MSDD vs. FIAT

Last updated Jun 4, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - MSDD is a Inverse Equities fund actively managed by GraniteShares, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. A 0.75 correlation means they provide meaningful diversification when combined. MSDD charges 1.50%/yr vs 0.99%/yr for FIAT.

Performance

MSDD vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSDD achieves a -47.16% return, which is significantly lower than FIAT's 13.84% return.

MSDD

• 1D: 13.67%
• 1M: 85.18%
• YTD: -47.16%
• 6M: -24.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 4.32%
• 1M: 16.99%
• YTD: 13.84%
• 6M: 33.71%
• 1Y: -0.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSDD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-47.16%	271.43%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.84%	-13.34%

Correlation

The correlation between MSDD and FIAT is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.75

Return for Risk

MSDD vs. FIAT — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 10
FIAT Sharpe Ratio Rank: 8
FIAT Sortino Ratio Rank: 11
FIAT Omega Ratio Rank: 11
FIAT Calmar Ratio Rank: 9
FIAT 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.

MSDD vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	MSDD	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	-0.37	+1.08

Drawdowns

MSDD vs. FIAT - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for MSDD and FIAT.

Drawdown Indicators

	MSDD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-70.50%	-14.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-42.26%	—
Current Drawdown Current decline from peak	-67.67%	-50.94%	-16.73%
Average Drawdown Average peak-to-trough decline	-29.42%	-45.35%	+15.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	27.32%	—

Volatility

Volatility by Period

	MSDD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	15.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	141.56%	55.49%	+86.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.56%	60.56%	+81.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.56%	60.56%	+81.00%

MSDD vs. FIAT - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

MSDD vs. FIAT - Dividend Comparison

MSDD has not paid dividends to shareholders, while FIAT's dividend yield for the trailing twelve months is around 93.28%.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	93.28%	178.11%	70.99%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSDD and FIAT in my portfolio?

MSDD and FIAT have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSDD or FIAT?

On fees, FIAT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSDD or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, MSDD or FIAT?

FIAT has the higher dividend yield at 93.28%, compared with 0.00% for MSDD.

What is the main difference between MSDD and FIAT?

MSDD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: GraniteShares and YieldMax. Their fees differ too: 1.50% for MSDD and 0.99% for FIAT.