YBTC vs. YMAX

Last updated Jul 21, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while YMAX is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, YBTC returned -40.78% vs -6.89% for YMAX. A 0.57 correlation means they provide meaningful diversification when combined. YBTC charges 0.95%/yr vs 1.28%/yr for YMAX.

Performance

YBTC vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YBTC achieves a -22.14% return, which is significantly lower than YMAX's -0.74% return.

YBTC

• 1D: 0.90%
• 1M: 4.64%
• 6M: -28.05%
• YTD: -22.14%
• 1Y: -40.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.04%

YMAX

• 1D: 0.00%
• 1M: -4.39%
• 6M: -3.15%
• YTD: -0.74%
• 1Y: -6.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.25%

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

YBTC vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-22.14%	-4.23%	55.31%
YMAX YieldMax Universe Fund of Option Income ETFs	-0.74%	6.04%	26.26%

Correlation

The correlation between YBTC and YMAX is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.57

The correlation between YBTC and YMAX has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.

Return for Risk

YBTC vs. YMAX — Risk / Return Rank

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

YBTC

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

YMAX

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

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.

YBTC vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	YBTC	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	-0.29	-0.73
Sortino ratio: Return per unit of downside risk	-1.44	-0.24	-1.20
Omega ratio: Gain probability vs. loss probability	0.82	0.97	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.84	-0.26	-0.57
Martin ratio: Return relative to average drawdown	-1.35	-0.60	-0.75

YBTC vs. YMAX - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -1.02, which is lower than the YMAX Sharpe Ratio of -0.29. The chart below compares the historical Sharpe Ratios of YBTC and YMAX, 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

YBTC vs. YMAX - Drawdown Comparison

The maximum YBTC drawdown since its inception was -48.84%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for YBTC and YMAX.

Drawdown Indicators

	YBTC	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-48.84%	-26.13%	-22.71%
Max Drawdown (1Y) Largest decline over 1 year	-48.84%	-26.13%	-22.71%
Current Drawdown Current decline from peak	-43.14%	-12.00%	-31.14%
Average Drawdown Average peak-to-trough decline	-14.50%	-6.48%	-8.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.27%	11.52%	+18.75%

Volatility

YBTC vs. YMAX - Volatility Comparison

Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a higher volatility of 9.15% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 6.50%. This indicates that YBTC's price experiences larger fluctuations and is considered to be riskier than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YBTC	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.15%	6.50%	+2.65%
Volatility (6M) Calculated over the trailing 6-month period	32.48%	20.15%	+12.33%
Volatility (1Y) Calculated over the trailing 1-year period	40.18%	23.99%	+16.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.65%	23.53%	+17.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.65%	23.53%	+17.12%

YBTC vs. YMAX - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

YBTC vs. YMAX - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 82.41%, more than YMAX's 74.50% yield.

Position	TTM	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	82.41%	76.04%	44.53%
YMAX YieldMax Universe Fund of Option Income ETFs	74.50%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YBTC and YMAX in my portfolio?

YBTC and YMAX have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBTC or YMAX?

YBTC has higher volatility (9.15%) compared to YMAX (6.50%). In terms of maximum drawdown, YBTC dropped -48.84% vs YMAX's -26.13%.

Which ETF is better, YBTC or YMAX?

On 1-year performance, YMAX leads with -6.89% vs -40.78% for YBTC. On fees, YBTC is cheaper at 0.95% per year. On volatility, YMAX has been the lower-risk option at 6.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or YMAX?

Over the 1-year period, YMAX has performed better with a -6.89% return vs -40.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or YMAX?

YBTC is cheaper with a 0.95% expense ratio, compared with 1.28% for YMAX.

Which ETF pays a higher dividend yield, YBTC or YMAX?

YBTC has the higher dividend yield at 82.41%, compared with 74.50% for YMAX.

What is the main difference between YBTC and YMAX?

YBTC is categorized as Cryptocurrency, while YMAX is Derivative Income. They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.95% for YBTC and 1.28% for YMAX.

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (-0.29 vs -1.02), 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.