YMAX vs. FIYY

Last updated Jul 15, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. Both are actively managed. At a 0.35 correlation, their price movements are largely independent. YMAX charges 1.28%/yr vs 1.07%/yr for FIYY.

Performance

YMAX vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

YMAX

• 1D: 1.02%
• 1M: 3.78%
• 6M: -0.26%
• YTD: 3.32%
• 1Y: -1.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIYY

• 1D: -0.07%
• 1M: -0.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
YMAX YieldMax Universe Fund of Option Income ETFs	4.01%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-2.01%

Correlation

The correlation between YMAX and FIYY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.35

Return for Risk

YMAX vs. FIYY — Risk / Return Rank

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

YMAX

YMAX Risk / Return Rank: 8
YMAX Sharpe Ratio Rank: 9
YMAX Sortino Ratio Rank: 8
YMAX Omega Ratio Rank: 8
YMAX Calmar Ratio Rank: 9
YMAX Martin Ratio Rank: 8

FIYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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	FIYY	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	—	—
Sortino ratio: Return per unit of downside risk	0.05	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.07	—	—
Martin ratio: Return relative to average drawdown	-0.17	—	—

Drawdowns

YMAX vs. FIYY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for YMAX and FIYY.

Drawdown Indicators

	YMAX	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-2.51%	-23.62%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	—	—
Current Drawdown Current decline from peak	-8.40%	-2.13%	-6.27%
Average Drawdown Average peak-to-trough decline	-6.46%	-1.47%	-4.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	—	—

Volatility

Volatility by Period

	YMAX	FIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	—	—
Volatility (6M) Calculated over the trailing 6-month period	19.96%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	23.79%	5.08%	+18.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.52%	5.08%	+18.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	5.08%	+18.44%

YMAX vs. FIYY - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than FIYY's 1.07% expense ratio.

Dividends

YMAX vs. FIYY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 71.31%, more than FIYY's 1.13% yield.

Position	TTM	2025	2024
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%	0.00%
YMAX YieldMax Universe Fund of Option Income ETFs	71.31%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and FIYY in my portfolio?

YMAX and FIYY have a correlation of 0.35, 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 FIYY?

On fees, FIYY is cheaper at 1.07% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, YMAX or FIYY?

FIYY is cheaper with a 1.07% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 71.31%, compared with 1.13% for FIYY.

What is the main difference between YMAX and FIYY?

They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 1.28% for YMAX and 1.07% for FIYY.