SNOY vs. JELM

Last updated Aug 5, 2026

SNOY (YieldMax SNOW Option Income Strategy ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.17 correlation means they have often moved in opposite directions in the past. SNOY charges 0.99%/yr vs 0.59%/yr for JELM.

Performance

SNOY vs. JELM - Performance Comparison

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

Returns By Period

SNOY

• 1D: 2.28%
• 1M: 19.35%
• 6M: 75.46%
• YTD: 40.69%
• 1Y: 42.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 45.28%

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
SNOY YieldMax SNOW Option Income Strategy ETF	$2.38M	$1.81M	$1.22M

SNOY vs. JELM - Yearly Performance Comparison

	2026 (YTD)
SNOY YieldMax SNOW Option Income Strategy ETF	95.88%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between SNOY and JELM is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.17

Return for Risk

SNOY vs. JELM — Risk / Return Rank

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

SNOY

SNOY Risk / Return Rank: 31
SNOY Sharpe Ratio Rank: 28
SNOY Sortino Ratio Rank: 38
SNOY Omega Ratio Rank: 40
SNOY Calmar Ratio Rank: 25
SNOY Martin Ratio Rank: 23

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.

SNOY vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SNOW Option Income Strategy ETF (SNOY) 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.

	SNOY	JELM	Difference
Sharpe ratio: Return per unit of total volatility	0.74	—	—
Sortino ratio: Return per unit of downside risk	1.61	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	0.84	—	—
Martin ratio: Return relative to average drawdown	1.86	—	—

Drawdowns

SNOY vs. JELM - Drawdown Comparison

The maximum SNOY drawdown since its inception was -50.90%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for SNOY and JELM.

Drawdown Indicators

	SNOY	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-50.90%	-0.69%	-50.21%
Max Drawdown (1Y) Largest decline over 1 year	-50.90%	—	—
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-12.12%	-0.21%	-11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.99%	—	—

Volatility

Volatility by Period

	SNOY	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	57.72%	3.69%	+54.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.80%	3.69%	+47.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.80%	3.69%	+47.11%

SNOY vs. JELM - Expense Ratio Comparison

SNOY has a 0.99% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

SNOY vs. JELM - Dividend Comparison

SNOY's dividend yield for the trailing twelve months is around 66.71%, 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%
SNOY YieldMax SNOW Option Income Strategy ETF	66.71%	84.96%	33.32%

Frequently Asked Questions

Can I hold both SNOY and JELM in my portfolio?

SNOY and JELM have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SNOY 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, SNOY or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 0.99% for SNOY.

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

SNOY has the higher dividend yield at 66.71%, compared with 1.21% for JELM.

What is the main difference between SNOY and JELM?

They also come from different issuers: YieldMax and Janus Henderson. Their fees differ too: 0.99% for SNOY and 0.59% for JELM.