YMAX vs. TSLY

Last updated Jul 15, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and TSLY (YieldMax TSLA Option Income Strategy ETF) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while TSLY is a Options Trading fund actively managed by YieldMax. Both are actively managed. Over the past year, YMAX returned -1.94% vs 27.84% for TSLY. A 0.60 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 1.07%/yr for TSLY.

Performance

YMAX vs. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YMAX achieves a 3.32% return, which is significantly higher than TSLY's -6.27% return.

YMAX

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

TSLY

• 1D: 0.37%
• 1M: -1.11%
• 6M: -6.01%
• YTD: -6.27%
• 1Y: 27.84%
• 3Y*: 5.24%
• 5Y*: —
• 10Y*: —

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

YMAX vs. TSLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	3.32%	6.04%	26.90%
TSLY YieldMax TSLA Option Income Strategy ETF	-6.27%	13.62%	41.58%

Correlation

The correlation between YMAX and TSLY is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Jan 17, 2024	0.60

The correlation between YMAX and TSLY has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.

Return for Risk

YMAX vs. TSLY — 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

TSLY

TSLY Risk / Return Rank: 28
TSLY Sharpe Ratio Rank: 26
TSLY Sortino Ratio Rank: 27
TSLY Omega Ratio Rank: 26
TSLY Calmar Ratio Rank: 32
TSLY Martin Ratio Rank: 27

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. TSLY - 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 TSLA Option Income Strategy ETF (TSLY). 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	TSLY	Difference
Sharpe ratio: Return per unit of total volatility	-0.08	0.77	-0.86
Sortino ratio: Return per unit of downside risk	0.05	1.25	-1.20
Omega ratio: Gain probability vs. loss probability	1.01	1.15	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.07	1.29	-1.37
Martin ratio: Return relative to average drawdown	-0.17	2.98	-3.15

YMAX vs. TSLY - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is -0.08, which is lower than the TSLY Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of YMAX and TSLY, 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. TSLY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, smaller than the maximum TSLY drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for YMAX and TSLY.

Drawdown Indicators

	YMAX	TSLY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-49.52%	+23.39%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-21.64%	-4.49%
Max Drawdown (3Y) Largest decline over 3 years	—	-49.52%	—
Current Drawdown Current decline from peak	-8.40%	-12.36%	+3.96%
Average Drawdown Average peak-to-trough decline	-6.46%	-19.74%	+13.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.44%	9.38%	+2.06%

Volatility

YMAX vs. TSLY - Volatility Comparison

The current volatility for YieldMax Universe Fund of Option Income ETFs (YMAX) is 7.01%, while YieldMax TSLA Option Income Strategy ETF (TSLY) has a volatility of 13.67%. This indicates that YMAX experiences smaller price fluctuations and is considered to be less risky than TSLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	TSLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	13.67%	-6.66%
Volatility (6M) Calculated over the trailing 6-month period	19.96%	25.85%	-5.89%
Volatility (1Y) Calculated over the trailing 1-year period	23.79%	36.12%	-12.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.52%	45.62%	-22.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.52%	45.62%	-22.10%

YMAX vs. TSLY - Expense Ratio Comparison

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

Dividends

YMAX vs. TSLY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 71.31%, less than TSLY's 85.24% yield.

Position	TTM	2025	2024	2023
TSLY YieldMax TSLA Option Income Strategy ETF	85.24%	91.19%	82.30%	76.47%
YMAX YieldMax Universe Fund of Option Income ETFs	71.31%	78.70%	44.20%	0.00%

Frequently Asked Questions

Can I hold both YMAX and TSLY in my portfolio?

YMAX and TSLY have a correlation of 0.57, 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 TSLY?

TSLY has higher volatility (13.67%) compared to YMAX (7.01%). In terms of maximum drawdown, YMAX dropped -26.13% vs TSLY's -49.52%.

Which ETF is better, YMAX or TSLY?

On 1-year performance, TSLY leads with 27.84% vs -1.94% for YMAX. On fees, TSLY is cheaper at 1.07% per year. On volatility, YMAX has been the lower-risk option at 7.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or TSLY?

Over the 1-year period, TSLY has performed better with a 27.84% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or TSLY?

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

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

TSLY has the higher dividend yield at 85.24%, compared with 71.31% for YMAX.

What is the main difference between YMAX and TSLY?

YMAX is categorized as Derivative Income, while TSLY is Options Trading. Their fees differ too: 1.28% for YMAX and 1.07% for TSLY.

Which has better risk-adjusted returns?

TSLY currently has the higher Sharpe Ratio (0.77 vs -0.08), 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.