NVDY vs. MSFO

Last updated Jun 24, 2026

NVDY (YieldMax NVDA Option Income Strategy ETF) and MSFO (YieldMax MSFT Option Income Strategy ETF ) are both exchange-traded funds - NVDY is a Derivative Income fund actively managed by YieldMax, while MSFO is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, NVDY returned 33.90% vs -18.05% for MSFO. At a 0.49 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

NVDY vs. MSFO - Performance Comparison

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

Returns By Period

In the year-to-date period, NVDY achieves a 7.04% return, which is significantly higher than MSFO's -18.98% return.

NVDY

• 1D: -3.24%
• 1M: -5.21%
• YTD: 7.04%
• 6M: 6.21%
• 1Y: 33.90%
• 3Y*: 50.59%
• 5Y*: —
• 10Y*: —

MSFO

• 1D: 1.83%
• 1M: -10.24%
• YTD: -18.98%
• 6M: -19.24%
• 1Y: -18.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NVDY vs. MSFO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	7.04%	27.38%	114.23%	5.66%
MSFO YieldMax MSFT Option Income Strategy ETF	-18.98%	15.69%	10.34%	18.74%

Correlation

The correlation between NVDY and MSFO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 25, 2023	0.49

Return for Risk

NVDY vs. MSFO — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 39
NVDY Sharpe Ratio Rank: 35
NVDY Sortino Ratio Rank: 33
NVDY Omega Ratio Rank: 32
NVDY Calmar Ratio Rank: 56
NVDY Martin Ratio Rank: 40

MSFO

MSFO Risk / Return Rank: 3
MSFO Sharpe Ratio Rank: 3
MSFO Sortino Ratio Rank: 3
MSFO Omega Ratio Rank: 3
MSFO Calmar Ratio Rank: 4
MSFO 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.

NVDY vs. MSFO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax NVDA Option Income Strategy ETF (NVDY) and YieldMax MSFT Option Income Strategy ETF (MSFO). 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	MSFO	Difference
Sharpe ratio: Return per unit of total volatility	1.20	-0.81	+2.01
Sortino ratio: Return per unit of downside risk	1.70	-1.01	+2.72
Omega ratio: Gain probability vs. loss probability	1.21	0.87	+0.34
Calmar ratio: Return relative to maximum drawdown	2.66	-0.62	+3.28
Martin ratio: Return relative to average drawdown	6.05	-1.28	+7.33

NVDY vs. MSFO - Sharpe Ratio Comparison

The current NVDY Sharpe Ratio is 1.20, which is higher than the MSFO Sharpe Ratio of -0.81. The chart below compares the historical Sharpe Ratios of NVDY and MSFO, 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. MSFO - Drawdown Comparison

The maximum NVDY drawdown since its inception was -34.08%, which is greater than MSFO's maximum drawdown of -29.29%. Use the drawdown chart below to compare losses from any high point for NVDY and MSFO.

Drawdown Indicators

	NVDY	MSFO	Difference
Max Drawdown Largest peak-to-trough decline	-34.08%	-29.29%	-4.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.81%	-29.29%	+16.48%
Max Drawdown (3Y) Largest decline over 3 years	-34.08%	—	—
Current Drawdown Current decline from peak	-11.62%	-25.76%	+14.14%
Average Drawdown Average peak-to-trough decline	-6.20%	-6.84%	+0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.62%	14.12%	-8.50%

Volatility

NVDY vs. MSFO - Volatility Comparison

YieldMax NVDA Option Income Strategy ETF (NVDY) has a higher volatility of 10.10% compared to YieldMax MSFT Option Income Strategy ETF (MSFO) at 9.49%. This indicates that NVDY's price experiences larger fluctuations and is considered to be riskier than MSFO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NVDY	MSFO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.10%	9.49%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	21.63%	19.90%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	28.32%	22.40%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.19%	19.97%	+18.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.19%	19.97%	+18.22%

NVDY vs. MSFO - Expense Ratio Comparison

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

Dividends

NVDY vs. MSFO - Dividend Comparison

NVDY's dividend yield for the trailing twelve months is around 64.30%, more than MSFO's 46.39% yield.

Position	TTM	2025	2024	2023
MSFO YieldMax MSFT Option Income Strategy ETF	46.39%	33.91%	35.15%	6.44%
NVDY YieldMax NVDA Option Income Strategy ETF	64.30%	83.10%	83.65%	22.32%

Frequently Asked Questions

Can I hold both NVDY and MSFO in my portfolio?

NVDY and MSFO have a correlation of 0.42, 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 MSFO?

NVDY has higher volatility (10.10%) compared to MSFO (9.49%). In terms of maximum drawdown, NVDY dropped -34.08% vs MSFO's -29.29%.

Which ETF is better, NVDY or MSFO?

On 1-year performance, NVDY leads with 33.90% vs -18.05% for MSFO. Both ETFs have the same 0.99% expense ratio. On volatility, MSFO has been the lower-risk option at 9.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NVDY or MSFO?

Over the 1-year period, NVDY has performed better with a 33.90% return vs -18.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NVDY or MSFO?

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

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

NVDY has the higher dividend yield at 64.30%, compared with 46.39% for MSFO.

What is the main difference between NVDY and MSFO?

NVDY is categorized as Derivative Income, while MSFO is Options Trading.

Which has better risk-adjusted returns?

NVDY currently has the higher Sharpe Ratio (1.20 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.