YMAX vs. MSTY

Last updated Jun 4, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, YMAX returned 9.02% vs -61.25% for MSTY. A 0.66 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 0.99%/yr for MSTY.

Performance

YMAX vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 higher than MSTY's -14.73% return.

YMAX

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

MSTY

• 1D: -6.76%
• 1M: -28.46%
• YTD: -14.73%
• 6M: -26.86%
• 1Y: -61.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	6.06%	6.04%	18.01%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-14.73%	-42.71%	200.20%

Correlation

The correlation between YMAX and MSTY is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.66

The correlation between YMAX and MSTY has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

Return for Risk

YMAX vs. MSTY — 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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 2

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-1.02	+1.44
Sortino ratio: Return per unit of downside risk	0.70	-1.73	+2.43
Omega ratio: Gain probability vs. loss probability	1.09	0.81	+0.28
Calmar ratio: Return relative to maximum drawdown	0.35	-0.86	+1.20
Martin ratio: Return relative to average drawdown	0.82	-1.31	+2.13
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. MSTY - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.42, which is higher than the MSTY Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of YMAX and MSTY, 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	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	-1.02	+1.44
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.26	+0.44

Drawdowns

YMAX vs. MSTY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for YMAX and MSTY.

Drawdown Indicators

	YMAX	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-71.79%	+45.66%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-71.79%	+45.66%
Current Drawdown Current decline from peak	-5.98%	-66.48%	+60.50%
Average Drawdown Average peak-to-trough decline	-6.33%	-26.09%	+19.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.99%	46.87%	-35.88%

Volatility

YMAX vs. MSTY - Volatility Comparison

The current volatility for YieldMax Universe Fund of Option Income ETFs (YMAX) is 6.22%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 17.01%. This indicates that YMAX experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.22%	17.01%	-10.79%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	48.79%	-31.69%
Volatility (1Y) Calculated over the trailing 1-year period	21.62%	60.44%	-38.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.97%	71.92%	-48.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.97%	71.92%	-48.95%

YMAX vs. MSTY - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than MSTY's 0.99% expense ratio.

Dividends

YMAX vs. MSTY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 72.94%, less than MSTY's 269.45% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	269.45%	294.61%	104.56%
YMAX YieldMax Universe Fund of Option Income ETFs	72.94%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and MSTY in my portfolio?

YMAX and MSTY have a correlation of 0.70, 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 MSTY?

MSTY has higher volatility (17.01%) compared to YMAX (6.22%). In terms of maximum drawdown, YMAX dropped -26.13% vs MSTY's -71.79%.

Which ETF is better, YMAX or MSTY?

On 1-year performance, YMAX leads with 9.02% vs -61.25% for MSTY. On fees, MSTY is cheaper at 0.99% per year. On volatility, YMAX has been the lower-risk option at 6.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or MSTY?

Over the 1-year period, YMAX has performed better with a 9.02% return vs -61.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or MSTY?

MSTY is cheaper with a 0.99% expense ratio, compared with 1.28% for YMAX.

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

MSTY has the higher dividend yield at 269.45%, compared with 72.94% for YMAX.

What is the main difference between YMAX and MSTY?

Their fees differ too: 1.28% for YMAX and 0.99% for MSTY.

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (0.42 vs -1.02), 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.