SMCY vs. JELM

Last updated Aug 5, 2026

SMCY (YieldMax SMCI Option Income Strategy ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.05 correlation means they have often moved in opposite directions in the past. SMCY charges 1.01%/yr vs 0.59%/yr for JELM.

Performance

SMCY vs. JELM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SMCI Option Income Strategy ETF (SMCY) and Janus Henderson Equity Linked Moderate Income ETF (JELM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMCY

• 1D: 7.71%
• 1M: 12.04%
• 6M: -3.84%
• YTD: -2.66%
• 1Y: -45.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.19%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K
SMCY YieldMax SMCI Option Income Strategy ETF	$4.45M	$3.57M	$5.92M

SMCY vs. JELM - Yearly Performance Comparison

	2026 (YTD)
SMCY YieldMax SMCI Option Income Strategy ETF	3.66%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between SMCY and JELM is -0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.05

Return for Risk

SMCY vs. JELM — Risk / Return Rank

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

SMCY

SMCY Risk / Return Rank: 4
SMCY Sharpe Ratio Rank: 4
SMCY Sortino Ratio Rank: 5
SMCY Omega Ratio Rank: 4
SMCY Calmar Ratio Rank: 3
SMCY Martin Ratio Rank: 3

JELM

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

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.

SMCY vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SMCI Option Income Strategy ETF (SMCY) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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.

	SMCY	JELM	Difference
Sharpe ratio: Return per unit of total volatility	-0.61	—	—
Sortino ratio: Return per unit of downside risk	-0.52	—	—
Omega ratio: Gain probability vs. loss probability	0.92	—	—
Calmar ratio: Return relative to maximum drawdown	-0.78	—	—
Martin ratio: Return relative to average drawdown	-1.21	—	—

Drawdowns

SMCY vs. JELM - Drawdown Comparison

The maximum SMCY drawdown since its inception was -64.75%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for SMCY and JELM.

Drawdown Indicators

	SMCY	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-64.75%	-0.69%	-64.06%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	—	—
Current Drawdown Current decline from peak	-53.07%	-0.25%	-52.82%
Average Drawdown Average peak-to-trough decline	-38.46%	-0.21%	-38.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.56%	—	—

Volatility

Volatility by Period

	SMCY	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	70.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	75.58%	3.69%	+71.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	80.55%	3.69%	+76.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	80.55%	3.69%	+76.86%

SMCY vs. JELM - Expense Ratio Comparison

SMCY has a 1.01% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

SMCY vs. JELM - Dividend Comparison

SMCY's dividend yield for the trailing twelve months is around 165.69%, more than JELM's 1.21% yield.

Position	TTM	2025	2024
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%	0.00%
SMCY YieldMax SMCI Option Income Strategy ETF	165.69%	231.43%	38.43%

Frequently Asked Questions

Can I hold both SMCY and JELM in my portfolio?

SMCY and JELM have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCY or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCY or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 1.01% for SMCY.

Which ETF pays a higher dividend yield, SMCY or JELM?

SMCY has the higher dividend yield at 165.69%, compared with 1.21% for JELM.

What is the main difference between SMCY and JELM?

They also come from different issuers: YieldMax and Janus Henderson. Their fees differ too: 1.01% for SMCY and 0.59% for JELM.