TSMY vs. MRNY

Last updated Jul 14, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and MRNY (YieldMax MRNA Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, TSMY returned 67.50% vs 54.97% for MRNY. At a 0.21 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

TSMY vs. MRNY - Performance Comparison

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

Returns By Period

In the year-to-date period, TSMY achieves a 33.37% return, which is significantly lower than MRNY's 89.76% return.

TSMY

• 1D: -2.86%
• 1M: -0.10%
• 6M: 23.80%
• YTD: 33.37%
• 1Y: 67.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MRNY

• 1D: -1.48%
• 1M: 24.71%
• 6M: 67.73%
• YTD: 89.76%
• 1Y: 54.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. MRNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	33.37%	41.00%	8.05%
MRNY YieldMax MRNA Option Income Strategy ETF	89.76%	-35.72%	-42.86%

Correlation

The correlation between TSMY and MRNY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.21

Return for Risk

TSMY vs. MRNY — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 82
TSMY Sharpe Ratio Rank: 82
TSMY Sortino Ratio Rank: 74
TSMY Omega Ratio Rank: 74
TSMY Calmar Ratio Rank: 90
TSMY Martin Ratio Rank: 88

MRNY

MRNY Risk / Return Rank: 38
MRNY Sharpe Ratio Rank: 36
MRNY Sortino Ratio Rank: 43
MRNY Omega Ratio Rank: 39
MRNY Calmar Ratio Rank: 43
MRNY Martin Ratio Rank: 30

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. MRNY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) and YieldMax MRNA Option Income Strategy ETF (MRNY). 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	MRNY	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.04	+1.04
Sortino ratio: Return per unit of downside risk	2.65	1.77	+0.87
Omega ratio: Gain probability vs. loss probability	1.35	1.21	+0.14
Calmar ratio: Return relative to maximum drawdown	4.38	1.75	+2.62
Martin ratio: Return relative to average drawdown	15.10	3.38	+11.72

TSMY vs. MRNY - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.08, which is higher than the MRNY Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of TSMY and MRNY, 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. MRNY - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, smaller than the maximum MRNY drawdown of -82.15%. Use the drawdown chart below to compare losses from any high point for TSMY and MRNY.

Drawdown Indicators

	TSMY	MRNY	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-82.15%	+51.00%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-31.53%	+16.03%
Current Drawdown Current decline from peak	-9.70%	-60.05%	+50.35%
Average Drawdown Average peak-to-trough decline	-5.44%	-52.96%	+47.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.48%	16.31%	-11.83%

Volatility

TSMY vs. MRNY - Volatility Comparison

The current volatility for YieldMax TSM Option Income Strategy ETF (TSMY) is 14.79%, while YieldMax MRNA Option Income Strategy ETF (MRNY) has a volatility of 20.48%. This indicates that TSMY experiences smaller price fluctuations and is considered to be less risky than MRNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	MRNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.79%	20.48%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	26.96%	39.62%	-12.66%
Volatility (1Y) Calculated over the trailing 1-year period	32.69%	53.03%	-20.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.39%	51.56%	-17.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.39%	51.56%	-17.17%

TSMY vs. MRNY - Expense Ratio Comparison

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

Dividends

TSMY vs. MRNY - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 52.86%, less than MRNY's 88.03% yield.

Position	TTM	2025	2024	2023
MRNY YieldMax MRNA Option Income Strategy ETF	88.03%	145.98%	178.49%	1.75%
TSMY YieldMax TSM Option Income Strategy ETF	52.86%	56.76%	13.71%	0.00%

Frequently Asked Questions

Can I hold both TSMY and MRNY in my portfolio?

TSMY and MRNY have a correlation of 0.16, 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 MRNY?

MRNY has higher volatility (20.48%) compared to TSMY (14.79%). In terms of maximum drawdown, TSMY dropped -31.15% vs MRNY's -82.15%.

Which ETF is better, TSMY or MRNY?

On 1-year performance, TSMY leads with 67.50% vs 54.97% for MRNY. Both ETFs have the same 0.99% expense ratio. On volatility, TSMY has been the lower-risk option at 14.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or MRNY?

Over the 1-year period, TSMY has performed better with a 67.50% return vs 54.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or MRNY?

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

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

MRNY has the higher dividend yield at 88.03%, compared with 52.86% for TSMY.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (2.08 vs 1.04), 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.