TEST vs. MSTY

Last updated Jul 17, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. TEST charges 1.01%/yr vs 0.99%/yr for MSTY.

Performance

TEST vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 higher than MSTY's -34.11% return.

TEST

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

MSTY

• 1D: -2.79%
• 1M: -21.10%
• 6M: -40.36%
• YTD: -34.11%
• 1Y: -74.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEST vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-6.62%	8.46%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-34.11%	-16.69%

Correlation

The correlation between TEST and MSTY is 0.42, 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	0.42

Return for Risk

TEST vs. MSTY — Risk / Return Rank

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

TEST

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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 0
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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.

TEST vs. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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.

	TEST	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	—	-1.15	—
Sortino ratio: Return per unit of downside risk	—	-2.37	—
Omega ratio: Gain probability vs. loss probability	—	0.75	—
Calmar ratio: Return relative to maximum drawdown	—	-0.96	—
Martin ratio: Return relative to average drawdown	—	-1.40	—

Drawdowns

TEST vs. MSTY - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for TEST and MSTY.

Drawdown Indicators

	TEST	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-77.40%	+54.05%
Max Drawdown (1Y) Largest decline over 1 year	—	-77.37%	—
Current Drawdown Current decline from peak	-12.75%	-74.10%	+61.35%
Average Drawdown Average peak-to-trough decline	-10.61%	-28.24%	+17.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	52.80%	—

Volatility

Volatility by Period

	TEST	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	23.12%	—
Volatility (6M) Calculated over the trailing 6-month period	—	52.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	34.74%	64.70%	-29.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.74%	72.23%	-37.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.74%	72.23%	-37.49%

TEST vs. MSTY - Expense Ratio Comparison

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

Dividends

TEST vs. MSTY - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 17.54%, less than MSTY's 289.23% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	289.23%	294.61%	104.56%
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	17.54%	2.50%	0.00%

Frequently Asked Questions

Can I hold both TEST and MSTY in my portfolio?

TEST and MSTY 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 ETF is better, TEST or MSTY?

On fees, MSTY 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 MSTY?

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

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

MSTY has the higher dividend yield at 289.23%, compared with 17.54% for TEST.

What is the main difference between TEST and MSTY?

Their fees differ too: 1.01% for TEST and 0.99% for MSTY.