PYPY vs. SQY

Last updated Jun 25, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and SQY (YieldMax SQ Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Both charge a 1.01% expense ratio.

Performance

PYPY vs. SQY - Performance Comparison

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

Returns By Period

PYPY

• 1D: 1.60%
• 1M: -4.44%
• YTD: -24.69%
• 6M: -26.14%
• 1Y: -40.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SQY

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

Return for Risk

PYPY vs. SQY — Risk / Return Rank

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

PYPY

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

SQY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. SQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax SQ Option Income Strategy ETF (SQY). 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	SQY	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	—	—
Sortino ratio: Return per unit of downside risk	-1.61	—	—
Omega ratio: Gain probability vs. loss probability	0.76	—	—
Calmar ratio: Return relative to maximum drawdown	-0.87	—	—
Martin ratio: Return relative to average drawdown	-1.45	—	—

Drawdowns

Drawdown Indicators

	PYPY	SQY	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	—	—
Current Drawdown Current decline from peak	-50.11%	—	—
Average Drawdown Average peak-to-trough decline	-16.83%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	28.31%	—	—

Volatility

Volatility by Period

	PYPY	SQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.83%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.91%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.95%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.95%	—	—

PYPY vs. SQY - Expense Ratio Comparison

Both PYPY and SQY have an expense ratio of 1.01%.

Dividends

PYPY vs. SQY - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 74.19%, while SQY has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	74.19%	64.68%	48.65%	5.70%
SQY YieldMax SQ Option Income Strategy ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, PYPY or SQY?

Both ETFs have the same 1.01% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PYPY or SQY?

PYPY and SQY have the same expense ratio: 1.01% per year.

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

PYPY has the higher dividend yield at 74.19%, compared with 0.00% for SQY.