TEST vs. ARMW

Last updated Jul 17, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.36 correlation, their price movements are largely independent. TEST charges 1.01%/yr vs 0.99%/yr for ARMW.

Performance

TEST vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEST achieves a -6.62% return, which is significantly lower than ARMW's 161.70% return.

TEST

• 1D: -0.70%
• 1M: -1.77%
• 6M: -5.23%
• YTD: -6.62%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: -7.36%
• 1M: -40.52%
• 6M: 177.20%
• YTD: 161.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEST vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-6.62%	8.46%
ARMW Roundhill ARM WeeklyPay ETF	161.70%	-26.30%

Correlation

The correlation between TEST and ARMW is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.36

Return for Risk

TEST vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

TEST vs. ARMW - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for TEST and ARMW.

Drawdown Indicators

	TEST	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-48.47%	+25.12%
Current Drawdown Current decline from peak	-12.75%	-47.33%	+34.58%
Average Drawdown Average peak-to-trough decline	-10.61%	-25.96%	+15.35%

Volatility

Volatility by Period

	TEST	ARMW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	95.20%	-60.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.74%	95.20%	-60.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.74%	95.20%	-60.46%

TEST vs. ARMW - Expense Ratio Comparison

TEST has a 1.01% expense ratio, which is higher than ARMW's 0.99% expense ratio.

Dividends

TEST vs. ARMW - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 17.54%, less than ARMW's 50.52% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	50.52%	16.38%
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	17.54%	2.50%

Frequently Asked Questions

Can I hold both TEST and ARMW in my portfolio?

TEST and ARMW have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEST or ARMW?

On fees, ARMW is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEST or ARMW?

ARMW is cheaper with a 0.99% expense ratio, compared with 1.01% for TEST.

Which ETF pays a higher dividend yield, TEST or ARMW?

ARMW has the higher dividend yield at 50.52%, compared with 17.54% for TEST.

What is the main difference between TEST and ARMW?

They also come from different issuers: YieldMax and Roundhill Investments. Their fees differ too: 1.01% for TEST and 0.99% for ARMW.