PYPY vs. XRMI

Last updated Jun 25, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds. PYPY is actively managed, while XRMI is passively managed. Over the past year, PYPY returned -40.91% vs 8.70% for XRMI. At a 0.31 correlation, their price movements are largely independent. PYPY charges 1.01%/yr vs 0.60%/yr for XRMI.

Performance

PYPY vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Yieldmax PYPL Option Income Strategy ETF (PYPY) and Global X S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PYPY achieves a -24.69% return, which is significantly lower than XRMI's 1.60% return.

PYPY

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

XRMI

• 1D: -0.06%
• 1M: 0.34%
• YTD: 1.60%
• 6M: 1.15%
• 1Y: 8.70%
• 3Y*: 6.88%
• 5Y*: —
• 10Y*: —

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

PYPY vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	-24.69%	-30.17%	43.88%	6.19%
XRMI Global X S&P 500 Risk Managed Income ETF	1.60%	4.60%	15.18%	1.32%

Correlation

The correlation between PYPY and XRMI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 26, 2023	0.31

PYPY vs. XRMI - Sectors Allocation Comparison

Sectors	PYPY	XRMI
Financial Services	100.0%	11.6%
Basic Materials	-	1.7%
Communication Services	-	10.3%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.6%
Energy	-	3.1%
Healthcare	-	8.5%
Industrials	-	7.9%
Real Estate	-	1.8%
Technology	-	39.5%
Utilities	-	2.7%

Return for Risk

PYPY vs. XRMI — 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

XRMI

XRMI Risk / Return Rank: 49
XRMI Sharpe Ratio Rank: 52
XRMI Sortino Ratio Rank: 51
XRMI Omega Ratio Rank: 55
XRMI Calmar Ratio Rank: 39
XRMI Martin Ratio Rank: 47

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. XRMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) and Global X S&P 500 Risk Managed Income ETF (XRMI). 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	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.59	-2.80
Sortino ratio: Return per unit of downside risk	-1.61	2.22	-3.83
Omega ratio: Gain probability vs. loss probability	0.76	1.31	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.87	1.74	-2.61
Martin ratio: Return relative to average drawdown	-1.45	7.01	-8.46

PYPY vs. XRMI - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -1.21, which is lower than the XRMI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of PYPY and XRMI, 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. XRMI - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for PYPY and XRMI.

Drawdown Indicators

	PYPY	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-15.31%	-38.33%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	-5.02%	-42.12%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.34%	—
Current Drawdown Current decline from peak	-50.11%	-0.58%	-49.53%
Average Drawdown Average peak-to-trough decline	-16.83%	-5.87%	-10.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.31%	1.24%	+27.07%

Volatility

PYPY vs. XRMI - Volatility Comparison

Yieldmax PYPL Option Income Strategy ETF (PYPY) has a higher volatility of 7.30% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.70%. This indicates that PYPY's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPY	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.30%	1.70%	+5.60%
Volatility (6M) Calculated over the trailing 6-month period	28.83%	4.43%	+24.40%
Volatility (1Y) Calculated over the trailing 1-year period	33.91%	5.50%	+28.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.95%	6.90%	+24.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.95%	6.90%	+24.05%

PYPY vs. XRMI - Expense Ratio Comparison

PYPY has a 1.01% expense ratio, which is higher than XRMI's 0.60% expense ratio.

Dividends

PYPY vs. XRMI - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 74.19%, more than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
PYPY Yieldmax PYPL Option Income Strategy ETF	74.19%	64.68%	48.65%	5.70%	0.00%	0.00%
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both PYPY and XRMI in my portfolio?

PYPY and XRMI have a correlation of 0.34, 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 XRMI?

PYPY has higher volatility (7.30%) compared to XRMI (1.70%). In terms of maximum drawdown, PYPY dropped -53.64% vs XRMI's -15.31%.

Which ETF is better, PYPY or XRMI?

On 1-year performance, XRMI leads with 8.70% vs -40.91% for PYPY. On fees, XRMI is cheaper at 0.60% per year. On volatility, XRMI has been the lower-risk option at 1.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or XRMI?

Over the 1-year period, XRMI has performed better with a 8.70% return vs -40.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or XRMI?

XRMI is cheaper with a 0.60% expense ratio, compared with 1.01% for PYPY.

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

PYPY has the higher dividend yield at 74.19%, compared with 12.73% for XRMI.

What is the main difference between PYPY and XRMI?

They also come from different issuers: YieldMax and Global X. Their fees differ too: 1.01% for PYPY and 0.60% for XRMI.

Which has better risk-adjusted returns?

XRMI currently has the higher Sharpe Ratio (1.59 vs -1.21), 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.