YBIT vs. PYPY

Last updated Aug 4, 2026

YBIT (YieldMax Bitcoin Option Income Strategy ETF) and PYPY (Yieldmax PYPL Option Income Strategy ETF) are both exchange-traded funds - YBIT is a Cryptocurrency fund actively managed by YieldMax, while PYPY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, YBIT returned -40.05% vs -13.89% for PYPY. Their 0.34 correlation means their historical movements had little consistent relationship. YBIT charges 0.99%/yr vs 1.01%/yr for PYPY.

Performance

YBIT vs. PYPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Bitcoin Option Income Strategy ETF (YBIT) and Yieldmax PYPL Option Income Strategy ETF (PYPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YBIT achieves a -25.71% return, which is significantly lower than PYPY's -0.52% return.

YBIT

• 1D: 0.92%
• 1M: 2.51%
• 6M: -15.72%
• YTD: -25.71%
• 1Y: -40.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -12.67%

PYPY

• 1D: 1.07%
• 1M: 26.25%
• 6M: 8.36%
• YTD: -0.52%
• 1Y: -13.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.11%

*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)
PYPY Yieldmax PYPL Option Income Strategy ETF	$774.04K	$532.38K	$408.12K
YBIT YieldMax Bitcoin Option Income Strategy ETF	$603.44K	$410.45K	$548.08K

YBIT vs. PYPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBIT YieldMax Bitcoin Option Income Strategy ETF	-25.71%	-2.49%	1.40%
PYPY Yieldmax PYPL Option Income Strategy ETF	-0.52%	-30.17%	36.38%

Correlation

The correlation between YBIT and PYPY is 0.32, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.32
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.34

Return for Risk

YBIT vs. PYPY — Risk / Return Rank

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

YBIT

YBIT Risk / Return Rank: 2
YBIT Sharpe Ratio Rank: 1
YBIT Sortino Ratio Rank: 2
YBIT Omega Ratio Rank: 1
YBIT Calmar Ratio Rank: 2
YBIT Martin Ratio Rank: 2

PYPY

PYPY Risk / Return Rank: 7
PYPY Sharpe Ratio Rank: 6
PYPY Sortino Ratio Rank: 7
PYPY Omega Ratio Rank: 6
PYPY Calmar Ratio Rank: 7
PYPY Martin Ratio Rank: 7

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.

YBIT vs. PYPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Bitcoin Option Income Strategy ETF (YBIT) and Yieldmax PYPL Option Income Strategy ETF (PYPY). 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.

	YBIT	PYPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	-0.38	-0.71
Sortino ratio: Return per unit of downside risk	-1.58	-0.30	-1.28
Omega ratio: Gain probability vs. loss probability	0.82	0.95	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.31	-0.53
Martin ratio: Return relative to average drawdown	-1.31	-0.50	-0.81

YBIT vs. PYPY - Sharpe Ratio Comparison

The current YBIT Sharpe Ratio is -1.09, which is lower than the PYPY Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of YBIT and PYPY, 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

YBIT vs. PYPY - Drawdown Comparison

The maximum YBIT drawdown since its inception was -47.46%, smaller than the maximum PYPY drawdown of -53.64%. Use the drawdown chart below to compare losses from any high point for YBIT and PYPY.

Drawdown Indicators

	YBIT	PYPY	Difference
Max Drawdown Largest peak-to-trough decline	-47.46%	-53.64%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-47.46%	-44.75%	-2.71%
Current Drawdown Current decline from peak	-43.94%	-34.10%	-9.84%
Average Drawdown Average peak-to-trough decline	-17.21%	-17.76%	+0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.54%	27.58%	+2.96%

Volatility

YBIT vs. PYPY - Volatility Comparison

The current volatility for YieldMax Bitcoin Option Income Strategy ETF (YBIT) is 6.52%, while Yieldmax PYPL Option Income Strategy ETF (PYPY) has a volatility of 15.29%. This indicates that YBIT experiences smaller price fluctuations and is considered to be less risky than PYPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YBIT	PYPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	15.29%	-8.77%
Volatility (6M) Calculated over the trailing 6-month period	28.27%	32.68%	-4.41%
Volatility (1Y) Calculated over the trailing 1-year period	36.98%	36.59%	+0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.13%	32.05%	+6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.13%	32.05%	+6.08%

YBIT vs. PYPY - Expense Ratio Comparison

YBIT has a 0.99% expense ratio, which is lower than PYPY's 1.01% expense ratio.

Dividends

YBIT vs. PYPY - Dividend Comparison

YBIT's dividend yield for the trailing twelve months is around 99.60%, more than PYPY's 56.19% yield.

Position	TTM	2025	2024	2023
PYPY Yieldmax PYPL Option Income Strategy ETF	56.19%	64.68%	48.65%	5.70%
YBIT YieldMax Bitcoin Option Income Strategy ETF	99.60%	88.33%	60.00%	0.00%

Frequently Asked Questions

Can I hold both YBIT and PYPY in my portfolio?

YBIT and PYPY have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBIT or PYPY?

PYPY has higher volatility (15.29%) compared to YBIT (6.52%). In terms of maximum drawdown, YBIT dropped -47.46% vs PYPY's -53.64%.

Which ETF is better, YBIT or PYPY?

On 1-year performance, PYPY leads with -13.89% vs -40.05% for YBIT. On fees, YBIT is cheaper at 0.99% per year. On volatility, YBIT has been the lower-risk option at 6.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBIT or PYPY?

Over the 1-year period, PYPY has performed better with a -13.89% return vs -40.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBIT or PYPY?

YBIT is cheaper with a 0.99% expense ratio, compared with 1.01% for PYPY.

Which ETF pays a higher dividend yield, YBIT or PYPY?

YBIT has the higher dividend yield at 99.60%, compared with 56.19% for PYPY.

What is the main difference between YBIT and PYPY?

YBIT is categorized as Cryptocurrency, while PYPY is Derivative Income. Their fees differ too: 0.99% for YBIT and 1.01% for PYPY.

Which has better risk-adjusted returns?

PYPY currently has the higher Sharpe Ratio (-0.38 vs -1.09), 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.