PYPY vs. MSTY

Last updated Jul 14, 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 -32.99% vs -73.76% for MSTY. At a 0.36 correlation, their price movements are largely independent. 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 -17.76% return, which is significantly higher than MSTY's -35.55% return.

PYPY

• 1D: 2.32%
• 1M: 9.42%
• 6M: -16.71%
• YTD: -17.76%
• 1Y: -32.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -2.03%
• 1M: -23.27%
• 6M: -39.01%
• YTD: -35.55%
• 1Y: -73.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYPY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYPY Yieldmax PYPL Option Income Strategy ETF	-17.76%	-30.17%	53.29%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-35.55%	-42.71%	212.16%

Correlation

The correlation between PYPY and MSTY is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.36

Return for Risk

PYPY vs. MSTY — Risk / Return Rank

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

PYPY

PYPY Risk / Return Rank: 3
PYPY Sharpe Ratio Rank: 2
PYPY Sortino Ratio Rank: 3
PYPY Omega Ratio Rank: 1
PYPY Calmar Ratio Rank: 4
PYPY Martin Ratio Rank: 4

MSTY

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

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.

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	-0.98	-1.15	+0.17
Sortino ratio: Return per unit of downside risk	-1.19	-2.35	+1.16
Omega ratio: Gain probability vs. loss probability	0.82	0.75	+0.07
Calmar ratio: Return relative to maximum drawdown	-0.70	-0.95	+0.25
Martin ratio: Return relative to average drawdown	-1.11	-1.41	+0.30

PYPY vs. MSTY - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -0.98, which is comparable to the MSTY Sharpe Ratio of -1.15. 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	-47.14%	-77.40%	+30.26%
Current Drawdown Current decline from peak	-45.52%	-74.66%	+29.14%
Average Drawdown Average peak-to-trough decline	-17.36%	-28.01%	+10.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.67%	52.19%	-22.52%

Volatility

PYPY vs. MSTY - Volatility Comparison

The current volatility for Yieldmax PYPL Option Income Strategy ETF (PYPY) is 6.92%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 23.76%. This indicates that PYPY experiences smaller price fluctuations and is considered to be less risky 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	6.92%	23.76%	-16.84%
Volatility (6M) Calculated over the trailing 6-month period	29.30%	53.06%	-23.76%
Volatility (1Y) Calculated over the trailing 1-year period	33.89%	64.61%	-30.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.86%	72.32%	-41.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.86%	72.32%	-41.46%

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 65.01%, less than MSTY's 289.43% yield.

Position	TTM	2025	2024	2023
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.43%	294.61%	104.56%	0.00%
PYPY Yieldmax PYPL Option Income Strategy ETF	65.01%	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 0.32, 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?

MSTY has higher volatility (23.76%) compared to PYPY (6.92%). 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 -32.99% vs -73.76% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, PYPY has been the lower-risk option at 6.92%. 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 -32.99% return vs -73.76%. 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 289.43%, compared with 65.01% 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 (-0.98 vs -1.15), 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.