TSLY vs. YMAX

Last updated Aug 5, 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 8.88% vs -0.85% for YMAX. Their 0.60 correlation means they have sometimes moved together and sometimes differently. TSLY charges 1.07%/yr vs 1.33%/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 -21.41% return, which is significantly lower than YMAX's 3.90% return.

TSLY

• 1D: 1.16%
• 1M: -15.27%
• 6M: -19.06%
• YTD: -21.41%
• 1Y: 8.88%
• 3Y*: 1.63%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.32%

YMAX

• 1D: 3.20%
• 1M: 1.20%
• 6M: 10.80%
• YTD: 3.90%
• 1Y: -0.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
TSLY YieldMax TSLA Option Income Strategy ETF	$11.38M	$11.26M	$16.77M
YMAX YieldMax Universe Fund of Option Income ETFs	$9.65M	$11.24M	$14.49M

TSLY vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLY YieldMax TSLA Option Income Strategy ETF	-21.41%	13.62%	41.58%
YMAX YieldMax Universe Fund of Option Income ETFs	3.90%	6.04%	26.90%

Correlation

The correlation between TSLY and YMAX is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.60

The correlation between TSLY and YMAX has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

Return for Risk

TSLY vs. YMAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TSLY

TSLY Risk / Return Rank: 15
TSLY Sharpe Ratio Rank: 15
TSLY Sortino Ratio Rank: 16
TSLY Omega Ratio Rank: 16
TSLY Calmar Ratio Rank: 14
TSLY Martin Ratio Rank: 15

YMAX

YMAX Risk / Return Rank: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 10
YMAX Martin Ratio Rank: 10

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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	0.23	-0.04	+0.27
Sortino ratio: Return per unit of downside risk	0.57	0.12	+0.45
Omega ratio: Gain probability vs. loss probability	1.07	1.01	+0.06
Calmar ratio: Return relative to maximum drawdown	0.28	-0.03	+0.31
Martin ratio: Return relative to average drawdown	0.80	-0.07	+0.88

TSLY vs. YMAX - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.23, which is higher than the YMAX Sharpe Ratio of -0.04. 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	-31.78%	-26.13%	-5.65%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	—	—
Current Drawdown Current decline from peak	-26.51%	-7.89%	-18.62%
Average Drawdown Average peak-to-trough decline	-19.80%	-6.57%	-13.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.07%	11.73%	-0.66%

Volatility

TSLY vs. YMAX - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 17.02% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 7.05%. 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	17.02%	7.05%	+9.97%
Volatility (6M) Calculated over the trailing 6-month period	29.63%	20.41%	+9.22%
Volatility (1Y) Calculated over the trailing 1-year period	38.27%	24.32%	+13.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.97%	23.57%	+22.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.97%	23.57%	+22.40%

TSLY vs. YMAX - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is lower than YMAX's 1.33% expense ratio.

Dividends

TSLY vs. YMAX - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 107.97%, more than YMAX's 69.51% yield.

Position	TTM	2025	2024	2023
TSLY YieldMax TSLA Option Income Strategy ETF	107.97%	91.19%	82.30%	76.47%
YMAX YieldMax Universe Fund of Option Income ETFs	69.51%	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 0.59, 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 (17.02%) compared to YMAX (7.05%). 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 8.88% vs -0.85% for YMAX. On fees, TSLY is cheaper at 1.07% per year. On volatility, YMAX has been the lower-risk option at 7.05%. 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 8.88% return vs -0.85%. 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 1.33% for YMAX.

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

TSLY has the higher dividend yield at 107.97%, compared with 69.51% 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 1.33% for YMAX.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.23 vs -0.04), 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.