NFLY vs. MSTY

Last updated Jun 3, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, NFLY returned -26.13% vs -57.30% for MSTY. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

NFLY vs. MSTY - Performance Comparison

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

Returns By Period

In the year-to-date period, NFLY achieves a -7.02% return, which is significantly higher than MSTY's -8.55% return.

NFLY

• 1D: -2.44%
• 1M: -6.88%
• YTD: -7.02%
• 6M: -17.50%
• 1Y: -26.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -8.50%
• 1M: -20.82%
• YTD: -8.55%
• 6M: -19.25%
• 1Y: -57.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLY YieldMax NFLX Option Income Strategy ETF	-7.02%	1.66%	45.62%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-8.55%	-42.71%	200.20%

Correlation

The correlation between NFLY and MSTY is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.29

The correlation between NFLY and MSTY shifts across timeframes, from 0.18 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFLY vs. MSTY — Risk / Return Rank

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

NFLY

NFLY Risk / Return Rank: 2
NFLY Sharpe Ratio Rank: 1
NFLY Sortino Ratio Rank: 2
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 3
NFLY Martin Ratio Rank: 2

MSTY

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

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.

NFLY vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NFLX Option Income Strategy ETF (NFLY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	NFLY	MSTY	Difference
Sharpe ratio Return per unit of total volatility	-0.95	-0.96	+0.01
Sortino ratio Return per unit of downside risk	-1.29	-1.53	+0.24
Omega ratio Gain probability vs. loss probability	0.83	0.83	0.00
Calmar ratio Return relative to maximum drawdown	-0.69	-0.79	+0.10
Martin ratio Return relative to average drawdown	-1.25	-1.22	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFLY vs. MSTY - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -0.95, which is comparable to the MSTY Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of NFLY and MSTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NFLY	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	-0.96	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.31	+0.36

Drawdowns

NFLY vs. MSTY - Drawdown Comparison

The maximum NFLY drawdown since its inception was -37.18%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for NFLY and MSTY.

Drawdown Indicators

	NFLY	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-37.18%	-71.79%	+34.61%
Max Drawdown (1Y) Largest decline over 1 year	-37.18%	-71.79%	+34.61%
Current Drawdown Current decline from peak	-30.95%	-64.04%	+33.09%
Average Drawdown Average peak-to-trough decline	-8.47%	-26.01%	+17.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.45%	46.68%	-26.23%

Volatility

NFLY vs. MSTY - Volatility Comparison

The current volatility for YieldMax NFLX Option Income Strategy ETF (NFLY) is 5.92%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 16.65%. This indicates that NFLY experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFLY	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.92%	16.65%	-10.73%
Volatility (6M) Calculated over the trailing 6-month period	21.11%	48.38%	-27.27%
Volatility (1Y) Calculated over the trailing 1-year period	27.62%	60.11%	-32.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.31%	71.83%	-43.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.31%	71.83%	-43.52%

NFLY vs. MSTY - Expense Ratio Comparison

Both NFLY and MSTY have an expense ratio of 0.99%.

Dividends

NFLY vs. MSTY - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 57.09%, less than MSTY's 251.24% yield.

Position	TTM	2025	2024	2023
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.24%	294.61%	104.56%	0.00%
NFLY YieldMax NFLX Option Income Strategy ETF	57.09%	61.53%	49.91%	11.84%

Frequently Asked Questions

Can I hold both NFLY and MSTY in my portfolio?

NFLY and MSTY have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or MSTY?

MSTY has higher volatility (16.65%) compared to NFLY (5.92%). In terms of maximum drawdown, NFLY dropped -37.18% vs MSTY's -71.79%.

Which ETF is better, NFLY or MSTY?

On 1-year performance, NFLY leads with -26.13% vs -57.30% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, NFLY has been the lower-risk option at 5.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or MSTY?

Over the 1-year period, NFLY has performed better with a -26.13% return vs -57.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or MSTY?

NFLY and MSTY have the same expense ratio: 0.99% per year.

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

MSTY has the higher dividend yield at 251.24%, compared with 57.09% for NFLY.

Which has better risk-adjusted returns?

NFLY currently has the higher Sharpe Ratio (-0.95 vs -0.96), 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.