MSFO vs. LITL

Last updated Aug 4, 2026

MSFO (YieldMax MSFT Option Income Strategy ETF) and LITL (Simplify Piper Sandler US Small-Cap PLUS Income ETF) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while LITL is a Small Cap Blend Equities fund actively managed by Simplify. Both are actively managed. Over the past year, MSFO returned -3.86% vs 31.53% for LITL. Their 0.24 correlation means their historical movements had little consistent relationship. MSFO charges 1.03%/yr vs 0.91%/yr for LITL.

Performance

MSFO vs. LITL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSFT Option Income Strategy ETF (MSFO) and Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFO achieves a 0.49% return, which is significantly lower than LITL's 15.04% return.

MSFO

• 1D: 4.63%
• 1M: 20.78%
• 6M: 12.36%
• YTD: 0.49%
• 1Y: -3.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.38%

LITL

• 1D: 0.24%
• 1M: -2.40%
• 6M: 12.72%
• YTD: 15.04%
• 1Y: 31.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 28.40%

*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)
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	$92.88K	$67.65K	$57.85K
MSFO YieldMax MSFT Option Income Strategy ETF	$1.07M	$907.81K	$1.05M

MSFO vs. LITL - Yearly Performance Comparison

	2026 (YTD)	2025
MSFO YieldMax MSFT Option Income Strategy ETF	0.49%	20.54%
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	15.04%	18.93%

Correlation

The correlation between MSFO and LITL is 0.24, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.24
Correlation (All Time) Calculated using the full available price history since Apr 29, 2025	0.24

Return for Risk

MSFO vs. LITL — Risk / Return Rank

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

MSFO

MSFO Risk / Return Rank: 9
MSFO Sharpe Ratio Rank: 9
MSFO Sortino Ratio Rank: 9
MSFO Omega Ratio Rank: 9
MSFO Calmar Ratio Rank: 9
MSFO Martin Ratio Rank: 9

LITL

LITL Risk / Return Rank: 72
LITL Sharpe Ratio Rank: 67
LITL Sortino Ratio Rank: 71
LITL Omega Ratio Rank: 63
LITL Calmar Ratio Rank: 82
LITL Martin Ratio Rank: 75

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.

MSFO vs. LITL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) and Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL). 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.

	MSFO	LITL	Difference
Sharpe ratio: Return per unit of total volatility	-0.14	1.57	-1.71
Sortino ratio: Return per unit of downside risk	-0.01	2.35	-2.36
Omega ratio: Gain probability vs. loss probability	1.00	1.27	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.13	3.05	-3.18
Martin ratio: Return relative to average drawdown	-0.24	9.55	-9.79

MSFO vs. LITL - Sharpe Ratio Comparison

The current MSFO Sharpe Ratio is -0.14, which is lower than the LITL Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of MSFO and LITL, 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

MSFO vs. LITL - Drawdown Comparison

The maximum MSFO drawdown since its inception was -29.65%, which is greater than LITL's maximum drawdown of -9.32%. Use the drawdown chart below to compare losses from any high point for MSFO and LITL.

Drawdown Indicators

	MSFO	LITL	Difference
Max Drawdown Largest peak-to-trough decline	-29.65%	-9.32%	-20.33%
Max Drawdown (1Y) Largest decline over 1 year	-29.65%	-9.32%	-20.33%
Current Drawdown Current decline from peak	-7.92%	-2.98%	-4.94%
Average Drawdown Average peak-to-trough decline	-7.46%	-2.24%	-5.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.15%	2.98%	+13.17%

Volatility

MSFO vs. LITL - Volatility Comparison

YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 14.36% compared to Simplify Piper Sandler US Small-Cap PLUS Income ETF (LITL) at 3.56%. This indicates that MSFO's price experiences larger fluctuations and is considered to be riskier than LITL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFO	LITL	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.36%	3.56%	+10.80%
Volatility (6M) Calculated over the trailing 6-month period	23.34%	12.19%	+11.15%
Volatility (1Y) Calculated over the trailing 1-year period	27.74%	18.20%	+9.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.90%	18.33%	+3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.90%	18.33%	+3.57%

MSFO vs. LITL - Expense Ratio Comparison

MSFO has a 1.03% expense ratio, which is higher than LITL's 0.91% expense ratio.

Dividends

MSFO vs. LITL - Dividend Comparison

MSFO's dividend yield for the trailing twelve months is around 34.78%, more than LITL's 1.67% yield.

Position	TTM	2025	2024	2023
LITL Simplify Piper Sandler US Small-Cap PLUS Income ETF	1.67%	0.71%	0.00%	0.00%
MSFO YieldMax MSFT Option Income Strategy ETF	34.78%	33.91%	35.15%	6.44%

Frequently Asked Questions

Can I hold both MSFO and LITL in my portfolio?

MSFO and LITL 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, MSFO or LITL?

MSFO has higher volatility (14.36%) compared to LITL (3.56%). In terms of maximum drawdown, MSFO dropped -29.65% vs LITL's -9.32%.

Which ETF is better, MSFO or LITL?

On 1-year performance, LITL leads with 31.53% vs -3.86% for MSFO. On fees, LITL is cheaper at 0.91% per year. On volatility, LITL has been the lower-risk option at 3.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFO or LITL?

Over the 1-year period, LITL has performed better with a 31.53% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFO or LITL?

LITL is cheaper with a 0.91% expense ratio, compared with 1.03% for MSFO.

Which ETF pays a higher dividend yield, MSFO or LITL?

MSFO has the higher dividend yield at 34.78%, compared with 1.67% for LITL.

What is the main difference between MSFO and LITL?

MSFO is categorized as Options Trading, while LITL is Small Cap Blend Equities. They also come from different issuers: YieldMax and Simplify. Their fees differ too: 1.03% for MSFO and 0.91% for LITL.

Which has better risk-adjusted returns?

LITL currently has the higher Sharpe Ratio (1.57 vs -0.14), 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.