PYPY vs. AVES
PYPY (Yieldmax PYPL Option Income Strategy ETF) and AVES (Avantis Emerging Markets Value ETF) are both exchange-traded funds - PYPY is a Derivative Income fund actively managed by YieldMax, while AVES is a Emerging Markets Equities fund actively managed by Avantis. Both are actively managed. Over the past year, PYPY returned -39.46% vs 35.16% for AVES. At a 0.36 correlation, their price movements are largely independent. PYPY charges 1.01%/yr vs 0.36%/yr for AVES.
Performance
PYPY vs. AVES - Performance Comparison
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Returns By Period
In the year-to-date period, PYPY achieves a -22.78% return, which is significantly lower than AVES's 16.40% return.
PYPY
- 1D
- 0.66%
- 1M
- -5.85%
- YTD
- -22.78%
- 6M
- -25.01%
- 1Y
- -39.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AVES
- 1D
- -0.34%
- 1M
- 2.32%
- YTD
- 16.40%
- 6M
- 18.70%
- 1Y
- 35.16%
- 3Y*
- 20.62%
- 5Y*
- —
- 10Y*
- —
PYPY vs. AVES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PYPY Yieldmax PYPL Option Income Strategy ETF | -22.78% | -30.17% | 43.88% | 6.09% |
AVES Avantis Emerging Markets Value ETF | 16.40% | 30.49% | 4.50% | 9.98% |
Correlation
The correlation between PYPY and AVES is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2023 | 0.36 |
PYPY vs. AVES - Sectors Allocation Comparison
Sectors
PYPY
AVES
Financial Services
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Healthcare
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
PYPY
AVES
Basic Materials
PYPY
-
AVES
Communication Services
PYPY
-
AVES
Consumer Cyclical
PYPY
-
AVES
Consumer Defensive
PYPY
-
AVES
Energy
PYPY
-
AVES
Healthcare
PYPY
-
AVES
Industrials
PYPY
-
AVES
Real Estate
PYPY
-
AVES
Technology
PYPY
-
AVES
Utilities
PYPY
-
AVES
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Return for Risk
PYPY vs. AVES — Risk / Return Rank
PYPY
AVES
PYPY vs. AVES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) and Avantis Emerging Markets Value ETF (AVES). 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.
| PYPY | AVES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.38 | -0.61 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.74 | -3.58 |
| Martin ratioReturn relative to average drawdown | -1.49 | 10.16 | -11.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PYPY | AVES | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | 2.06 | -3.22 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.61 | -0.83 |
Drawdowns
PYPY vs. AVES - Drawdown Comparison
The maximum PYPY drawdown since its inception was -53.64%, which is greater than AVES's maximum drawdown of -27.40%. Use the drawdown chart below to compare losses from any high point for PYPY and AVES.
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Drawdown Indicators
| PYPY | AVES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.64% | -27.40% | -26.24% |
Max Drawdown (1Y)Largest decline over 1 year | -47.14% | -12.90% | -34.24% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.50% | — |
Current DrawdownCurrent decline from peak | -48.84% | -1.70% | -47.14% |
Average DrawdownAverage peak-to-trough decline | -16.21% | -7.72% | -8.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.57% | 3.47% | +23.10% |
Volatility
PYPY vs. AVES - Volatility Comparison
The current volatility for Yieldmax PYPL Option Income Strategy ETF (PYPY) is 5.09%, while Avantis Emerging Markets Value ETF (AVES) has a volatility of 6.62%. This indicates that PYPY experiences smaller price fluctuations and is considered to be less risky than AVES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PYPY | AVES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.09% | 6.62% | -1.53% |
Volatility (6M)Calculated over the trailing 6-month period | 28.64% | 14.44% | +14.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.15% | 17.20% | +16.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.08% | 16.98% | +14.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.08% | 16.98% | +14.10% |
PYPY vs. AVES - Expense Ratio Comparison
PYPY has a 1.01% expense ratio, which is higher than AVES's 0.36% expense ratio.
Dividends
PYPY vs. AVES - Dividend Comparison
PYPY's dividend yield for the trailing twelve months is around 70.45%, more than AVES's 2.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
AVES Avantis Emerging Markets Value ETF | 2.82% | 3.17% | 4.09% | 3.96% | 3.70% | 0.62% |
PYPY Yieldmax PYPL Option Income Strategy ETF | 70.45% | 64.68% | 48.65% | 5.70% | 0.00% | 0.00% |
Frequently Asked Questions
PYPY and AVES have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AVES has higher volatility (6.62%) compared to PYPY (5.09%). In terms of maximum drawdown, PYPY dropped -53.64% vs AVES's -27.40%.
On 1-year performance, AVES leads with 35.16% vs -39.46% for PYPY. On fees, AVES is cheaper at 0.36% per year. On volatility, PYPY has been the lower-risk option at 5.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AVES has performed better with a 35.16% return vs -39.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AVES is cheaper with a 0.36% expense ratio, compared with 1.01% for PYPY.
PYPY has the higher dividend yield at 70.45%, compared with 2.82% for AVES.
PYPY is categorized as Derivative Income, while AVES is Emerging Markets Equities. They also come from different issuers: YieldMax and Avantis. Their fees differ too: 1.01% for PYPY and 0.36% for AVES.
AVES currently has the higher Sharpe Ratio (2.06 vs -1.16), 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.
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