YMAX vs. FEPI

Last updated Jun 24, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, YMAX returned 2.12% vs 20.65% for FEPI. Their correlation of 0.82 suggests significant overlap in exposure. YMAX charges 1.28%/yr vs 0.65%/yr for FEPI.

Performance

YMAX vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YMAX achieves a 0.77% return, which is significantly lower than FEPI's 3.07% return.

YMAX

• 1D: -2.10%
• 1M: -2.26%
• YTD: 0.77%
• 6M: -1.20%
• 1Y: 2.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEPI

• 1D: -2.98%
• 1M: -4.62%
• YTD: 3.07%
• 6M: 2.27%
• 1Y: 20.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	0.77%	6.04%	26.90%
FEPI REX FANG & Innovation Equity Premium Income ETF	3.07%	18.33%	14.61%

Correlation

The correlation between YMAX and FEPI is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.82

The correlation between YMAX and FEPI has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

YMAX vs. FEPI - Sectors Allocation Comparison

Sectors	YMAX	FEPI
Technology	63.7%	65.5%
Financial Services	12.7%	-
Communication Services	7.6%	19.6%
Consumer Cyclical	6.2%	12.4%
Industrials	2.8%	-
Basic Materials	2.0%	-
Consumer Defensive	2.0%	-
Healthcare	2.0%	-
Energy	0.5%	-
Utilities	0.3%	-
Real Estate	0.1%	-

Return for Risk

YMAX vs. FEPI — Risk / Return Rank

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

YMAX

YMAX Risk / Return Rank: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 9
YMAX Martin Ratio Rank: 9

FEPI

FEPI Risk / Return Rank: 33
FEPI Sharpe Ratio Rank: 33
FEPI Sortino Ratio Rank: 31
FEPI Omega Ratio Rank: 33
FEPI Calmar Ratio Rank: 33
FEPI Martin Ratio Rank: 35

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. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	YMAX	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.16	-1.07
Sortino ratio: Return per unit of downside risk	0.28	1.62	-1.34
Omega ratio: Gain probability vs. loss probability	1.04	1.22	-0.18
Calmar ratio: Return relative to maximum drawdown	0.08	1.61	-1.53
Martin ratio: Return relative to average drawdown	0.19	5.15	-4.96

YMAX vs. FEPI - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.09, which is lower than the FEPI Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of YMAX and FEPI, 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

YMAX vs. FEPI - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than FEPI's maximum drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for YMAX and FEPI.

Drawdown Indicators

	YMAX	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-23.56%	-2.57%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-12.91%	-13.22%
Current Drawdown Current decline from peak	-10.66%	-8.01%	-2.65%
Average Drawdown Average peak-to-trough decline	-6.40%	-3.53%	-2.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.24%	4.02%	+7.22%

Volatility

YMAX vs. FEPI - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 10.94% compared to REX FANG & Innovation Equity Premium Income ETF (FEPI) at 7.58%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.94%	7.58%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	14.01%	+5.65%
Volatility (1Y) Calculated over the trailing 1-year period	23.56%	17.84%	+5.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.61%	19.33%	+4.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.61%	19.33%	+4.28%

YMAX vs. FEPI - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than FEPI's 0.65% expense ratio.

Dividends

YMAX vs. FEPI - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 74.01%, more than FEPI's 26.88% yield.

Position	TTM	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	26.88%	25.48%	27.18%	4.21%
YMAX YieldMax Universe Fund of Option Income ETFs	74.01%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both YMAX and FEPI in my portfolio?

YMAX and FEPI have a correlation of 0.80, 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 FEPI?

YMAX has higher volatility (10.94%) compared to FEPI (7.58%). In terms of maximum drawdown, YMAX dropped -26.13% vs FEPI's -23.56%.

Which ETF is better, YMAX or FEPI?

On 1-year performance, FEPI leads with 20.65% vs 2.12% for YMAX. On fees, FEPI is cheaper at 0.65% per year. On volatility, FEPI has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or FEPI?

Over the 1-year period, FEPI has performed better with a 20.65% return vs 2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or FEPI?

FEPI is cheaper with a 0.65% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 74.01%, compared with 26.88% for FEPI.

What is the main difference between YMAX and FEPI?

They also come from different issuers: YieldMax and REX. Their fees differ too: 1.28% for YMAX and 0.65% for FEPI.

Which has better risk-adjusted returns?

FEPI currently has the higher Sharpe Ratio (1.16 vs 0.09), 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.