SVOL vs. YMAX

Last updated Aug 2, 2026

SVOL (Simplify Volatility Premium ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - SVOL is a Volatility fund actively managed by Simplify, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, SVOL returned 18.14% vs -4.08% for YMAX. Their 0.65 correlation means they have sometimes moved together and sometimes differently. SVOL charges 0.50%/yr vs 1.33%/yr for YMAX.

Performance

SVOL vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVOL achieves a 1.82% return, which is significantly higher than YMAX's -1.07% return.

SVOL

• 1D: 1.15%
• 1M: 0.58%
• 6M: 0.98%
• YTD: 1.82%
• 1Y: 18.14%
• 3Y*: 5.94%
• 5Y*: 6.94%
• 10Y*: —
• ALL TIME*: 7.96%

YMAX

• 1D: 0.27%
• 1M: -3.63%
• 6M: 2.22%
• YTD: -1.07%
• 1Y: -4.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.95%

*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)
SVOL Simplify Volatility Premium ETF	$4.50M	$3.83M	$4.52M
YMAX YieldMax Universe Fund of Option Income ETFs	$9.76M	$11.55M	$14.55M

SVOL vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SVOL Simplify Volatility Premium ETF	1.82%	2.41%	6.03%
YMAX YieldMax Universe Fund of Option Income ETFs	-1.07%	6.04%	26.90%

Correlation

The correlation between SVOL and YMAX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.65

The correlation between SVOL and YMAX has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.

Return for Risk

SVOL vs. YMAX — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 38
SVOL Sharpe Ratio Rank: 37
SVOL Sortino Ratio Rank: 37
SVOL Omega Ratio Rank: 39
SVOL Calmar Ratio Rank: 39
SVOL Martin Ratio Rank: 39

YMAX

YMAX Risk / Return Rank: 7
YMAX Sharpe Ratio Rank: 7
YMAX Sortino Ratio Rank: 7
YMAX Omega Ratio Rank: 7
YMAX Calmar Ratio Rank: 7
YMAX Martin Ratio Rank: 7

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.

SVOL vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	SVOL	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.91	-0.29	+1.20
Sortino ratio: Return per unit of downside risk	1.38	-0.24	+1.63
Omega ratio: Gain probability vs. loss probability	1.18	0.97	+0.21
Calmar ratio: Return relative to maximum drawdown	1.37	-0.27	+1.64
Martin ratio: Return relative to average drawdown	4.00	-0.60	+4.60

SVOL vs. YMAX - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.91, which is higher than the YMAX Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of SVOL and YMAX, 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

SVOL vs. YMAX - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for SVOL and YMAX.

Drawdown Indicators

	SVOL	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-26.13%	-7.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.42%	-26.13%	+14.71%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-1.33%	-12.29%	+10.96%
Average Drawdown Average peak-to-trough decline	-4.68%	-6.57%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.92%	11.72%	-7.80%

Volatility

SVOL vs. YMAX - Volatility Comparison

The current volatility for Simplify Volatility Premium ETF (SVOL) is 4.16%, while YieldMax Universe Fund of Option Income ETFs (YMAX) has a volatility of 6.33%. This indicates that SVOL experiences smaller price fluctuations and is considered to be less risky than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVOL	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	6.33%	-2.17%
Volatility (6M) Calculated over the trailing 6-month period	9.66%	20.28%	-10.62%
Volatility (1Y) Calculated over the trailing 1-year period	17.23%	24.24%	-7.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.96%	23.50%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.74%	23.50%	-1.76%

SVOL vs. YMAX - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is lower than YMAX's 1.33% expense ratio.

Dividends

SVOL vs. YMAX - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.14%, less than YMAX's 73.00% yield.

Position	TTM	2025	2024	2023	2022	2021
SVOL Simplify Volatility Premium ETF	22.14%	19.82%	16.79%	16.36%	18.32%	4.65%
YMAX YieldMax Universe Fund of Option Income ETFs	73.00%	78.70%	44.20%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVOL and YMAX in my portfolio?

SVOL and YMAX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or YMAX?

YMAX has higher volatility (6.33%) compared to SVOL (4.16%). In terms of maximum drawdown, SVOL dropped -33.50% vs YMAX's -26.13%.

Which ETF is better, SVOL or YMAX?

On 1-year performance, SVOL leads with 18.14% vs -4.08% for YMAX. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 4.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or YMAX?

Over the 1-year period, SVOL has performed better with a 18.14% return vs -4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or YMAX?

SVOL is cheaper with a 0.50% expense ratio, compared with 1.33% for YMAX.

Which ETF pays a higher dividend yield, SVOL or YMAX?

YMAX has the higher dividend yield at 73.00%, compared with 22.14% for SVOL.

What is the main difference between SVOL and YMAX?

SVOL is categorized as Volatility, while YMAX is Derivative Income. They also come from different issuers: Simplify and YieldMax. Their fees differ too: 0.50% for SVOL and 1.33% for YMAX.

Which has better risk-adjusted returns?

SVOL currently has the higher Sharpe Ratio (0.91 vs -0.29), 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.