TSMY vs. BUYW

Last updated Aug 2, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TSMY returned 60.64% vs 9.05% for BUYW. Their 0.40 correlation means their historical movements had little consistent relationship. TSMY charges 1.01%/yr vs 1.29%/yr for BUYW.

Performance

TSMY vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) and Main Buywrite ETF (BUYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSMY achieves a 30.47% return, which is significantly higher than BUYW's 4.80% return.

TSMY

• 1D: 0.66%
• 1M: -4.22%
• 6M: 21.94%
• YTD: 30.47%
• 1Y: 60.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 42.46%

BUYW

• 1D: -0.21%
• 1M: 0.36%
• 6M: 4.27%
• YTD: 4.80%
• 1Y: 9.05%
• 3Y*: 8.70%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.92%

*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)
BUYW Main Buywrite ETF	$5.69M	$5.12M	$4.85M
TSMY YieldMax TSM Option Income Strategy ETF	$2.14M	$3.13M	$3.04M

TSMY vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	30.47%	41.00%	8.05%
BUYW Main Buywrite ETF	4.80%	9.08%	2.98%

Correlation

The correlation between TSMY and BUYW is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.27
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.40

The correlation between TSMY and BUYW shifts across timeframes, from 0.27 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TSMY vs. BUYW — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 76
TSMY Sharpe Ratio Rank: 75
TSMY Sortino Ratio Rank: 71
TSMY Omega Ratio Rank: 70
TSMY Calmar Ratio Rank: 85
TSMY Martin Ratio Rank: 82

BUYW

BUYW Risk / Return Rank: 85
BUYW Sharpe Ratio Rank: 80
BUYW Sortino Ratio Rank: 83
BUYW Omega Ratio Rank: 82
BUYW Calmar Ratio Rank: 87
BUYW Martin Ratio Rank: 94

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.

TSMY vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) and Main Buywrite ETF (BUYW). 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.

	TSMY	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.82	-0.13
Sortino ratio: Return per unit of downside risk	2.29	2.71	-0.42
Omega ratio: Gain probability vs. loss probability	1.29	1.35	-0.06
Calmar ratio: Return relative to maximum drawdown	3.20	3.42	-0.22
Martin ratio: Return relative to average drawdown	10.72	18.22	-7.49

TSMY vs. BUYW - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 1.69, which is comparable to the BUYW Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of TSMY and BUYW, 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

TSMY vs. BUYW - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for TSMY and BUYW.

Drawdown Indicators

	TSMY	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-9.36%	-21.79%
Max Drawdown (1Y) Largest decline over 1 year	-17.86%	-2.59%	-15.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-11.66%	-0.21%	-11.45%
Average Drawdown Average peak-to-trough decline	-5.63%	-0.59%	-5.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	0.49%	+4.84%

Volatility

TSMY vs. BUYW - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 11.98% compared to Main Buywrite ETF (BUYW) at 1.10%. This indicates that TSMY's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.98%	1.10%	+10.88%
Volatility (6M) Calculated over the trailing 6-month period	27.90%	3.91%	+23.99%
Volatility (1Y) Calculated over the trailing 1-year period	33.77%	4.86%	+28.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.64%	8.34%	+26.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.64%	8.34%	+26.30%

TSMY vs. BUYW - Expense Ratio Comparison

TSMY has a 1.01% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

TSMY vs. BUYW - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 58.31%, more than BUYW's 5.92% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.92%	5.89%	5.93%	5.95%	0.50%
TSMY YieldMax TSM Option Income Strategy ETF	58.31%	56.76%	13.71%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMY and BUYW in my portfolio?

TSMY and BUYW have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMY or BUYW?

TSMY has higher volatility (11.98%) compared to BUYW (1.10%). In terms of maximum drawdown, TSMY dropped -31.15% vs BUYW's -9.36%.

Which ETF is better, TSMY or BUYW?

On 1-year performance, TSMY leads with 60.64% vs 9.05% for BUYW. On fees, TSMY is cheaper at 1.01% per year. On volatility, BUYW has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or BUYW?

Over the 1-year period, TSMY has performed better with a 60.64% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or BUYW?

TSMY is cheaper with a 1.01% expense ratio, compared with 1.29% for BUYW.

Which ETF pays a higher dividend yield, TSMY or BUYW?

TSMY has the higher dividend yield at 58.31%, compared with 5.92% for BUYW.

What is the main difference between TSMY and BUYW?

They also come from different issuers: YieldMax and Main. Their fees differ too: 1.01% for TSMY and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.82 vs 1.69), 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.