YMAX vs. CVSE

Last updated Jun 4, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and CVSE (Calvert US Select Equity ETF) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while CVSE is a Large Cap Blend Equities fund actively managed by Calvert. Both are actively managed. Over the past year, YMAX returned 9.02% vs 8.06% for CVSE. A 0.60 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 0.29%/yr for CVSE.

Performance

YMAX vs. CVSE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and Calvert US Select Equity ETF (CVSE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

YMAX

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

CVSE

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 8.06%
• 3Y*: 13.34%
• 5Y*: —
• 10Y*: —

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

YMAX vs. CVSE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	6.06%	6.04%	26.26%
CVSE Calvert US Select Equity ETF	0.00%	10.14%	19.76%

Correlation

The correlation between YMAX and CVSE is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 18, 2024	0.60

Over the past year, the correlation between YMAX and CVSE has dropped to 0.30 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

YMAX vs. CVSE - Sectors Allocation Comparison

Sectors	YMAX	CVSE
Technology	68.7%	39.5%
Financial Services	13.8%	16.3%
Communication Services	6.9%	5.1%
Consumer Cyclical	4.8%	7.0%
Basic Materials	2.2%	2.7%
Industrials	1.9%	11.3%
Consumer Defensive	0.9%	1.7%
Healthcare	0.8%	10.3%
Utilities	0.2%	2.5%
Energy	0.1%	-
Real Estate	0.0%	3.5%

Return for Risk

YMAX vs. CVSE — 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

CVSE

CVSE Risk / Return Rank: 46
CVSE Sharpe Ratio Rank: 36
CVSE Sortino Ratio Rank: 37
CVSE Omega Ratio Rank: 67
CVSE Calmar Ratio Rank: 54
CVSE Martin Ratio Rank: 37

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. CVSE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and Calvert US Select Equity ETF (CVSE). 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	CVSE	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.28	-0.86
Sortino ratio: Return per unit of downside risk	0.70	1.90	-1.20
Omega ratio: Gain probability vs. loss probability	1.09	1.40	-0.31
Calmar ratio: Return relative to maximum drawdown	0.35	2.66	-2.31
Martin ratio: Return relative to average drawdown	0.82	5.71	-4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YMAX vs. CVSE - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.42, which is lower than the CVSE Sharpe Ratio of 1.28. The chart below compares the historical Sharpe Ratios of YMAX and CVSE, 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

	YMAX	CVSE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.28	-0.86
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.92	-0.22

Drawdowns

YMAX vs. CVSE - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than CVSE's maximum drawdown of -20.29%. Use the drawdown chart below to compare losses from any high point for YMAX and CVSE.

Drawdown Indicators

	YMAX	CVSE	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-20.29%	-5.84%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-3.08%	-23.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.29%	—
Current Drawdown Current decline from peak	-5.98%	-1.68%	-4.30%
Average Drawdown Average peak-to-trough decline	-6.33%	-2.69%	-3.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	1.42%	+9.57%

Volatility

YMAX vs. CVSE - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 6.22% compared to Calvert US Select Equity ETF (CVSE) at 0.00%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than CVSE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	CVSE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	0.00%	+6.22%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	0.00%	+17.10%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	6.49%	+15.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.97%	13.87%	+9.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	13.87%	+9.10%

YMAX vs. CVSE - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than CVSE's 0.29% expense ratio.

Dividends

YMAX vs. CVSE - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 72.94%, more than CVSE's 0.59% yield.

Position	TTM	2025	2024	2023
CVSE Calvert US Select Equity ETF	0.59%	0.81%	1.05%	1.22%
YMAX YieldMax Universe Fund of Option Income ETFs	72.94%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both YMAX and CVSE in my portfolio?

YMAX and CVSE have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YMAX or CVSE?

YMAX has higher volatility (6.22%) compared to CVSE (0.00%). In terms of maximum drawdown, YMAX dropped -26.13% vs CVSE's -20.29%.

Which ETF is better, YMAX or CVSE?

On 1-year performance, YMAX leads with 9.02% vs 8.06% for CVSE. On fees, CVSE is cheaper at 0.29% per year. On volatility, CVSE has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or CVSE?

Over the 1-year period, YMAX has performed better with a 9.02% return vs 8.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or CVSE?

CVSE is cheaper with a 0.29% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 72.94%, compared with 0.59% for CVSE.

What is the main difference between YMAX and CVSE?

YMAX is categorized as Derivative Income, while CVSE is Large Cap Blend Equities. They also come from different issuers: YieldMax and Calvert. Their fees differ too: 1.28% for YMAX and 0.29% for CVSE.

Which has better risk-adjusted returns?

CVSE currently has the higher Sharpe Ratio (1.28 vs 0.42), 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.