YMAX vs. IWMY

Last updated Jul 21, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and IWMY (Defiance R2000 Weekly Distribution ETF) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while IWMY is a Options Trading fund actively managed by Defiance. Both are actively managed. Over the past year, YMAX returned -6.89% vs 17.50% for IWMY. A 0.71 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 1.05%/yr for IWMY.

Performance

YMAX vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and Defiance R2000 Weekly Distribution ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YMAX achieves a -0.74% return, which is significantly lower than IWMY's 13.63% return.

YMAX

• 1D: 0.00%
• 1M: -4.39%
• 6M: -3.15%
• YTD: -0.74%
• 1Y: -6.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.25%

IWMY

• 1D: -0.47%
• 1M: -1.14%
• 6M: 7.05%
• YTD: 13.63%
• 1Y: 17.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.78%

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

YMAX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	-0.74%	6.04%	26.90%
IWMY Defiance R2000 Weekly Distribution ETF	13.63%	10.18%	9.25%

Correlation

The correlation between YMAX and IWMY is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.71

The correlation between YMAX and IWMY has been stable across timeframes, ranging from 0.71 to 0.72 - a consistent structural relationship.

Return for Risk

YMAX vs. IWMY — Risk / Return Rank

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

YMAX

YMAX Risk / Return Rank: 7
YMAX Sharpe Ratio Rank: 7
YMAX Sortino Ratio Rank: 7
YMAX Omega Ratio Rank: 7
YMAX Calmar Ratio Rank: 7
YMAX Martin Ratio Rank: 7

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 40
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 37
IWMY Calmar Ratio Rank: 39
IWMY Martin Ratio Rank: 41

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. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and Defiance R2000 Weekly Distribution ETF (IWMY). 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	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.09	-1.38
Sortino ratio: Return per unit of downside risk	-0.24	1.55	-1.79
Omega ratio: Gain probability vs. loss probability	0.97	1.19	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.26	1.52	-1.78
Martin ratio: Return relative to average drawdown	-0.60	4.95	-5.55

YMAX vs. IWMY - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is -0.29, which is lower than the IWMY Sharpe Ratio of 1.09. The chart below compares the historical Sharpe Ratios of YMAX and IWMY, 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. IWMY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for YMAX and IWMY.

Drawdown Indicators

	YMAX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-18.72%	-7.41%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-11.57%	-14.56%
Current Drawdown Current decline from peak	-12.00%	-2.40%	-9.60%
Average Drawdown Average peak-to-trough decline	-6.48%	-2.89%	-3.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	3.55%	+7.97%

Volatility

YMAX vs. IWMY - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 6.50% compared to Defiance R2000 Weekly Distribution ETF (IWMY) at 3.33%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	3.33%	+3.17%
Volatility (6M) Calculated over the trailing 6-month period	20.15%	13.48%	+6.67%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	16.19%	+7.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.53%	15.80%	+7.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	15.80%	+7.73%

YMAX vs. IWMY - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than IWMY's 1.05% expense ratio.

Dividends

YMAX vs. IWMY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 74.50%, more than IWMY's 42.60% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Weekly Distribution ETF	42.60%	63.33%	107.92%	11.34%
YMAX YieldMax Universe Fund of Option Income ETFs	74.50%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both YMAX and IWMY in my portfolio?

YMAX and IWMY have a correlation of 0.72, 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 IWMY?

YMAX has higher volatility (6.50%) compared to IWMY (3.33%). In terms of maximum drawdown, YMAX dropped -26.13% vs IWMY's -18.72%.

Which ETF is better, YMAX or IWMY?

On 1-year performance, IWMY leads with 17.50% vs -6.89% for YMAX. On fees, IWMY is cheaper at 1.05% per year. On volatility, IWMY has been the lower-risk option at 3.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or IWMY?

Over the 1-year period, IWMY has performed better with a 17.50% return vs -6.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or IWMY?

IWMY is cheaper with a 1.05% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 74.50%, compared with 42.60% for IWMY.

What is the main difference between YMAX and IWMY?

YMAX is categorized as Derivative Income, while IWMY is Options Trading. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 1.28% for YMAX and 1.05% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.09 vs -0.29), 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.