MSTY vs. HYGW
MSTY (YieldMax™ MSTR Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - MSTY is a Derivative Income fund actively managed by YieldMax, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. MSTY is actively managed, while HYGW is passively managed. Over the past year, MSTY returned -64.25% vs 6.56% for HYGW. At a 0.36 correlation, their price movements are largely independent. MSTY charges 0.99%/yr vs 0.69%/yr for HYGW.
Performance
MSTY vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, MSTY achieves a -22.84% return, which is significantly lower than HYGW's 2.12% return.
MSTY
- 1D
- -3.45%
- 1M
- -29.31%
- YTD
- -22.84%
- 6M
- -27.46%
- 1Y
- -64.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW
- 1D
- 0.24%
- 1M
- 0.84%
- YTD
- 2.12%
- 6M
- 2.52%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
MSTY vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MSTY YieldMax™ MSTR Option Income Strategy ETF | -22.84% | -42.71% | 212.16% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 5.62% |
Correlation
The correlation between MSTY and HYGW is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024 | 0.36 |
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Return for Risk
MSTY vs. HYGW — Risk / Return Rank
MSTY
HYGW
MSTY vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.
| MSTY | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.35 | ||
| Sortino ratioReturn per unit of downside risk | -5.21 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.49 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 3.62 | -4.52 |
| Martin ratioReturn relative to average drawdown | -1.31 | 16.51 | -17.82 |
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Drawdowns
MSTY vs. HYGW - Drawdown Comparison
The maximum MSTY drawdown since its inception was -71.79%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for MSTY and HYGW.
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Drawdown Indicators
| MSTY | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.79% | -5.49% | -66.30% |
Max Drawdown (1Y)Largest decline over 1 year | -71.79% | -1.82% | -69.97% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.66% | — |
Current DrawdownCurrent decline from peak | -69.67% | 0.00% | -69.67% |
Average DrawdownAverage peak-to-trough decline | -26.82% | -0.60% | -26.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.95% | 0.40% | +48.55% |
Volatility
MSTY vs. HYGW - Volatility Comparison
YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 19.32% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.91%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSTY | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.32% | 0.91% | +18.41% |
Volatility (6M)Calculated over the trailing 6-month period | 49.58% | 2.24% | +47.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.87% | 2.87% | +59.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.86% | 4.67% | +67.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.86% | 4.67% | +67.19% |
MSTY vs. HYGW - Expense Ratio Comparison
MSTY has a 0.99% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
MSTY vs. HYGW - Dividend Comparison
MSTY's dividend yield for the trailing twelve months is around 267.66%, more than HYGW's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% |
MSTY YieldMax™ MSTR Option Income Strategy ETF | 267.66% | 294.61% | 104.56% | 0.00% | 0.00% |
Frequently Asked Questions
MSTY and HYGW have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSTY has higher volatility (19.32%) compared to HYGW (0.91%). In terms of maximum drawdown, MSTY dropped -71.79% vs HYGW's -5.49%.
On 1-year performance, HYGW leads with 6.56% vs -64.25% for MSTY. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HYGW has performed better with a 6.56% return vs -64.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for MSTY.
MSTY has the higher dividend yield at 267.66%, compared with 11.52% for HYGW.
MSTY is categorized as Derivative Income, while HYGW is High Yield Bonds. They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for MSTY and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.31 vs -1.04), 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.
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