TSLY vs. YMAX

Last updated Jun 25, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, TSLY returned 16.20% vs -1.11% for YMAX. A 0.59 correlation means they provide meaningful diversification when combined. TSLY charges 1.07%/yr vs 1.28%/yr for YMAX.

Performance

TSLY vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Option Income Strategy ETF (TSLY) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLY achieves a -10.36% return, which is significantly lower than YMAX's -0.89% return.

TSLY

• 1D: -1.31%
• 1M: -9.35%
• YTD: -10.36%
• 6M: -16.04%
• 1Y: 16.20%
• 3Y*: 7.79%
• 5Y*: —
• 10Y*: —

YMAX

• 1D: -1.64%
• 1M: -3.86%
• YTD: -0.89%
• 6M: -2.67%
• 1Y: -1.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLY YieldMax TSLA Option Income Strategy ETF	-10.36%	13.62%	41.58%
YMAX YieldMax Universe Fund of Option Income ETFs	-0.89%	6.04%	26.90%

Correlation

The correlation between TSLY and YMAX is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.59

The correlation between TSLY and YMAX has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

TSLY vs. YMAX — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 17
TSLY Sharpe Ratio Rank: 16
TSLY Sortino Ratio Rank: 17
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 18
TSLY Martin Ratio Rank: 18

YMAX

YMAX Risk / Return Rank: 8
YMAX Sharpe Ratio Rank: 9
YMAX Sortino Ratio Rank: 8
YMAX Omega Ratio Rank: 8
YMAX Calmar Ratio Rank: 8
YMAX Martin Ratio Rank: 8

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.

TSLY vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	TSLY	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	0.46	-0.05	+0.50
Sortino ratio: Return per unit of downside risk	0.85	0.10	+0.75
Omega ratio: Gain probability vs. loss probability	1.10	1.01	+0.09
Calmar ratio: Return relative to maximum drawdown	0.75	-0.04	+0.79
Martin ratio: Return relative to average drawdown	1.79	-0.10	+1.89

TSLY vs. YMAX - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.46, which is higher than the YMAX Sharpe Ratio of -0.05. The chart below compares the historical Sharpe Ratios of TSLY and YMAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TSLY vs. YMAX - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for TSLY and YMAX.

Drawdown Indicators

	TSLY	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-26.13%	-23.39%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-26.13%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	—	—
Current Drawdown Current decline from peak	-16.18%	-12.13%	-4.05%
Average Drawdown Average peak-to-trough decline	-19.86%	-6.41%	-13.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.19%	11.26%	-2.07%

Volatility

TSLY vs. YMAX - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 12.18% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 11.05%. This indicates that TSLY's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLY	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.18%	11.05%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	23.76%	19.68%	+4.08%
Volatility (1Y) Calculated over the trailing 1-year period	35.67%	23.61%	+12.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.50%	23.62%	+21.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.50%	23.62%	+21.88%

TSLY vs. YMAX - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

TSLY vs. YMAX - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 90.66%, more than YMAX's 75.24% yield.

Position	TTM	2025	2024	2023
TSLY YieldMax TSLA Option Income Strategy ETF	90.66%	91.19%	82.30%	76.47%
YMAX YieldMax Universe Fund of Option Income ETFs	75.24%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both TSLY and YMAX in my portfolio?

TSLY and YMAX have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLY or YMAX?

TSLY has higher volatility (12.18%) compared to YMAX (11.05%). In terms of maximum drawdown, TSLY dropped -49.52% vs YMAX's -26.13%.

Which ETF is better, TSLY or YMAX?

On 1-year performance, TSLY leads with 16.20% vs -1.11% for YMAX. On fees, TSLY is cheaper at 1.07% per year. On volatility, YMAX has been the lower-risk option at 11.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or YMAX?

Over the 1-year period, TSLY has performed better with a 16.20% return vs -1.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or YMAX?

TSLY is cheaper with a 1.07% expense ratio, compared with 1.28% for YMAX.

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

TSLY has the higher dividend yield at 90.66%, compared with 75.24% for YMAX.

What is the main difference between TSLY and YMAX?

TSLY is categorized as Options Trading, while YMAX is Derivative Income. Their fees differ too: 1.07% for TSLY and 1.28% for YMAX.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.46 vs -0.05), 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.