YMAX vs. AFOS

Last updated Jun 4, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. A 0.67 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 0.45%/yr for AFOS.

Performance

YMAX vs. AFOS - Performance Comparison

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

Returns By Period

In the year-to-date period, YMAX achieves a 6.06% return, which is significantly lower than AFOS's 32.04% return.

YMAX

• 1D: -1.70%
• 1M: 6.76%
• YTD: 6.06%
• 6M: 3.56%
• 1Y: 9.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
YMAX YieldMax Universe Fund of Option Income ETFs	6.06%	-1.50%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between YMAX and AFOS is 0.67, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.67

Return for Risk

YMAX vs. AFOS — Risk / Return Rank

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

YMAX

YMAX Risk / Return Rank: 14
YMAX Sharpe Ratio Rank: 14
YMAX Sortino Ratio Rank: 14
YMAX Omega Ratio Rank: 15
YMAX Calmar Ratio Rank: 13
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.

YMAX vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

	YMAX	AFOS	Difference
Sharpe ratio: Return per unit of total volatility	0.42	—	—
Sortino ratio: Return per unit of downside risk	0.70	—	—
Omega ratio: Gain probability vs. loss probability	1.09	—	—
Calmar ratio: Return relative to maximum drawdown	0.35	—	—
Martin ratio: Return relative to average drawdown	0.82	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	YMAX	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	4.35	-3.65

Drawdowns

YMAX vs. AFOS - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for YMAX and AFOS.

Drawdown Indicators

	YMAX	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-11.52%	-14.61%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	—	—
Current Drawdown Current decline from peak	-5.98%	-0.29%	-5.69%
Average Drawdown Average peak-to-trough decline	-6.33%	-1.37%	-4.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	—	—

Volatility

Volatility by Period

	YMAX	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	17.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	20.19%	+1.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.97%	20.19%	+2.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	20.19%	+2.78%

YMAX vs. AFOS - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

YMAX vs. AFOS - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 72.94%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%
YMAX YieldMax Universe Fund of Option Income ETFs	72.94%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and AFOS in my portfolio?

YMAX and AFOS have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YMAX or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, YMAX or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 72.94%, compared with 0.22% for AFOS.

What is the main difference between YMAX and AFOS?

YMAX is categorized as Derivative Income, while AFOS is Large Cap Blend Equities. They also come from different issuers: YieldMax and ARS Investment Partners. Their fees differ too: 1.28% for YMAX and 0.45% for AFOS.