TSMY vs. CHPY

Last updated Jun 3, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, TSMY returned 96.92% vs 151.87% for CHPY. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

TSMY vs. CHPY - Performance Comparison

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

Returns By Period

In the year-to-date period, TSMY achieves a 38.94% return, which is significantly lower than CHPY's 83.68% return.

TSMY

• 1D: 1.56%
• 1M: 9.89%
• YTD: 38.94%
• 6M: 42.47%
• 1Y: 96.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CHPY

• 1D: 4.85%
• 1M: 27.24%
• YTD: 83.68%
• 6M: 86.17%
• 1Y: 151.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
TSMY YieldMax TSM Option Income Strategy ETF	38.94%	73.00%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	83.68%	62.91%

Correlation

The correlation between TSMY and CHPY is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.70

The correlation between TSMY and CHPY has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

TSMY vs. CHPY — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 90
TSMY Sharpe Ratio Rank: 92
TSMY Sortino Ratio Rank: 87
TSMY Omega Ratio Rank: 85
TSMY Calmar Ratio Rank: 92
TSMY Martin Ratio Rank: 92

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 96
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 98
CHPY Martin Ratio Rank: 97

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.

TSMY vs. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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.

	TSMY	CHPY	Difference
Sharpe ratio Return per unit of total volatility	3.38	5.54	-2.16
Sortino ratio Return per unit of downside risk	4.00	5.81	-1.81
Omega ratio Gain probability vs. loss probability	1.53	1.81	-0.29
Calmar ratio Return relative to maximum drawdown	6.40	12.80	-6.40
Martin ratio Return relative to average drawdown	23.81	48.97	-25.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMY vs. CHPY - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 3.38, which is lower than the CHPY Sharpe Ratio of 5.54. The chart below compares the historical Sharpe Ratios of TSMY and CHPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TSMY	CHPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.38	5.54	-2.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	4.77	-3.18

Drawdowns

TSMY vs. CHPY - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than CHPY's maximum drawdown of -12.17%. Use the drawdown chart below to compare losses from any high point for TSMY and CHPY.

Drawdown Indicators

	TSMY	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-12.17%	-18.98%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-12.17%	-3.33%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.52%	-1.99%	-3.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	3.18%	+0.99%

Volatility

TSMY vs. CHPY - Volatility Comparison

The current volatility for YieldMax TSM Option Income Strategy ETF (TSMY) is 9.35%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 11.38%. This indicates that TSMY experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.35%	11.38%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	22.65%	22.33%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	28.83%	27.61%	+1.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.23%	33.22%	+0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.23%	33.22%	+0.01%

TSMY vs. CHPY - Expense Ratio Comparison

Both TSMY and CHPY have an expense ratio of 0.99%.

Dividends

TSMY vs. CHPY - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 51.48%, more than CHPY's 27.65% yield.

Position	TTM	2025	2024
CHPY YieldMax Semiconductor Portfolio Option Income ETF	27.65%	28.19%	0.00%
TSMY YieldMax TSM Option Income Strategy ETF	51.48%	56.76%	13.71%

Frequently Asked Questions

Can I hold both TSMY and CHPY in my portfolio?

TSMY and CHPY have a correlation of 0.68, 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 CHPY?

CHPY has higher volatility (11.38%) compared to TSMY (9.35%). In terms of maximum drawdown, TSMY dropped -31.15% vs CHPY's -12.17%.

Which ETF is better, TSMY or CHPY?

On 1-year performance, CHPY leads with 151.87% vs 96.92% for TSMY. Both ETFs have the same 0.99% expense ratio. On volatility, TSMY has been the lower-risk option at 9.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or CHPY?

Over the 1-year period, CHPY has performed better with a 151.87% return vs 96.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or CHPY?

TSMY and CHPY have the same expense ratio: 0.99% per year.

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

TSMY has the higher dividend yield at 51.48%, compared with 27.65% for CHPY.

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (5.54 vs 3.38), 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.