PYPY vs. YBIT

Last updated Jun 4, 2026

PYPY (Yieldmax PYPL Option Income Strategy ETF) and YBIT (YieldMax Bitcoin Option Income Strategy ETF) are both exchange-traded funds - PYPY is a Derivative Income fund actively managed by YieldMax, while YBIT is a Cryptocurrency fund actively managed by YieldMax. Both are actively managed. Over the past year, PYPY returned -39.20% vs -35.27% for YBIT. At a 0.36 correlation, their price movements are largely independent. PYPY charges 1.01%/yr vs 0.99%/yr for YBIT.

Performance

PYPY vs. YBIT - Performance Comparison

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

Returns By Period

In the year-to-date period, PYPY achieves a -23.28% return, which is significantly higher than YBIT's -24.59% return.

PYPY

• 1D: -3.78%
• 1M: -12.23%
• YTD: -23.28%
• 6M: -25.27%
• 1Y: -39.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YBIT

• 1D: -2.50%
• 1M: -15.67%
• YTD: -24.59%
• 6M: -27.08%
• 1Y: -35.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PYPY vs. YBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PYPY Yieldmax PYPL Option Income Strategy ETF	-23.28%	-30.17%	33.71%
YBIT YieldMax Bitcoin Option Income Strategy ETF	-24.59%	-2.49%	-0.09%

Correlation

The correlation between PYPY and YBIT is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Apr 24, 2024	0.36

Return for Risk

PYPY vs. YBIT — 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: 1
PYPY Sortino Ratio Rank: 1
PYPY Omega Ratio Rank: 1
PYPY Calmar Ratio Rank: 2
PYPY Martin Ratio Rank: 1

YBIT

YBIT Risk / Return Rank: 2
YBIT Sharpe Ratio Rank: 1
YBIT Sortino Ratio Rank: 2
YBIT Omega Ratio Rank: 2
YBIT Calmar Ratio Rank: 2
YBIT 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. YBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax Bitcoin Option Income Strategy ETF (YBIT). 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	YBIT	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	-0.98	-0.17
Sortino ratio: Return per unit of downside risk	-1.50	-1.35	-0.15
Omega ratio: Gain probability vs. loss probability	0.78	0.84	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.78	-0.06
Martin ratio: Return relative to average drawdown	-1.48	-1.43	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PYPY vs. YBIT - Sharpe Ratio Comparison

The current PYPY Sharpe Ratio is -1.15, which is comparable to the YBIT Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of PYPY and YBIT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PYPY	YBIT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	-0.98	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	-0.35	+0.12

Drawdowns

PYPY vs. YBIT - Drawdown Comparison

The maximum PYPY drawdown since its inception was -53.64%, which is greater than YBIT's maximum drawdown of -45.54%. Use the drawdown chart below to compare losses from any high point for PYPY and YBIT.

Drawdown Indicators

	PYPY	YBIT	Difference
Max Drawdown Largest peak-to-trough decline	-53.64%	-45.54%	-8.10%
Max Drawdown (1Y) Largest decline over 1 year	-47.14%	-45.54%	-1.60%
Current Drawdown Current decline from peak	-49.18%	-43.10%	-6.08%
Average Drawdown Average peak-to-trough decline	-16.16%	-15.12%	-1.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.44%	24.69%	+1.75%

Volatility

PYPY vs. YBIT - Volatility Comparison

Yieldmax PYPL Option Income Strategy ETF (PYPY) and YieldMax Bitcoin Option Income Strategy ETF (YBIT) have volatilities of 7.83% and 7.77%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PYPY	YBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.83%	7.77%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	28.63%	29.10%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	34.15%	36.10%	-1.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.10%	38.63%	-7.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.10%	38.63%	-7.53%

PYPY vs. YBIT - Expense Ratio Comparison

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

Dividends

PYPY vs. YBIT - Dividend Comparison

PYPY's dividend yield for the trailing twelve months is around 69.43%, less than YBIT's 101.02% yield.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	69.43%	64.68%	48.65%	5.70%
YBIT YieldMax Bitcoin Option Income Strategy ETF	101.02%	88.33%	60.00%	0.00%

Frequently Asked Questions

Can I hold both PYPY and YBIT in my portfolio?

PYPY and YBIT have a correlation of 0.35, 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 YBIT?

PYPY has higher volatility (7.83%) compared to YBIT (7.77%). In terms of maximum drawdown, PYPY dropped -53.64% vs YBIT's -45.54%.

Which ETF is better, PYPY or YBIT?

On 1-year performance, YBIT leads with -35.27% vs -39.20% for PYPY. On fees, YBIT is cheaper at 0.99% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PYPY or YBIT?

Over the 1-year period, YBIT has performed better with a -35.27% return vs -39.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PYPY or YBIT?

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

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

YBIT has the higher dividend yield at 101.02%, compared with 69.43% for PYPY.

What is the main difference between PYPY and YBIT?

PYPY is categorized as Derivative Income, while YBIT is Cryptocurrency. Their fees differ too: 1.01% for PYPY and 0.99% for YBIT.

Which has better risk-adjusted returns?

YBIT 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.