NVDY vs. CHPY

Last updated Aug 6, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, NVDY returned 23.53% vs 100.59% for CHPY. Their 0.59 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.99% expense ratio.

Performance

NVDY vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NVDA Option Income Strategy ETF (NVDY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NVDY achieves a 15.28% return, which is significantly lower than CHPY's 62.38% return.

NVDY

• 1D: 2.79%
• 1M: 9.20%
• 6M: 21.22%
• YTD: 15.28%
• 1Y: 23.53%
• 3Y*: 53.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 58.57%

CHPY

• 1D: -2.55%
• 1M: -9.24%
• 6M: 51.45%
• YTD: 62.38%
• 1Y: 100.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 100.95%

*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)
CHPY YieldMax Semiconductor Portfolio Option Income ETF	$49.39M	$52.69M	$60.50M
NVDY YieldMax NVDA Option Income Strategy ETF	$27.89M	$27.94M	$36.54M

NVDY vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
NVDY YieldMax NVDA Option Income Strategy ETF	15.28%	54.42%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	62.38%	56.76%

Correlation

The correlation between NVDY and CHPY is 0.55, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.55
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.59

The correlation between NVDY and CHPY has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

NVDY vs. CHPY — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 32
NVDY Sharpe Ratio Rank: 30
NVDY Sortino Ratio Rank: 29
NVDY Omega Ratio Rank: 28
NVDY Calmar Ratio Rank: 38
NVDY Martin Ratio Rank: 33

CHPY

CHPY Risk / Return Rank: 87
CHPY Sharpe Ratio Rank: 93
CHPY Sortino Ratio Rank: 82
CHPY Omega Ratio Rank: 86
CHPY Calmar Ratio Rank: 85
CHPY Martin Ratio Rank: 91

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.

NVDY vs. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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.

	NVDY	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.61	-1.81
Sortino ratio: Return per unit of downside risk	1.24	2.99	-1.75
Omega ratio: Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio: Return relative to maximum drawdown	1.54	3.66	-2.12
Martin ratio: Return relative to average drawdown	3.50	16.32	-12.82

NVDY vs. CHPY - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 0.81, which is lower than the CHPY Sharpe Ratio of 2.61. The chart below compares the historical Sharpe Ratios of NVDY and CHPY, 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

NVDY vs. CHPY - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, which is greater than CHPY's maximum drawdown of -27.64%. Use the drawdown chart below to compare losses from any high point for NVDY and CHPY.

Drawdown Indicators

	NVDY	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-27.64%	-6.44%
Max Drawdown (1Y) Largest decline over 1 year	-15.31%	-27.64%	+12.33%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Current Drawdown Current decline from peak	-4.82%	-17.30%	+12.48%
Average Drawdown Average peak-to-trough decline	-6.36%	-3.16%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.74%	6.19%	+0.55%

Volatility

NVDY vs. CHPY - Volatility Comparison

The current volatility for YieldMax NVDA Option Income Strategy ETF (NVDY) is 10.19%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 17.56%. This indicates that NVDY experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDY	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	17.56%	-7.37%
Volatility (6M) Calculated over the trailing 6-month period	22.67%	34.41%	-11.74%
Volatility (1Y) Calculated over the trailing 1-year period	29.34%	38.73%	-9.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.94%	39.40%	-1.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.94%	39.40%	-1.46%

NVDY vs. CHPY - Expense Ratio Comparison

Both NVDY and CHPY have an expense ratio of 0.99%.

Dividends

NVDY vs. CHPY - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 59.42%, more than CHPY's 38.08% yield.

Position	TTM	2025	2024	2023
CHPY YieldMax Semiconductor Portfolio Option Income ETF	38.08%	28.19%	0.00%	0.00%
NVDY YieldMax NVDA Option Income Strategy ETF	59.42%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVDY and CHPY in my portfolio?

NVDY and CHPY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NVDY or CHPY?

CHPY has higher volatility (17.56%) compared to NVDY (10.19%). In terms of maximum drawdown, NVDY dropped -34.08% vs CHPY's -27.64%.

Which ETF is better, NVDY or CHPY?

On 1-year performance, CHPY leads with 100.59% vs 23.53% for NVDY. Both ETFs have the same 0.99% expense ratio. On volatility, NVDY has been the lower-risk option at 10.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or CHPY?

Over the 1-year period, CHPY has performed better with a 100.59% return vs 23.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or CHPY?

NVDY and CHPY have the same expense ratio: 0.99% per year.

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

NVDY has the higher dividend yield at 59.42%, compared with 38.08% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (2.61 vs 0.81), 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.