NVBW vs. NVDY

Last updated Jun 4, 2026

NVBW (Allianzim U.S. Large Cap Buffer20 Nov ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both exchange-traded funds - NVBW is a Options Trading fund actively managed by Allianz, while NVDY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past 3 years, NVBW returned 9.32%/yr vs 54.54%/yr for NVDY. A 0.55 correlation means they provide meaningful diversification when combined. NVBW charges 0.74%/yr vs 0.99%/yr for NVDY.

Performance

NVBW vs. NVDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and YieldMax NVDA Option Income Strategy ETF (NVDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVBW achieves a 5.11% return, which is significantly lower than NVDY's 13.06% return.

NVBW

• 1D: -0.11%
• 1M: 1.96%
• YTD: 5.11%
• 6M: 5.47%
• 1Y: 12.47%
• 3Y*: 9.32%
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -2.22%
• 1M: 5.54%
• YTD: 13.06%
• 6M: 17.67%
• 1Y: 46.64%
• 3Y*: 54.54%
• 5Y*: —
• 10Y*: —

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

NVBW vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	5.11%	9.25%	9.03%	6.81%
NVDY YieldMax NVDA Option Income Strategy ETF	13.06%	27.38%	114.23%	42.02%

Correlation

The correlation between NVBW and NVDY is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (All Time) Calculated using the full available price history since May 12, 2023	0.55

The correlation between NVBW and NVDY has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.

Return for Risk

NVBW vs. NVDY — Risk / Return Rank

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

NVBW

NVBW Risk / Return Rank: 79
NVBW Sharpe Ratio Rank: 79
NVBW Sortino Ratio Rank: 84
NVBW Omega Ratio Rank: 87
NVBW Calmar Ratio Rank: 63
NVBW Martin Ratio Rank: 81

NVDY

NVDY Risk / Return Rank: 52
NVDY Sharpe Ratio Rank: 49
NVDY Sortino Ratio Rank: 45
NVDY Omega Ratio Rank: 44
NVDY Calmar Ratio Rank: 72
NVDY Martin Ratio Rank: 52

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.

NVBW vs. NVDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) and YieldMax NVDA Option Income Strategy ETF (NVDY). 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.

	NVBW	NVDY	Difference
Sharpe ratio: Return per unit of total volatility	2.52	1.72	+0.80
Sortino ratio: Return per unit of downside risk	3.72	2.29	+1.43
Omega ratio: Gain probability vs. loss probability	1.54	1.29	+0.25
Calmar ratio: Return relative to maximum drawdown	3.11	3.66	-0.55
Martin ratio: Return relative to average drawdown	15.81	9.00	+6.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NVBW vs. NVDY - Sharpe Ratio Comparison

The current NVBW Sharpe Ratio is 2.52, which is higher than the NVDY Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of NVBW and NVDY, 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

	NVBW	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.52	1.72	+0.80
Sharpe Ratio (All Time) Calculated using the full available price history	1.49	1.64	-0.15

Drawdowns

NVBW vs. NVDY - Drawdown Comparison

The maximum NVBW drawdown since its inception was -8.41%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for NVBW and NVDY.

Drawdown Indicators

	NVBW	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-8.41%	-34.08%	+25.67%
Max Drawdown (1Y) Largest decline over 1 year	-4.03%	-12.81%	+8.78%
Max Drawdown (3Y) Largest decline over 3 years	-8.41%	-34.08%	+25.67%
Current Drawdown Current decline from peak	-0.11%	-6.66%	+6.55%
Average Drawdown Average peak-to-trough decline	-0.74%	-6.15%	+5.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	5.20%	-4.41%

Volatility

NVBW vs. NVDY - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Nov ETF (NVBW) is 0.82%, while YieldMax NVDA Option Income Strategy ETF (NVDY) has a volatility of 9.46%. This indicates that NVBW experiences smaller price fluctuations and is considered to be less risky than NVDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVBW	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.82%	9.46%	-8.64%
Volatility (6M) Calculated over the trailing 6-month period	4.21%	20.68%	-16.47%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	27.35%	-22.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.93%	38.24%	-31.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.93%	38.24%	-31.31%

NVBW vs. NVDY - Expense Ratio Comparison

NVBW has a 0.74% expense ratio, which is lower than NVDY's 0.99% expense ratio.

Dividends

NVBW vs. NVDY - Dividend Comparison

NVBW has not paid dividends to shareholders, while NVDY's dividend yield for the trailing twelve months is around 61.36%.

Position	TTM	2025	2024	2023
NVBW Allianzim U.S. Large Cap Buffer20 Nov ETF	0.00%	0.00%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	61.36%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVBW and NVDY in my portfolio?

NVBW and NVDY have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVBW or NVDY?

NVDY has higher volatility (9.46%) compared to NVBW (0.82%). In terms of maximum drawdown, NVBW dropped -8.41% vs NVDY's -34.08%.

Which ETF is better, NVBW or NVDY?

On 3-year performance, NVDY leads with 54.54% vs 9.32% for NVBW. On fees, NVBW is cheaper at 0.74% per year. On volatility, NVBW has been the lower-risk option at 0.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVBW or NVDY?

Over the 3-year period, NVDY has performed better with a 54.54% return vs 9.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVBW or NVDY?

NVBW is cheaper with a 0.74% expense ratio, compared with 0.99% for NVDY.

Which ETF pays a higher dividend yield, NVBW or NVDY?

NVDY has the higher dividend yield at 61.36%, compared with 0.00% for NVBW.

What is the main difference between NVBW and NVDY?

NVBW is categorized as Options Trading, while NVDY is Derivative Income. They also come from different issuers: Allianz and YieldMax. Their fees differ too: 0.74% for NVBW and 0.99% for NVDY.

Which has better risk-adjusted returns?

NVBW currently has the higher Sharpe Ratio (2.52 vs 1.72), 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.