YMAX vs. YSPY

Last updated Jul 21, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and YSPY (GraniteShares YieldBOOST SPY ETF) are both exchange-traded funds - YMAX is a Derivative Income fund actively managed by YieldMax, while YSPY is a Leveraged Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, YMAX returned -6.89% vs 13.84% for YSPY. A 0.69 correlation means they provide meaningful diversification when combined. YMAX charges 1.28%/yr vs 1.07%/yr for YSPY.

Performance

YMAX vs. YSPY - 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 SPY ETF (YSPY). 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 YSPY's 2.94% return.

YMAX

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

YSPY

• 1D: 0.14%
• 1M: -0.44%
• 6M: 0.21%
• YTD: 2.94%
• 1Y: 13.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.16%

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

YMAX vs. YSPY - Yearly Performance Comparison

	2026 (YTD)	2025
YMAX YieldMax Universe Fund of Option Income ETFs	-0.74%	10.05%
YSPY GraniteShares YieldBOOST SPY ETF	2.94%	8.36%

Correlation

The correlation between YMAX and YSPY is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Feb 26, 2025	0.69

The correlation between YMAX and YSPY has been stable across timeframes, ranging from 0.67 to 0.69 - a consistent structural relationship.

Return for Risk

YMAX vs. YSPY — 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

YSPY

YSPY Risk / Return Rank: 28
YSPY Sharpe Ratio Rank: 27
YSPY Sortino Ratio Rank: 23
YSPY Omega Ratio Rank: 32
YSPY Calmar Ratio Rank: 26
YSPY Martin Ratio Rank: 31

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. YSPY - 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 SPY ETF (YSPY). 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	YSPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	0.73	-1.02
Sortino ratio: Return per unit of downside risk	-0.24	1.00	-1.24
Omega ratio: Gain probability vs. loss probability	0.97	1.17	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.26	0.95	-1.22
Martin ratio: Return relative to average drawdown	-0.60	3.40	-4.00

YMAX vs. YSPY - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is -0.29, which is lower than the YSPY Sharpe Ratio of 0.73. The chart below compares the historical Sharpe Ratios of YMAX and YSPY, 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. YSPY - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than YSPY's maximum drawdown of -18.74%. Use the drawdown chart below to compare losses from any high point for YMAX and YSPY.

Drawdown Indicators

	YMAX	YSPY	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-18.74%	-7.39%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-14.60%	-11.53%
Current Drawdown Current decline from peak	-12.00%	-2.88%	-9.12%
Average Drawdown Average peak-to-trough decline	-6.48%	-4.82%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.52%	4.08%	+7.44%

Volatility

YMAX vs. YSPY - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 6.50% compared to GraniteShares YieldBOOST SPY ETF (YSPY) at 1.76%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than YSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	YSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	1.76%	+4.74%
Volatility (6M) Calculated over the trailing 6-month period	20.15%	13.60%	+6.55%
Volatility (1Y) Calculated over the trailing 1-year period	23.99%	19.15%	+4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.53%	20.50%	+3.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.53%	20.50%	+3.03%

YMAX vs. YSPY - Expense Ratio Comparison

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

Dividends

YMAX vs. YSPY - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 74.50%, more than YSPY's 53.09% yield.

Position	TTM	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	74.50%	78.70%	44.20%
YSPY GraniteShares YieldBOOST SPY ETF	53.09%	45.57%	0.00%

Frequently Asked Questions

Can I hold both YMAX and YSPY in my portfolio?

YMAX and YSPY have a correlation of 0.67, 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 YSPY?

YMAX has higher volatility (6.50%) compared to YSPY (1.76%). In terms of maximum drawdown, YMAX dropped -26.13% vs YSPY's -18.74%.

Which ETF is better, YMAX or YSPY?

On 1-year performance, YSPY leads with 13.84% vs -6.89% for YMAX. On fees, YSPY is cheaper at 1.07% per year. On volatility, YSPY has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or YSPY?

Over the 1-year period, YSPY has performed better with a 13.84% 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 YSPY?

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

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

YMAX has the higher dividend yield at 74.50%, compared with 53.09% for YSPY.

What is the main difference between YMAX and YSPY?

YMAX is categorized as Derivative Income, while YSPY is Leveraged Equities. They also come from different issuers: YieldMax and GraniteShares. Their fees differ too: 1.28% for YMAX and 1.07% for YSPY.

Which has better risk-adjusted returns?

YSPY currently has the higher Sharpe Ratio (0.73 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.