TSMY vs. IETH
TSMY (YieldMax TSM Option Income Strategy ETF) and IETH (Bitwise Ethereum Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. At a 0.40 correlation, their price movements are largely independent. TSMY charges 0.99%/yr vs 0.97%/yr for IETH.
Performance
TSMY vs. IETH - Performance Comparison
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Returns By Period
In the year-to-date period, TSMY achieves a 33.37% return, which is significantly higher than IETH's -34.41% return.
TSMY
- 1D
- -2.86%
- 1M
- -0.10%
- 6M
- 23.80%
- YTD
- 33.37%
- 1Y
- 67.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH
- 1D
- -0.91%
- 1M
- 6.35%
- 6M
- -37.61%
- YTD
- -34.41%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSMY vs. IETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TSMY YieldMax TSM Option Income Strategy ETF | 33.37% | 4.73% |
IETH Bitwise Ethereum Option Income Strategy ETF | -34.41% | -27.34% |
Correlation
The correlation between TSMY and IETH is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 2, 2025 | 0.40 |
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Return for Risk
TSMY vs. IETH — Risk / Return Rank
TSMY
IETH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
TSMY vs. IETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) and Bitwise Ethereum Option Income Strategy ETF (IETH). 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 | IETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.38 | — | — |
| Martin ratioReturn relative to average drawdown | 15.10 | — | — |
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Drawdowns
TSMY vs. IETH - Drawdown Comparison
The maximum TSMY drawdown since its inception was -31.15%, smaller than the maximum IETH drawdown of -59.76%. Use the drawdown chart below to compare losses from any high point for TSMY and IETH.
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Drawdown Indicators
| TSMY | IETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.15% | -59.76% | +28.61% |
Max Drawdown (1Y)Largest decline over 1 year | -15.50% | — | — |
Current DrawdownCurrent decline from peak | -9.70% | -54.66% | +44.96% |
Average DrawdownAverage peak-to-trough decline | -5.44% | -39.54% | +34.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.48% | — | — |
Volatility
TSMY vs. IETH - Volatility Comparison
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Volatility by Period
| TSMY | IETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.79% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 26.96% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 32.69% | 59.55% | -26.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.39% | 59.55% | -25.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.39% | 59.55% | -25.16% |
TSMY vs. IETH - Expense Ratio Comparison
TSMY has a 0.99% expense ratio, which is higher than IETH's 0.97% expense ratio.
Dividends
TSMY vs. IETH - Dividend Comparison
TSMY's dividend yield for the trailing twelve months is around 52.86%, more than IETH's 48.23% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 48.23% | 18.26% | 0.00% |
TSMY YieldMax TSM Option Income Strategy ETF | 52.86% | 56.76% | 13.71% |
Frequently Asked Questions
TSMY and IETH have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IETH is cheaper with a 0.97% expense ratio, compared with 0.99% for TSMY.
TSMY has the higher dividend yield at 52.86%, compared with 48.23% for IETH.
They also come from different issuers: YieldMax and Bitwise. Their fees differ too: 0.99% for TSMY and 0.97% for IETH.
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