SPYD vs. AMZY

Last updated Jun 20, 2026

SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) and AMZY (YieldMax AMZN Option Income Strategy ETF) are both exchange-traded funds - SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index, while AMZY is a Derivative Income fund actively managed by YieldMax. SPYD is passively managed, while AMZY is actively managed. Over the past year, SPYD returned 17.69% vs 8.54% for AMZY. At a 0.13 correlation, their price movements are largely independent. SPYD charges 0.07%/yr vs 1.09%/yr for AMZY.

Performance

SPYD vs. AMZY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and YieldMax AMZN Option Income Strategy ETF (AMZY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYD achieves a 10.94% return, which is significantly higher than AMZY's 1.40% return.

SPYD

• 1D: -0.08%
• 1M: 0.89%
• YTD: 10.94%
• 6M: 11.30%
• 1Y: 17.69%
• 3Y*: 13.11%
• 5Y*: 8.30%
• 10Y*: 8.52%

AMZY

• 1D: 1.83%
• 1M: -6.71%
• YTD: 1.40%
• 6M: 2.54%
• 1Y: 8.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYD vs. AMZY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	10.94%	4.65%	15.34%	3.79%
AMZY YieldMax AMZN Option Income Strategy ETF	1.40%	10.39%	35.28%	18.03%

Correlation

The correlation between SPYD and AMZY is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 25, 2023	0.13

Return for Risk

SPYD vs. AMZY — Risk / Return Rank

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

SPYD

SPYD Risk / Return Rank: 46
SPYD Sharpe Ratio Rank: 45
SPYD Sortino Ratio Rank: 47
SPYD Omega Ratio Rank: 41
SPYD Calmar Ratio Rank: 53
SPYD Martin Ratio Rank: 46

AMZY

AMZY Risk / Return Rank: 13
AMZY Sharpe Ratio Rank: 14
AMZY Sortino Ratio Rank: 13
AMZY Omega Ratio Rank: 14
AMZY Calmar Ratio Rank: 13
AMZY Martin Ratio Rank: 13

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.

SPYD vs. AMZY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and YieldMax AMZN Option Income Strategy ETF (AMZY). 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.

	SPYD	AMZY	Difference
Sharpe ratio: Return per unit of total volatility	1.50	0.36	+1.14
Sortino ratio: Return per unit of downside risk	2.25	0.64	+1.61
Omega ratio: Gain probability vs. loss probability	1.26	1.08	+0.17
Calmar ratio: Return relative to maximum drawdown	2.52	0.44	+2.08
Martin ratio: Return relative to average drawdown	7.28	1.05	+6.23

SPYD vs. AMZY - Sharpe Ratio Comparison

The current SPYD Sharpe Ratio is 1.50, which is higher than the AMZY Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of SPYD and AMZY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYD vs. AMZY - Drawdown Comparison

The maximum SPYD drawdown since its inception was -46.42%, which is greater than AMZY's maximum drawdown of -23.70%. Use the drawdown chart below to compare losses from any high point for SPYD and AMZY.

Drawdown Indicators

	SPYD	AMZY	Difference
Max Drawdown Largest peak-to-trough decline	-46.42%	-23.70%	-22.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.05%	-19.61%	+12.56%
Max Drawdown (3Y) Largest decline over 3 years	-16.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.42%	—	—
Current Drawdown Current decline from peak	-3.30%	-9.46%	+6.16%
Average Drawdown Average peak-to-trough decline	-6.15%	-5.38%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.43%	8.13%	-5.70%

Volatility

SPYD vs. AMZY - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) is 3.57%, while YieldMax AMZN Option Income Strategy ETF (AMZY) has a volatility of 7.69%. This indicates that SPYD experiences smaller price fluctuations and is considered to be less risky than AMZY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYD	AMZY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.57%	7.69%	-4.12%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	16.77%	-8.74%
Volatility (1Y) Calculated over the trailing 1-year period	11.84%	23.97%	-12.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.10%	25.07%	-8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.79%	25.07%	-5.28%

SPYD vs. AMZY - Expense Ratio Comparison

SPYD has a 0.07% expense ratio, which is lower than AMZY's 1.09% expense ratio.

Dividends

SPYD vs. AMZY - Dividend Comparison

SPYD's dividend yield for the trailing twelve months is around 4.19%, less than AMZY's 56.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMZY YieldMax AMZN Option Income Strategy ETF	56.44%	52.59%	47.91%	9.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.19%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both SPYD and AMZY in my portfolio?

SPYD and AMZY 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 is riskier, SPYD or AMZY?

AMZY has higher volatility (7.69%) compared to SPYD (3.57%). In terms of maximum drawdown, SPYD dropped -46.42% vs AMZY's -23.70%.

Which ETF is better, SPYD or AMZY?

On 1-year performance, SPYD leads with 17.69% vs 8.54% for AMZY. On fees, SPYD is cheaper at 0.07% per year. On volatility, SPYD has been the lower-risk option at 3.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYD or AMZY?

Over the 1-year period, SPYD has performed better with a 17.69% return vs 8.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYD or AMZY?

SPYD is cheaper with a 0.07% expense ratio, compared with 1.09% for AMZY.

Which ETF pays a higher dividend yield, SPYD or AMZY?

AMZY has the higher dividend yield at 56.44%, compared with 4.19% for SPYD.

What is the main difference between SPYD and AMZY?

SPYD is categorized as S&P 500, while AMZY is Derivative Income. They also come from different issuers: State Street and YieldMax. Their fees differ too: 0.07% for SPYD and 1.09% for AMZY.

Which has better risk-adjusted returns?

SPYD currently has the higher Sharpe Ratio (1.50 vs 0.36), 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.