SPAM vs. MSTY

Last updated Jun 3, 2026

SPAM (Themes Cybersecurity ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - SPAM is a Technology Equities fund tracking the Solactive Cyber Security Index - Benchmark TR Net, while MSTY is a Derivative Income fund actively managed by YieldMax. SPAM is passively managed, while MSTY is actively managed. Over the past year, SPAM returned 36.26% vs -57.30% for MSTY. At a 0.41 correlation, their price movements are largely independent. SPAM charges 0.35%/yr vs 0.99%/yr for MSTY.

Performance

SPAM vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Themes Cybersecurity ETF (SPAM) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPAM achieves a 37.49% return, which is significantly higher than MSTY's -8.55% return.

SPAM

• 1D: -1.23%
• 1M: 31.03%
• YTD: 37.49%
• 6M: 30.70%
• 1Y: 36.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: -8.50%
• 1M: -20.82%
• YTD: -8.55%
• 6M: -19.25%
• 1Y: -57.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPAM vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPAM Themes Cybersecurity ETF	37.49%	4.86%	8.94%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-8.55%	-42.71%	200.20%

Correlation

The correlation between SPAM and MSTY is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.41

Return for Risk

SPAM vs. MSTY — Risk / Return Rank

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

SPAM

SPAM Risk / Return Rank: 33
SPAM Sharpe Ratio Rank: 37
SPAM Sortino Ratio Rank: 35
SPAM Omega Ratio Rank: 35
SPAM Calmar Ratio Rank: 31
SPAM Martin Ratio Rank: 25

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 2

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.

SPAM vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Themes Cybersecurity ETF (SPAM) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	SPAM	MSTY	Difference
Sharpe ratio Return per unit of total volatility	1.36	-0.96	+2.31
Sortino ratio Return per unit of downside risk	1.88	-1.53	+3.41
Omega ratio Gain probability vs. loss probability	1.24	0.83	+0.41
Calmar ratio Return relative to maximum drawdown	1.54	-0.79	+2.33
Martin ratio Return relative to average drawdown	3.47	-1.22	+4.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPAM vs. MSTY - Sharpe Ratio Comparison

The current SPAM Sharpe Ratio is 1.36, which is higher than the MSTY Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of SPAM and MSTY, 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

	SPAM	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	-0.96	+2.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.31	+0.64

Drawdowns

SPAM vs. MSTY - Drawdown Comparison

The maximum SPAM drawdown since its inception was -24.02%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for SPAM and MSTY.

Drawdown Indicators

	SPAM	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-24.02%	-71.79%	+47.77%
Max Drawdown (1Y) Largest decline over 1 year	-24.02%	-71.79%	+47.77%
Current Drawdown Current decline from peak	-1.23%	-64.04%	+62.81%
Average Drawdown Average peak-to-trough decline	-6.53%	-26.01%	+19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.69%	46.68%	-35.99%

Volatility

SPAM vs. MSTY - Volatility Comparison

The current volatility for Themes Cybersecurity ETF (SPAM) is 9.99%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 16.65%. This indicates that SPAM experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPAM	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.99%	16.65%	-6.66%
Volatility (6M) Calculated over the trailing 6-month period	22.16%	48.38%	-26.22%
Volatility (1Y) Calculated over the trailing 1-year period	26.86%	60.11%	-33.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.68%	71.83%	-47.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.68%	71.83%	-47.15%

SPAM vs. MSTY - Expense Ratio Comparison

SPAM has a 0.35% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

SPAM vs. MSTY - Dividend Comparison

SPAM's dividend yield for the trailing twelve months is around 0.36%, less than MSTY's 251.24% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	251.24%	294.61%	104.56%
SPAM Themes Cybersecurity ETF	0.36%	0.49%	0.13%

Frequently Asked Questions

Can I hold both SPAM and MSTY in my portfolio?

SPAM and MSTY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPAM or MSTY?

MSTY has higher volatility (16.65%) compared to SPAM (9.99%). In terms of maximum drawdown, SPAM dropped -24.02% vs MSTY's -71.79%.

Which ETF is better, SPAM or MSTY?

On 1-year performance, SPAM leads with 36.26% vs -57.30% for MSTY. On fees, SPAM is cheaper at 0.35% per year. On volatility, SPAM has been the lower-risk option at 9.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPAM or MSTY?

Over the 1-year period, SPAM has performed better with a 36.26% return vs -57.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPAM or MSTY?

SPAM is cheaper with a 0.35% expense ratio, compared with 0.99% for MSTY.

Which ETF pays a higher dividend yield, SPAM or MSTY?

MSTY has the higher dividend yield at 251.24%, compared with 0.36% for SPAM.

What is the main difference between SPAM and MSTY?

SPAM is categorized as Technology Equities, while MSTY is Derivative Income. They also come from different issuers: Themes and YieldMax. Their fees differ too: 0.35% for SPAM and 0.99% for MSTY.

Which has better risk-adjusted returns?

SPAM currently has the higher Sharpe Ratio (1.36 vs -0.96), 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.