MSTY vs. USFR

Last updated Jul 17, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - MSTY is a Derivative Income fund actively managed by YieldMax, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. MSTY is actively managed, while USFR is passively managed. Over the past year, MSTY returned -74.10% vs 3.95% for USFR. At a correlation of -0.02, they often move in opposite directions. MSTY charges 0.99%/yr vs 0.15%/yr for USFR.

Performance

MSTY vs. USFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) and WisdomTree Floating Rate Treasury Fund (USFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTY achieves a -34.11% return, which is significantly lower than USFR's 2.07% return.

MSTY

• 1D: -2.79%
• 1M: -21.10%
• 6M: -40.36%
• YTD: -34.11%
• 1Y: -74.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USFR

• 1D: 0.00%
• 1M: 0.32%
• 6M: 1.92%
• YTD: 2.07%
• 1Y: 3.95%
• 3Y*: 4.70%
• 5Y*: 3.77%
• 10Y*: 2.50%

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

MSTY vs. USFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	-34.11%	-42.71%	212.16%
USFR WisdomTree Floating Rate Treasury Fund	2.07%	4.23%	4.53%

Correlation

The correlation between MSTY and USFR is -0.10, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	-0.02

Return for Risk

MSTY vs. USFR — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

USFR

USFR Risk / Return Rank: 100
USFR Sharpe Ratio Rank: 100
USFR Sortino Ratio Rank: 100
USFR Omega Ratio Rank: 100
USFR Calmar Ratio Rank: 100
USFR Martin Ratio Rank: 100

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.

MSTY vs. USFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) and WisdomTree Floating Rate Treasury Fund (USFR). 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	USFR	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	14.73	-15.88
Sortino ratio: Return per unit of downside risk	-2.37	51.39	-53.76
Omega ratio: Gain probability vs. loss probability	0.75	14.02	-13.27
Calmar ratio: Return relative to maximum drawdown	-0.96	199.58	-200.54
Martin ratio: Return relative to average drawdown	-1.40	797.11	-798.51

MSTY vs. USFR - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.15, which is lower than the USFR Sharpe Ratio of 14.73. The chart below compares the historical Sharpe Ratios of MSTY and USFR, 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

MSTY vs. USFR - Drawdown Comparison

The maximum MSTY drawdown since its inception was -77.40%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for MSTY and USFR.

Drawdown Indicators

	MSTY	USFR	Difference
Max Drawdown Largest peak-to-trough decline	-77.40%	-1.36%	-76.04%
Max Drawdown (1Y) Largest decline over 1 year	-77.37%	-0.02%	-77.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.06%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.80%	—
Current Drawdown Current decline from peak	-74.10%	0.00%	-74.10%
Average Drawdown Average peak-to-trough decline	-28.24%	-0.15%	-28.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.80%	0.00%	+52.80%

Volatility

MSTY vs. USFR - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 23.12% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.07%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	USFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.12%	0.07%	+23.05%
Volatility (6M) Calculated over the trailing 6-month period	52.77%	0.19%	+52.58%
Volatility (1Y) Calculated over the trailing 1-year period	64.70%	0.27%	+64.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.23%	0.39%	+71.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.23%	0.77%	+71.46%

MSTY vs. USFR - Expense Ratio Comparison

MSTY has a 0.99% expense ratio, which is higher than USFR's 0.15% expense ratio.

Dividends

MSTY vs. USFR - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 289.23%, more than USFR's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.23%	294.61%	104.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USFR WisdomTree Floating Rate Treasury Fund	3.83%	4.15%	5.17%	5.12%	1.78%	0.01%	0.40%	2.08%	1.67%	1.03%	0.29%

Frequently Asked Questions

Can I hold both MSTY and USFR in my portfolio?

MSTY and USFR have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTY or USFR?

MSTY has higher volatility (23.12%) compared to USFR (0.07%). In terms of maximum drawdown, MSTY dropped -77.40% vs USFR's -1.36%.

Which ETF is better, MSTY or USFR?

On 1-year performance, USFR leads with 3.95% vs -74.10% for MSTY. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTY or USFR?

Over the 1-year period, USFR has performed better with a 3.95% return vs -74.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or USFR?

USFR is cheaper with a 0.15% expense ratio, compared with 0.99% for MSTY.

Which ETF pays a higher dividend yield, MSTY or USFR?

MSTY has the higher dividend yield at 289.23%, compared with 3.83% for USFR.

What is the main difference between MSTY and USFR?

MSTY is categorized as Derivative Income, while USFR is Government Bonds. They also come from different issuers: YieldMax and WisdomTree. Their fees differ too: 0.99% for MSTY and 0.15% for USFR.

Which has better risk-adjusted returns?

USFR currently has the higher Sharpe Ratio (14.73 vs -1.15), 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.