SQY vs. APLY

Last updated Jun 4, 2026

SQY (YieldMax SQ Option Income Strategy ETF) and APLY (YieldMax AAPL Option Income Strategy ETF) are both exchange-traded funds - SQY is a Derivative Income fund actively managed by YieldMax, while APLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, SQY returned -0.20% vs 36.14% for APLY. At a 0.27 correlation, their price movements are largely independent. SQY charges 1.01%/yr vs 0.99%/yr for APLY.

Performance

SQY vs. APLY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SQ Option Income Strategy ETF (SQY) and YieldMax AAPL Option Income Strategy ETF (APLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQY achieves a -1.01% return, which is significantly lower than APLY's 9.41% return.

SQY

• 1D: -5.22%
• 1M: -4.39%
• YTD: -1.01%
• 6M: 6.08%
• 1Y: -0.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APLY

• 1D: -0.93%
• 1M: 9.06%
• YTD: 9.41%
• 6M: 5.60%
• 1Y: 36.14%
• 3Y*: 11.75%
• 5Y*: —
• 10Y*: —

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

SQY vs. APLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SQY YieldMax SQ Option Income Strategy ETF	-1.01%	-29.43%	21.72%	44.45%
APLY YieldMax AAPL Option Income Strategy ETF	9.41%	4.69%	18.62%	7.54%

Correlation

The correlation between SQY and APLY is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (All Time) Calculated using the full available price history since Oct 12, 2023	0.27

Return for Risk

SQY vs. APLY — Risk / Return Rank

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

SQY

SQY Risk / Return Rank: 9
SQY Sharpe Ratio Rank: 8
SQY Sortino Ratio Rank: 9
SQY Omega Ratio Rank: 10
SQY Calmar Ratio Rank: 9
SQY Martin Ratio Rank: 9

APLY

APLY Risk / Return Rank: 57
APLY Sharpe Ratio Rank: 59
APLY Sortino Ratio Rank: 58
APLY Omega Ratio Rank: 60
APLY Calmar Ratio Rank: 62
APLY Martin Ratio Rank: 47

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.

SQY vs. APLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SQ Option Income Strategy ETF (SQY) and YieldMax AAPL Option Income Strategy ETF (APLY). 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.

	SQY	APLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	2.02	-2.02
Sortino ratio: Return per unit of downside risk	0.26	2.79	-2.53
Omega ratio: Gain probability vs. loss probability	1.03	1.37	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.01	3.09	-3.09
Martin ratio: Return relative to average drawdown	-0.01	7.87	-7.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQY vs. APLY - Sharpe Ratio Comparison

The current SQY Sharpe Ratio is -0.01, which is lower than the APLY Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of SQY and APLY, 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

	SQY	APLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	2.02	-2.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.68	-0.49

Drawdowns

SQY vs. APLY - Drawdown Comparison

The maximum SQY drawdown since its inception was -52.30%, which is greater than APLY's maximum drawdown of -30.41%. Use the drawdown chart below to compare losses from any high point for SQY and APLY.

Drawdown Indicators

	SQY	APLY	Difference
Max Drawdown Largest peak-to-trough decline	-52.30%	-30.41%	-21.89%
Max Drawdown (1Y) Largest decline over 1 year	-37.72%	-11.76%	-25.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-30.41%	—
Current Drawdown Current decline from peak	-37.84%	-0.93%	-36.91%
Average Drawdown Average peak-to-trough decline	-21.82%	-6.93%	-14.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.18%	4.60%	+12.58%

Volatility

SQY vs. APLY - Volatility Comparison

YieldMax SQ Option Income Strategy ETF (SQY) has a higher volatility of 10.82% compared to YieldMax AAPL Option Income Strategy ETF (APLY) at 4.12%. This indicates that SQY's price experiences larger fluctuations and is considered to be riskier than APLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQY	APLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	4.12%	+6.70%
Volatility (6M) Calculated over the trailing 6-month period	31.08%	13.03%	+18.05%
Volatility (1Y) Calculated over the trailing 1-year period	38.83%	17.99%	+20.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.20%	20.97%	+21.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.20%	20.97%	+21.23%

SQY vs. APLY - Expense Ratio Comparison

SQY has a 1.01% expense ratio, which is higher than APLY's 0.99% expense ratio.

Dividends

SQY vs. APLY - Dividend Comparison

SQY's dividend yield for the trailing twelve months is around 109.42%, more than APLY's 34.76% yield.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	34.76%	36.38%	24.95%	14.36%
SQY YieldMax SQ Option Income Strategy ETF	109.42%	95.35%	62.54%	9.85%

Frequently Asked Questions

Can I hold both SQY and APLY in my portfolio?

SQY and APLY have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQY or APLY?

SQY has higher volatility (10.82%) compared to APLY (4.12%). In terms of maximum drawdown, SQY dropped -52.30% vs APLY's -30.41%.

Which ETF is better, SQY or APLY?

On 1-year performance, APLY leads with 36.14% vs -0.20% for SQY. On fees, APLY is cheaper at 0.99% per year. On volatility, APLY has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQY or APLY?

Over the 1-year period, APLY has performed better with a 36.14% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQY or APLY?

APLY is cheaper with a 0.99% expense ratio, compared with 1.01% for SQY.

Which ETF pays a higher dividend yield, SQY or APLY?

SQY has the higher dividend yield at 109.42%, compared with 34.76% for APLY.

What is the main difference between SQY and APLY?

SQY is categorized as Derivative Income, while APLY is Options Trading. Their fees differ too: 1.01% for SQY and 0.99% for APLY.

Which has better risk-adjusted returns?

APLY currently has the higher Sharpe Ratio (2.02 vs -0.01), 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.