TSLY vs. SPY
TSLY (YieldMax TSLA Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. TSLY is actively managed, while SPY is passively managed. Over the past 3 years, TSLY returned 14.39%/yr vs 22.58%/yr for SPY. A 0.54 correlation means they provide meaningful diversification when combined. TSLY charges 1.07%/yr vs 0.09%/yr for SPY.
Performance
TSLY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TSLY achieves a -2.70% return, which is significantly lower than SPY's 11.33% return.
TSLY
- 1D
- -1.05%
- 1M
- 4.95%
- YTD
- -2.70%
- 6M
- -3.20%
- 1Y
- 27.37%
- 3Y*
- 14.39%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- 0.38%
- 1M
- 4.60%
- YTD
- 11.33%
- 6M
- 11.25%
- 1Y
- 28.50%
- 3Y*
- 22.58%
- 5Y*
- 13.91%
- 10Y*
- 15.48%
TSLY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLY YieldMax TSLA Option Income Strategy ETF | -2.70% | 13.62% | 27.83% | 50.69% | -27.02% |
SPY State Street SPDR S&P 500 ETF | 11.33% | 17.72% | 24.89% | 26.18% | -4.53% |
Correlation
The correlation between TSLY and SPY is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2022 | 0.54 |
The correlation between TSLY and SPY has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.
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Return for Risk
TSLY vs. SPY — Risk / Return Rank
TSLY
SPY
TSLY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) and State Street SPDR S&P 500 ETF (SPY). 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.
| TSLY | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.44 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 1.27 | 3.22 | -1.95 |
| Martin ratioReturn relative to average drawdown | 3.10 | 14.99 | -11.89 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TSLY | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.72 | 2.42 | -1.70 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.82 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.30 | 0.59 | -0.29 |
Drawdowns
TSLY vs. SPY - Drawdown Comparison
The maximum TSLY drawdown since its inception was -49.52%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TSLY and SPY.
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Drawdown Indicators
| TSLY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -49.52% | -55.19% | +5.67% |
Max Drawdown (1Y)Largest decline over 1 year | -21.64% | -8.88% | -12.76% |
Max Drawdown (3Y)Largest decline over 3 years | -49.52% | -18.76% | -30.76% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -9.03% | -0.33% | -8.70% |
Average DrawdownAverage peak-to-trough decline | -19.99% | -9.05% | -10.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.95% | 1.91% | +7.04% |
Volatility
TSLY vs. SPY - Volatility Comparison
YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 10.02% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that TSLY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.02% | 2.79% | +7.23% |
Volatility (6M)Calculated over the trailing 6-month period | 22.40% | 8.91% | +13.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.20% | 11.82% | +26.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.48% | 17.05% | +28.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.48% | 17.93% | +27.55% |
TSLY vs. SPY - Expense Ratio Comparison
TSLY has a 1.07% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
TSLY vs. SPY - Dividend Comparison
TSLY's dividend yield for the trailing twelve months is around 86.88%, more than SPY's 0.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 0.98% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TSLY YieldMax TSLA Option Income Strategy ETF | 86.88% | 91.19% | 82.30% | 76.47% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TSLY and SPY have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLY has higher volatility (10.02%) compared to SPY (2.79%). In terms of maximum drawdown, TSLY dropped -49.52% vs SPY's -55.19%.
On 3-year performance, SPY leads with 22.58% vs 14.39% for TSLY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPY has performed better with a 22.58% return vs 14.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.07% for TSLY.
TSLY has the higher dividend yield at 86.88%, compared with 0.98% for SPY.
TSLY is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 1.07% for TSLY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.42 vs 0.72), 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.
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