YETH vs. YMAX

Last updated Jun 9, 2026

YETH (Roundhill Ether Covered Call Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both Derivative Income funds. Both are actively managed. Over the past year, YETH returned -32.39% vs 5.13% for YMAX. A 0.61 correlation means they provide meaningful diversification when combined. YETH charges 0.95%/yr vs 1.28%/yr for YMAX.

Performance

YETH vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Ether Covered Call Strategy ETF (YETH) 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, YETH achieves a -37.76% return, which is significantly lower than YMAX's 2.44% return.

YETH

• 1D: 6.84%
• 1M: -26.20%
• YTD: -37.76%
• 6M: -37.20%
• 1Y: -32.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YMAX

• 1D: 2.11%
• 1M: -1.05%
• YTD: 2.44%
• 6M: -0.72%
• 1Y: 5.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YETH vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YETH Roundhill Ether Covered Call Strategy ETF	-37.76%	-32.10%	24.84%
YMAX YieldMax Universe Fund of Option Income ETFs	2.44%	6.04%	16.71%

Correlation

The correlation between YETH 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 Sep 5, 2024	0.61

The correlation between YETH and YMAX has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

YETH vs. YMAX — Risk / Return Rank

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

YETH

YETH Risk / Return Rank: 5
YETH Sharpe Ratio Rank: 5
YETH Sortino Ratio Rank: 5
YETH Omega Ratio Rank: 5
YETH Calmar Ratio Rank: 5
YETH Martin Ratio Rank: 5

YMAX

YMAX Risk / Return Rank: 12
YMAX Sharpe Ratio Rank: 13
YMAX Sortino Ratio Rank: 13
YMAX Omega Ratio Rank: 13
YMAX Calmar Ratio Rank: 12
YMAX Martin Ratio Rank: 12

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.

YETH vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Ether Covered Call Strategy ETF (YETH) 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.

	YETH	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	0.23	-0.79
Sortino ratio: Return per unit of downside risk	-0.51	0.45	-0.96
Omega ratio: Gain probability vs. loss probability	0.94	1.06	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.55	0.20	-0.75
Martin ratio: Return relative to average drawdown	-1.03	0.47	-1.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YETH vs. YMAX - Sharpe Ratio Comparison

The current YETH Sharpe Ratio is -0.56, which is lower than the YMAX Sharpe Ratio of 0.23. The chart below compares the historical Sharpe Ratios of YETH 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.

Sharpe Ratios by Period

	YETH	YMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.56	0.23	-0.79
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.61	-1.16

Drawdowns

YETH vs. YMAX - Drawdown Comparison

The maximum YETH drawdown since its inception was -64.41%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for YETH and YMAX.

Drawdown Indicators

	YETH	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-26.13%	-38.28%
Max Drawdown (1Y) Largest decline over 1 year	-58.73%	-26.13%	-32.60%
Current Drawdown Current decline from peak	-61.97%	-9.18%	-52.79%
Average Drawdown Average peak-to-trough decline	-31.13%	-6.34%	-24.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.51%	11.04%	+20.47%

Volatility

YETH vs. YMAX - Volatility Comparison

Roundhill Ether Covered Call Strategy ETF (YETH) has a higher volatility of 17.00% compared to YieldMax Universe Fund of Option Income ETFs (YMAX) at 8.44%. This indicates that YETH'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

	YETH	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.00%	8.44%	+8.56%
Volatility (6M) Calculated over the trailing 6-month period	40.48%	18.14%	+22.34%
Volatility (1Y) Calculated over the trailing 1-year period	58.59%	22.35%	+36.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.22%	23.25%	+32.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	56.22%	23.25%	+32.97%

YETH vs. YMAX - Expense Ratio Comparison

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

Dividends

YETH vs. YMAX - Dividend Comparison

YETH's dividend yield for the trailing twelve months is around 153.07%, more than YMAX's 73.42% yield.

Position	TTM	2025	2024
YETH Roundhill Ether Covered Call Strategy ETF	153.07%	109.12%	20.52%
YMAX YieldMax Universe Fund of Option Income ETFs	73.42%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YETH and YMAX in my portfolio?

YETH 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, YETH or YMAX?

YETH has higher volatility (17.00%) compared to YMAX (8.44%). In terms of maximum drawdown, YETH dropped -64.41% vs YMAX's -26.13%.

Which ETF is better, YETH or YMAX?

On 1-year performance, YMAX leads with 5.13% vs -32.39% for YETH. On fees, YETH is cheaper at 0.95% per year. On volatility, YMAX has been the lower-risk option at 8.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YETH or YMAX?

Over the 1-year period, YMAX has performed better with a 5.13% return vs -32.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YETH or YMAX?

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

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

YETH has the higher dividend yield at 153.07%, compared with 73.42% for YMAX.

What is the main difference between YETH and YMAX?

They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.95% for YETH and 1.28% for YMAX.

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (0.23 vs -0.56), 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.