PYPY vs. MSTY

Last updated Aug 2, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, PYPY returned -14.80% vs -68.40% for MSTY. Their 0.34 correlation means their historical movements had little consistent relationship. PYPY charges 1.01%/yr vs 0.99%/yr for MSTY.

Performance

PYPY vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYPY achieves a -1.57% return, which is significantly higher than MSTY's -33.29% return.

PYPY

• 1D: -0.37%
• 1M: 24.91%
• 6M: 6.78%
• YTD: -1.57%
• 1Y: -14.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.74%

MSTY

• 1D: -2.60%
• 1M: -2.63%
• 6M: -31.98%
• YTD: -33.29%
• 1Y: -68.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.52%

*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)
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.71M	$13.42M	$28.94M
PYPY Yieldmax PYPL Option Income Strategy ETF	$726.92K	$509.19K	$412.49K

PYPY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYPY Yieldmax PYPL Option Income Strategy ETF	-1.57%	-30.17%	53.29%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-33.29%	-42.71%	212.16%

Correlation

The correlation between PYPY and MSTY is 0.29, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.29
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.34

Return for Risk

PYPY vs. MSTY — Risk / Return Rank

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

PYPY

PYPY Risk / Return Rank: 6
PYPY Sharpe Ratio Rank: 5
PYPY Sortino Ratio Rank: 6
PYPY Omega Ratio Rank: 5
PYPY Calmar Ratio Rank: 6
PYPY Martin Ratio Rank: 7

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 1

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.

PYPY vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	PYPY	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	-1.09	+0.64
Sortino ratio: Return per unit of downside risk	-0.40	-2.13	+1.73
Omega ratio: Gain probability vs. loss probability	0.94	0.77	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.37	-0.95	+0.59
Martin ratio: Return relative to average drawdown	-0.59	-1.40	+0.81

PYPY vs. MSTY - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -0.45, which is higher than the MSTY Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of PYPY and MSTY, 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

PYPY vs. MSTY - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for PYPY and MSTY.

Drawdown Indicators

	PYPY	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-77.40%	+23.76%
Max Drawdown (1Y) Largest decline over 1 year	-44.75%	-74.91%	+30.16%
Current Drawdown Current decline from peak	-34.79%	-73.77%	+38.98%
Average Drawdown Average peak-to-trough decline	-17.74%	-29.05%	+11.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.54%	50.99%	-23.45%

Volatility

PYPY vs. MSTY - Volatility Comparison

Yieldmax PYPL Option Income Strategy ETF (PYPY) has a higher volatility of 15.29% compared to YieldMax™ MSTR Option Income Strategy ETF (MSTY) at 14.46%. This indicates that PYPY's price experiences larger fluctuations and is considered to be riskier than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPY	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.29%	14.46%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	32.67%	52.28%	-19.61%
Volatility (1Y) Calculated over the trailing 1-year period	36.58%	65.31%	-28.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.06%	71.91%	-39.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.06%	71.91%	-39.85%

PYPY vs. MSTY - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is higher than MSTY's 0.99% expense ratio.

Dividends

PYPY vs. MSTY - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 56.79%, less than MSTY's 251.54% yield.

Position	TTM	2025	2024	2023
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.54%	294.61%	104.56%	0.00%
PYPY Yieldmax PYPL Option Income Strategy ETF	56.79%	64.68%	48.65%	5.70%

Frequently Asked Questions

Can I hold both PYPY and MSTY in my portfolio?

PYPY and MSTY have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PYPY or MSTY?

PYPY has higher volatility (15.29%) compared to MSTY (14.46%). In terms of maximum drawdown, PYPY dropped -53.64% vs MSTY's -77.40%.

Which ETF is better, PYPY or MSTY?

On 1-year performance, PYPY leads with -14.80% vs -68.40% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, MSTY has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or MSTY?

Over the 1-year period, PYPY has performed better with a -14.80% return vs -68.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or MSTY?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.01% for PYPY.

Which ETF pays a higher dividend yield, PYPY or MSTY?

MSTY has the higher dividend yield at 251.54%, compared with 56.79% for PYPY.

What is the main difference between PYPY and MSTY?

Their fees differ too: 1.01% for PYPY and 0.99% for MSTY.

Which has better risk-adjusted returns?

PYPY currently has the higher Sharpe Ratio (-0.45 vs -1.09), 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.