SPDV vs. MRNY

Last updated Jun 4, 2026

SPDV (AAM S&P 500 High Dividend Value ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both exchange-traded funds - SPDV is a Dividend fund tracking the S&P 500 Dividend and Free Cash Flow Yield Index, while MRNY is a Derivative Income fund actively managed by YieldMax. SPDV is passively managed, while MRNY is actively managed. Over the past year, SPDV returned 27.39% vs 47.46% for MRNY. At a 0.40 correlation, their price movements are largely independent. SPDV charges 0.29%/yr vs 0.99%/yr for MRNY.

Performance

SPDV vs. MRNY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AAM S&P 500 High Dividend Value ETF (SPDV) and YieldMax MRNA Option Income Strategy ETF (MRNY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPDV achieves a 14.19% return, which is significantly lower than MRNY's 51.59% return.

SPDV

• 1D: -0.38%
• 1M: 3.73%
• YTD: 14.19%
• 6M: 14.91%
• 1Y: 27.39%
• 3Y*: 16.86%
• 5Y*: 8.17%
• 10Y*: —

MRNY

• 1D: 5.73%
• 1M: 4.23%
• YTD: 51.59%
• 6M: 62.21%
• 1Y: 47.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPDV vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPDV AAM S&P 500 High Dividend Value ETF	14.19%	10.90%	14.40%	13.82%
MRNY YieldMax MRNA Option Income Strategy ETF	51.59%	-35.72%	-59.32%	19.61%

Correlation

The correlation between SPDV and MRNY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 25, 2023	0.40

Return for Risk

SPDV vs. MRNY — Risk / Return Rank

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

SPDV

SPDV Risk / Return Rank: 73
SPDV Sharpe Ratio Rank: 68
SPDV Sortino Ratio Rank: 73
SPDV Omega Ratio Rank: 65
SPDV Calmar Ratio Rank: 85
SPDV Martin Ratio Rank: 72

MRNY

MRNY Risk / Return Rank: 28
MRNY Sharpe Ratio Rank: 27
MRNY Sortino Ratio Rank: 31
MRNY Omega Ratio Rank: 29
MRNY Calmar Ratio Rank: 30
MRNY Martin Ratio Rank: 23

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.

SPDV vs. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AAM S&P 500 High Dividend Value ETF (SPDV) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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.

	SPDV	MRNY	Difference
Sharpe ratio Return per unit of total volatility	2.26	0.97	+1.30
Sortino ratio Return per unit of downside risk	3.35	1.69	+1.66
Omega ratio Gain probability vs. loss probability	1.40	1.20	+0.20
Calmar ratio Return relative to maximum drawdown	4.74	1.51	+3.23
Martin ratio Return relative to average drawdown	13.66	2.95	+10.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDV vs. MRNY - Sharpe Ratio Comparison

The current SPDV Sharpe Ratio is 2.26, which is higher than the MRNY Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of SPDV and MRNY, 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

	SPDV	MRNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.26	0.97	+1.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.50	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	-0.49	+0.95

Drawdowns

SPDV vs. MRNY - Drawdown Comparison

The maximum SPDV drawdown since its inception was -43.81%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for SPDV and MRNY.

Drawdown Indicators

	SPDV	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-43.81%	-82.15%	+38.34%
Max Drawdown (1Y) Largest decline over 1 year	-5.80%	-31.53%	+25.73%
Max Drawdown (3Y) Largest decline over 3 years	-18.62%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.31%	—	—
Current Drawdown Current decline from peak	-0.62%	-68.09%	+67.47%
Average Drawdown Average peak-to-trough decline	-6.57%	-52.62%	+46.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	16.15%	-14.14%

Volatility

SPDV vs. MRNY - Volatility Comparison

The current volatility for AAM S&P 500 High Dividend Value ETF (SPDV) is 2.76%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 13.36%. This indicates that SPDV experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPDV	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	13.36%	-10.60%
Volatility (6M) Calculated over the trailing 6-month period	8.16%	37.05%	-28.89%
Volatility (1Y) Calculated over the trailing 1-year period	12.18%	49.37%	-37.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.30%	50.76%	-34.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.31%	50.76%	-30.45%

SPDV vs. MRNY - Expense Ratio Comparison

SPDV has a 0.29% expense ratio, which is lower than MRNY's 0.99% expense ratio.

Dividends

SPDV vs. MRNY - Dividend Comparison

SPDV's dividend yield for the trailing twelve months is around 3.31%, less than MRNY's 100.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MRNY YieldMax MRNA Option Income Strategy ETF	100.06%	145.98%	178.49%	1.75%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDV AAM S&P 500 High Dividend Value ETF	3.31%	3.85%	3.54%	3.95%	3.73%	3.08%	3.90%	3.54%	3.63%	0.28%

Frequently Asked Questions

Can I hold both SPDV and MRNY in my portfolio?

SPDV and MRNY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDV or MRNY?

MRNY has higher volatility (13.36%) compared to SPDV (2.76%). In terms of maximum drawdown, SPDV dropped -43.81% vs MRNY's -82.15%.

Which ETF is better, SPDV or MRNY?

On 1-year performance, MRNY leads with 47.46% vs 27.39% for SPDV. On fees, SPDV is cheaper at 0.29% per year. On volatility, SPDV has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDV or MRNY?

Over the 1-year period, MRNY has performed better with a 47.46% return vs 27.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDV or MRNY?

SPDV is cheaper with a 0.29% expense ratio, compared with 0.99% for MRNY.

Which ETF pays a higher dividend yield, SPDV or MRNY?

MRNY has the higher dividend yield at 100.06%, compared with 3.31% for SPDV.

What is the main difference between SPDV and MRNY?

SPDV is categorized as Dividend, while MRNY is Derivative Income. They also come from different issuers: Advisors Asset Management and YieldMax. Their fees differ too: 0.29% for SPDV and 0.99% for MRNY.

Which has better risk-adjusted returns?

SPDV currently has the higher Sharpe Ratio (2.26 vs 0.97), 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.