OARK vs. YMAX

Last updated Jun 4, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - OARK is a Options Trading fund actively managed by YieldMax, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, OARK returned 32.85% vs 9.02% for YMAX. Their correlation of 0.85 suggests significant overlap in exposure. OARK charges 0.99%/yr vs 1.28%/yr for YMAX.

Performance

OARK vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with OARK having a 6.11% return and YMAX slightly lower at 6.06%.

OARK

• 1D: -1.57%
• 1M: 0.36%
• YTD: 6.11%
• 6M: 4.26%
• 1Y: 32.85%
• 3Y*: 14.35%
• 5Y*: —
• 10Y*: —

YMAX

• 1D: -1.70%
• 1M: 6.76%
• YTD: 6.06%
• 6M: 3.56%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OARK vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OARK YieldMax Innovation Option Income Strategy ETF	6.11%	20.37%	19.16%
YMAX YieldMax Universe Fund of Option Income ETFs	6.06%	6.04%	26.26%

Correlation

The correlation between OARK and YMAX is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.85

The correlation between OARK and YMAX has been stable across timeframes, ranging from 0.85 to 0.86 - a consistent structural relationship.

Return for Risk

OARK vs. YMAX — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 29
OARK Sharpe Ratio Rank: 32
OARK Sortino Ratio Rank: 31
OARK Omega Ratio Rank: 30
OARK Calmar Ratio Rank: 29
OARK Martin Ratio Rank: 25

YMAX

YMAX Risk / Return Rank: 14
YMAX Sharpe Ratio Rank: 14
YMAX Sortino Ratio Rank: 14
YMAX Omega Ratio Rank: 15
YMAX Calmar Ratio Rank: 13
YMAX Martin Ratio Rank: 12

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.

OARK vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	OARK	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.42	+0.76
Sortino ratio: Return per unit of downside risk	1.68	0.70	+0.98
Omega ratio: Gain probability vs. loss probability	1.21	1.09	+0.11
Calmar ratio: Return relative to maximum drawdown	1.42	0.35	+1.07
Martin ratio: Return relative to average drawdown	3.37	0.82	+2.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OARK vs. YMAX - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 1.18, which is higher than the YMAX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of OARK and YMAX, 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

	OARK	YMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	0.42	+0.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.70	-0.30

Drawdowns

OARK vs. YMAX - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for OARK and YMAX.

Drawdown Indicators

	OARK	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-26.13%	-9.35%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-26.13%	+2.87%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	—	—
Current Drawdown Current decline from peak	-6.75%	-5.98%	-0.77%
Average Drawdown Average peak-to-trough decline	-10.58%	-6.33%	-4.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.77%	10.99%	-1.22%

Volatility

OARK vs. YMAX - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) and YieldMax Universe Fund of Option Income ETFs (YMAX) have volatilities of 6.50% and 6.22%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OARK	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	6.22%	+0.28%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	17.10%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	28.07%	21.62%	+6.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	22.97%	+7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	22.97%	+7.87%

OARK vs. YMAX - Expense Ratio Comparison

OARK has a 0.99% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

OARK vs. YMAX - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 64.29%, less than YMAX's 72.94% yield.

Position	TTM	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	64.29%	61.86%	47.86%	45.03%
YMAX YieldMax Universe Fund of Option Income ETFs	72.94%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both OARK and YMAX in my portfolio?

OARK and YMAX have a correlation of 0.86, 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 YMAX?

OARK has higher volatility (6.50%) compared to YMAX (6.22%). In terms of maximum drawdown, OARK dropped -35.48% vs YMAX's -26.13%.

Which ETF is better, OARK or YMAX?

On 1-year performance, OARK leads with 32.85% vs 9.02% for YMAX. On fees, OARK is cheaper at 0.99% per year. On volatility, YMAX has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OARK or YMAX?

Over the 1-year period, OARK has performed better with a 32.85% return vs 9.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or YMAX?

OARK is cheaper with a 0.99% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 72.94%, compared with 64.29% for OARK.

What is the main difference between OARK and YMAX?

OARK is categorized as Options Trading, while YMAX is Derivative Income. Their fees differ too: 0.99% for OARK and 1.28% for YMAX.

Which has better risk-adjusted returns?

OARK currently has the higher Sharpe Ratio (1.18 vs 0.42), 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.