OARK vs. SPYT

Last updated Aug 5, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and SPYT (Defiance S&P 500 Income Target ETF) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while SPYT is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, OARK returned 8.12% vs 20.10% for SPYT. Their 0.72 correlation means they have sometimes moved together and sometimes differently. OARK charges 0.99%/yr vs 0.87%/yr for SPYT.

Performance

OARK vs. SPYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) and Defiance S&P 500 Income Target ETF (SPYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OARK achieves a 3.34% return, which is significantly lower than SPYT's 12.52% return.

OARK

• 1D: 3.22%
• 1M: -4.38%
• 6M: 8.02%
• YTD: 3.34%
• 1Y: 8.12%
• 3Y*: 11.28%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.73%

SPYT

• 1D: 1.57%
• 1M: 3.33%
• 6M: 11.41%
• YTD: 12.52%
• 1Y: 20.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.11%

*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)
OARK YieldMax Innovation Option Income Strategy ETF	$242.34K	$305.38K	$349.11K
SPYT Defiance S&P 500 Income Target ETF	$2.31M	$1.94M	$2.34M

OARK vs. SPYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OARK YieldMax Innovation Option Income Strategy ETF	3.34%	20.37%	10.45%
SPYT Defiance S&P 500 Income Target ETF	12.52%	12.41%	13.30%

Correlation

The correlation between OARK and SPYT is 0.76, 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.	0.76
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.72

The correlation between OARK and SPYT has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

Return for Risk

OARK vs. SPYT — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 16
OARK Sharpe Ratio Rank: 16
OARK Sortino Ratio Rank: 16
OARK Omega Ratio Rank: 16
OARK Calmar Ratio Rank: 16
OARK Martin Ratio Rank: 15

SPYT

SPYT Risk / Return Rank: 68
SPYT Sharpe Ratio Rank: 65
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 71
SPYT Calmar Ratio Rank: 64
SPYT Martin Ratio Rank: 76

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.

OARK vs. SPYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) and Defiance S&P 500 Income Target ETF (SPYT). 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.

	OARK	SPYT	Difference
Sharpe ratio: Return per unit of total volatility	0.28	1.72	-1.43
Sortino ratio: Return per unit of downside risk	0.58	2.38	-1.80
Omega ratio: Gain probability vs. loss probability	1.07	1.33	-0.26
Calmar ratio: Return relative to maximum drawdown	0.35	2.52	-2.17
Martin ratio: Return relative to average drawdown	0.78	10.78	-10.00

OARK vs. SPYT - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 0.28, which is lower than the SPYT Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of OARK and SPYT, 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

OARK vs. SPYT - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than SPYT's maximum drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for OARK and SPYT.

Drawdown Indicators

	OARK	SPYT	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-18.25%	-17.23%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-8.00%	-15.26%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	—	—
Current Drawdown Current decline from peak	-9.18%	0.00%	-9.18%
Average Drawdown Average peak-to-trough decline	-10.47%	-1.97%	-8.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.41%	1.87%	+8.54%

Volatility

OARK vs. SPYT - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) has a higher volatility of 8.90% compared to Defiance S&P 500 Income Target ETF (SPYT) at 3.67%. This indicates that OARK's price experiences larger fluctuations and is considered to be riskier than SPYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OARK	SPYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.90%	3.67%	+5.23%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	9.59%	+12.34%
Volatility (1Y) Calculated over the trailing 1-year period	28.90%	11.81%	+17.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.86%	14.76%	+16.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.86%	14.76%	+16.10%

OARK vs. SPYT - Expense Ratio Comparison

OARK has a 0.99% expense ratio, which is higher than SPYT's 0.87% expense ratio.

Dividends

OARK vs. SPYT - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 66.11%, more than SPYT's 20.60% yield.

Position	TTM	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	66.11%	61.86%	47.86%	45.03%
SPYT Defiance S&P 500 Income Target ETF	20.60%	21.40%	17.37%	0.00%

Frequently Asked Questions

Can I hold both OARK and SPYT in my portfolio?

OARK and SPYT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OARK or SPYT?

OARK has higher volatility (8.90%) compared to SPYT (3.67%). In terms of maximum drawdown, OARK dropped -35.48% vs SPYT's -18.25%.

Which ETF is better, OARK or SPYT?

On 1-year performance, SPYT leads with 20.10% vs 8.12% for OARK. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OARK or SPYT?

Over the 1-year period, SPYT has performed better with a 20.10% return vs 8.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or SPYT?

SPYT is cheaper with a 0.87% expense ratio, compared with 0.99% for OARK.

Which ETF pays a higher dividend yield, OARK or SPYT?

OARK has the higher dividend yield at 66.11%, compared with 20.60% for SPYT.

What is the main difference between OARK and SPYT?

OARK is categorized as Options Trading, while SPYT is Derivative Income. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.99% for OARK and 0.87% for SPYT.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (1.72 vs 0.28), 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.