TEST vs. NVDY

Last updated Jun 6, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and NVDY (YieldMax NVDA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. TEST charges 1.01%/yr vs 0.99%/yr for NVDY.

Performance

TEST vs. NVDY - 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 NVDA Option Income Strategy ETF (NVDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEST achieves a -8.43% return, which is significantly lower than NVDY's 8.72% return.

TEST

• 1D: -4.27%
• 1M: -0.51%
• YTD: -8.43%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NVDY

• 1D: -5.04%
• 1M: -1.80%
• YTD: 8.72%
• 6M: 11.04%
• 1Y: 41.90%
• 3Y*: 52.84%
• 5Y*: —
• 10Y*: —

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

TEST vs. NVDY - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-8.43%	9.05%
NVDY YieldMax NVDA Option Income Strategy ETF	8.72%	4.78%

Correlation

The correlation between TEST and NVDY is 0.45, 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 19, 2025	0.45

Return for Risk

TEST vs. NVDY — Risk / Return Rank

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

NVDY

NVDY Risk / Return Rank: 49
NVDY Sharpe Ratio Rank: 45
NVDY Sortino Ratio Rank: 41
NVDY Omega Ratio Rank: 41
NVDY Calmar Ratio Rank: 68
NVDY Martin Ratio Rank: 49

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. NVDY - 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 NVDA Option Income Strategy ETF (NVDY). 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.

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

Sharpe Ratios by Period

	TEST	NVDY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.57	-1.58

Drawdowns

TEST vs. NVDY - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, smaller than the maximum NVDY drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for TEST and NVDY.

Drawdown Indicators

	TEST	NVDY	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-34.08%	+10.73%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.81%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.08%	—
Current Drawdown Current decline from peak	-14.44%	-10.24%	-4.20%
Average Drawdown Average peak-to-trough decline	-10.39%	-6.16%	-4.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.25%	—

Volatility

Volatility by Period

	TEST	NVDY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	21.37%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.46%	27.82%	+4.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.46%	38.31%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.46%	38.31%	-5.85%

TEST vs. NVDY - Expense Ratio Comparison

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

Dividends

TEST vs. NVDY - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 14.42%, less than NVDY's 65.44% yield.

Position	TTM	2025	2024	2023
NVDY YieldMax NVDA Option Income Strategy ETF	65.44%	83.10%	83.65%	22.32%
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	14.42%	2.50%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEST and NVDY in my portfolio?

TEST and NVDY have a correlation of 0.45, 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 NVDY?

On fees, NVDY 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 NVDY?

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

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

NVDY has the higher dividend yield at 65.44%, compared with 14.42% for TEST.

What is the main difference between TEST and NVDY?

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