderna, Inc.	0.00%	0.00%	0.00%	0.00%
MRNY YieldMax MRNA Option Income Strategy ETF	105.80%	145.98%	178.49%	1.75%

Frequently Asked Questions

Can I hold both MRNY and MRNA in my portfolio?

With a correlation of 0.98, MRNY and MRNA move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MRNY or MRNA?

MRNA has higher volatility (17.07%) compared to MRNY (12.56%). In terms of maximum drawdown, MRNY dropped -82.15% vs MRNA's -95.38%.

Which has better risk-adjusted returns?

MRNA currently has the higher Sharpe Ratio (1.09 vs 0.88), 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.