MRNY vs. YMAX

Last updated Aug 5, 2026

MRNY (YieldMax MRNA Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, MRNY returned 66.65% vs -0.85% for YMAX. Their 0.46 correlation means their historical movements had little consistent relationship. MRNY charges 0.99%/yr vs 1.33%/yr for YMAX.

Performance

MRNY vs. YMAX - Performance Comparison

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

Returns By Period

In the year-to-date period, MRNY achieves a 67.49% return, which is significantly higher than YMAX's 3.90% return.

MRNY

• 1D: 2.95%
• 1M: -23.09%
• 6M: 24.37%
• YTD: 67.49%
• 1Y: 66.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.08%

YMAX

• 1D: 3.20%
• 1M: 1.20%
• 6M: 10.80%
• YTD: 3.90%
• 1Y: -0.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MRNY YieldMax MRNA Option Income Strategy ETF	$2.18M	$3.51M	$3.17M
YMAX YieldMax Universe Fund of Option Income ETFs	$9.65M	$11.24M	$14.49M

MRNY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MRNY YieldMax MRNA Option Income Strategy ETF	67.49%	-35.72%	-58.57%
YMAX YieldMax Universe Fund of Option Income ETFs	3.90%	6.04%	26.90%

Correlation

The correlation between MRNY and YMAX is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.46

Return for Risk

MRNY vs. YMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MRNY

MRNY Risk / Return Rank: 50
MRNY Sharpe Ratio Rank: 45
MRNY Sortino Ratio Rank: 50
MRNY Omega Ratio Rank: 46
MRNY Calmar Ratio Rank: 58
MRNY Martin Ratio Rank: 52

YMAX

YMAX Risk / Return Rank: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 10
YMAX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MRNY vs. YMAX - Risk-Adjusted Trends Comparison

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

	MRNY	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.27	-0.04	+1.31
Sortino ratio: Return per unit of downside risk	2.02	0.12	+1.90
Omega ratio: Gain probability vs. loss probability	1.24	1.01	+0.23
Calmar ratio: Return relative to maximum drawdown	2.32	-0.03	+2.36
Martin ratio: Return relative to average drawdown	6.66	-0.07	+6.74

MRNY vs. YMAX - Sharpe Ratio Comparison

The current MRNY Sharpe Ratio is 1.27, which is higher than the YMAX Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of MRNY and YMAX, 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

MRNY vs. YMAX - Drawdown Comparison

The maximum MRNY drawdown since its inception was -82.15%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for MRNY and YMAX.

Drawdown Indicators

	MRNY	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-82.15%	-26.13%	-56.02%
Max Drawdown (1Y) Largest decline over 1 year	-28.84%	-26.13%	-2.71%
Current Drawdown Current decline from peak	-64.74%	-7.89%	-56.85%
Average Drawdown Average peak-to-trough decline	-53.22%	-6.57%	-46.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.03%	11.73%	-1.70%

Volatility

MRNY vs. YMAX - Volatility Comparison

YieldMax MRNA Option Income Strategy ETF (MRNY) has a higher volatility of 15.84% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 7.05%. This indicates that MRNY's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MRNY	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.84%	7.05%	+8.79%
Volatility (6M) Calculated over the trailing 6-month period	36.23%	20.41%	+15.82%
Volatility (1Y) Calculated over the trailing 1-year period	52.67%	24.32%	+28.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.51%	23.57%	+27.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.51%	23.57%	+27.94%

MRNY vs. YMAX - Expense Ratio Comparison

MRNY has a 0.99% expense ratio, which is lower than YMAX's 1.33% expense ratio.

Dividends

MRNY vs. YMAX - Dividend Comparison

MRNY's dividend yield for the trailing twelve months is around 97.50%, more than YMAX's 69.51% yield.

Position	TTM	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	97.50%	145.98%	178.49%	1.75%
YMAX YieldMax Universe Fund of Option Income ETFs	69.51%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both MRNY and YMAX in my portfolio?

MRNY and YMAX have a correlation of 0.48, 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 YMAX?

MRNY has higher volatility (15.84%) compared to YMAX (7.05%). In terms of maximum drawdown, MRNY dropped -82.15% vs YMAX's -26.13%.

Which ETF is better, MRNY or YMAX?

On 1-year performance, MRNY leads with 66.65% vs -0.85% for YMAX. On fees, MRNY is cheaper at 0.99% per year. On volatility, YMAX has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MRNY or YMAX?

Over the 1-year period, MRNY has performed better with a 66.65% return vs -0.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MRNY or YMAX?

MRNY is cheaper with a 0.99% expense ratio, compared with 1.33% for YMAX.

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

MRNY has the higher dividend yield at 97.50%, compared with 69.51% for YMAX.

What is the main difference between MRNY and YMAX?

Their fees differ too: 0.99% for MRNY and 1.33% for YMAX.

Which has better risk-adjusted returns?

MRNY currently has the higher Sharpe Ratio (1.27 vs -0.04), 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.