OARK vs. YMAX

Last updated Aug 5, 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 8.12% vs -0.85% for YMAX. Their correlation of 0.85 means they have usually moved in the same direction. OARK charges 0.99%/yr vs 1.33%/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

In the year-to-date period, OARK achieves a 3.34% return, which is significantly lower than YMAX's 3.90% 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%

YMAX

• 1D: 3.20%
• 1M: 1.20%
• 6M: 10.80%
• YTD: 3.90%
• 1Y: -0.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.07%

*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
YMAX YieldMax Universe Fund of Option Income ETFs	$9.65M	$11.24M	$14.49M

OARK vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OARK YieldMax Innovation Option Income Strategy ETF	3.34%	20.37%	17.42%
YMAX YieldMax Universe Fund of Option Income ETFs	3.90%	6.04%	26.90%

Correlation

The correlation between OARK and YMAX is 0.88, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.88
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.85

The correlation between OARK and YMAX has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

Return for Risk

OARK vs. YMAX — 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

YMAX

YMAX Risk / Return Rank: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 10
YMAX Martin Ratio Rank: 10

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. 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.

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	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.28	-0.04	+0.32
Sortino ratio: Return per unit of downside risk	0.58	0.12	+0.47
Omega ratio: Gain probability vs. loss probability	1.07	1.01	+0.05
Calmar ratio: Return relative to maximum drawdown	0.35	-0.03	+0.38
Martin ratio: Return relative to average drawdown	0.78	-0.07	+0.85

OARK vs. YMAX - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 0.28, which is higher than the YMAX Sharpe Ratio of -0.04. 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.

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	-9.18%	-7.89%	-1.29%
Average Drawdown Average peak-to-trough decline	-10.47%	-6.57%	-3.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.41%	11.73%	-1.32%

Volatility

OARK vs. YMAX - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) has a higher volatility of 8.90% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 7.05%. This indicates that OARK's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. 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	8.90%	7.05%	+1.85%
Volatility (6M) Calculated over the trailing 6-month period	21.93%	20.41%	+1.52%
Volatility (1Y) Calculated over the trailing 1-year period	28.90%	24.32%	+4.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.86%	23.57%	+7.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.86%	23.57%	+7.29%

OARK vs. YMAX - Expense Ratio Comparison

OARK has a 0.99% expense ratio, which is lower than YMAX's 1.33% expense ratio.

Dividends

OARK vs. YMAX - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 66.11%, less than YMAX's 69.51% yield.

Position	TTM	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	66.11%	61.86%	47.86%	45.03%
YMAX YieldMax Universe Fund of Option Income ETFs	69.51%	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 0.88, 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 (8.90%) compared to YMAX (7.05%). 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 8.12% vs -0.85% for YMAX. On fees, OARK is cheaper at 0.99% per year. On volatility, YMAX has been the lower-risk option at 7.05%. 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 8.12% return vs -0.85%. 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 1.33% for YMAX.

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

YMAX has the higher dividend yield at 69.51%, compared with 66.11% 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 1.33% for YMAX.

Which has better risk-adjusted returns?

OARK currently has the higher Sharpe Ratio (0.28 vs -0.04), 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.