TEST vs. TSLY

Last updated Jun 6, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - TEST is a Derivative Income fund actively managed by YieldMax, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. With a 0.99 correlation, they move nearly in lockstep. TEST charges 1.01%/yr vs 1.07%/yr for TSLY.

Performance

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

Returns By Period

The year-to-date returns for both stocks are quite close, with TEST having a -8.43% return and TSLY slightly lower at -8.62%.

TEST

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

TSLY

• 1D: -6.08%
• 1M: -3.22%
• YTD: -8.62%
• 6M: -9.22%
• 1Y: 39.20%
• 3Y*: 11.45%
• 5Y*: —
• 10Y*: —

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

TEST vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-8.43%	9.05%
TSLY YieldMax TSLA Option Income Strategy ETF	-8.62%	9.01%

Correlation

The correlation between TEST and TSLY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.99

Return for Risk

TEST vs. TSLY — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 32
TSLY Sharpe Ratio Rank: 31
TSLY Sortino Ratio Rank: 30
TSLY Omega Ratio Rank: 29
TSLY Calmar Ratio Rank: 38
TSLY Martin Ratio Rank: 31

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. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.10	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.25	-0.26

Drawdowns

TEST vs. TSLY - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, smaller than the maximum TSLY drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for TEST and TSLY.

Drawdown Indicators

	TEST	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-49.52%	+26.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-21.64%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-49.52%	—
Current Drawdown Current decline from peak	-14.44%	-14.56%	+0.12%
Average Drawdown Average peak-to-trough decline	-10.39%	-19.98%	+9.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.90%	—

Volatility

Volatility by Period

	TEST	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.12%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.46%	38.55%	-6.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.46%	45.58%	-13.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.46%	45.58%	-13.12%

TEST vs. TSLY - Expense Ratio Comparison

TEST has a 1.01% expense ratio, which is lower than TSLY's 1.07% expense ratio.

Dividends

TEST vs. TSLY - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 14.42%, less than TSLY's 92.50% yield.

Position	TTM	2025	2024	2023
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	14.42%	2.50%	0.00%	0.00%
TSLY YieldMax TSLA Option Income Strategy ETF	92.50%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both TEST and TSLY in my portfolio?

With a correlation of 0.99, TEST and TSLY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, TEST or TSLY?

On fees, TEST is cheaper at 1.01% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEST or TSLY?

TEST is cheaper with a 1.01% expense ratio, compared with 1.07% for TSLY.

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

TSLY has the higher dividend yield at 92.50%, compared with 14.42% for TEST.

What is the main difference between TEST and TSLY?

TEST is categorized as Derivative Income, while TSLY is Options Trading. Their fees differ too: 1.01% for TEST and 1.07% for TSLY.