YQQQ vs. YMAX

Last updated Jun 5, 2026

YQQQ (YieldMax Short N100 Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both Derivative Income funds from YieldMax. Both are actively managed. Over the past year, YQQQ returned -13.84% vs 9.04% for YMAX. At a correlation of -0.78, they often move in opposite directions. YQQQ charges 0.99%/yr vs 1.28%/yr for YMAX.

Performance

YQQQ vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Short N100 Option Income Strategy ETF (YQQQ) and YieldMax Universe Fund of Option Income ETFs (YMAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YQQQ achieves a -8.57% return, which is significantly lower than YMAX's 6.30% return.

YQQQ

• 1D: 0.41%
• 1M: -6.24%
• YTD: -8.57%
• 6M: -6.48%
• 1Y: -13.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

YMAX

• 1D: 0.24%
• 1M: 6.50%
• YTD: 6.30%
• 6M: 3.22%
• 1Y: 9.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YQQQ vs. YMAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YQQQ YieldMax Short N100 Option Income Strategy ETF	-8.57%	-9.97%	-4.06%
YMAX YieldMax Universe Fund of Option Income ETFs	6.30%	6.04%	14.06%

Correlation

The correlation between YQQQ and YMAX is -0.75, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.75
Correlation (All Time) Calculated using the full available price history since Aug 16, 2024	-0.78

The correlation between YQQQ and YMAX has been stable across timeframes, ranging from -0.78 to -0.75 - a consistent structural relationship.

Return for Risk

YQQQ vs. YMAX — Risk / Return Rank

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

YQQQ

YQQQ Risk / Return Rank: 2
YQQQ Sharpe Ratio Rank: 1
YQQQ Sortino Ratio Rank: 2
YQQQ Omega Ratio Rank: 2
YQQQ Calmar Ratio Rank: 3
YQQQ Martin Ratio Rank: 1

YMAX

YMAX Risk / Return Rank: 15
YMAX Sharpe Ratio Rank: 16
YMAX Sortino Ratio Rank: 16
YMAX Omega Ratio Rank: 16
YMAX Calmar Ratio Rank: 13
YMAX Martin Ratio Rank: 13

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.

YQQQ vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Short N100 Option Income Strategy ETF (YQQQ) and YieldMax Universe Fund of Option Income ETFs (YMAX). 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.

	YQQQ	YMAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.11	0.42	-1.53
Sortino ratio: Return per unit of downside risk	-1.50	0.70	-2.20
Omega ratio: Gain probability vs. loss probability	0.83	1.09	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.67	0.35	-1.01
Martin ratio: Return relative to average drawdown	-1.61	0.82	-2.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YQQQ vs. YMAX - Sharpe Ratio Comparison

The current YQQQ Sharpe Ratio is -1.11, which is lower than the YMAX Sharpe Ratio of 0.42. The chart below compares the historical Sharpe Ratios of YQQQ and YMAX, 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

	YQQQ	YMAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.11	0.42	-1.53
Sharpe Ratio (All Time) Calculated using the full available price history	-0.76	0.70	-1.46

Drawdowns

YQQQ vs. YMAX - Drawdown Comparison

The maximum YQQQ drawdown since its inception was -28.21%, which is greater than YMAX's maximum drawdown of -26.13%. Use the drawdown chart below to compare losses from any high point for YQQQ and YMAX.

Drawdown Indicators

	YQQQ	YMAX	Difference
Max Drawdown Largest peak-to-trough decline	-28.21%	-26.13%	-2.08%
Max Drawdown (1Y) Largest decline over 1 year	-20.82%	-26.13%	+5.31%
Current Drawdown Current decline from peak	-27.87%	-5.75%	-22.12%
Average Drawdown Average peak-to-trough decline	-14.25%	-6.33%	-7.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.62%	11.00%	-2.38%

Volatility

YQQQ vs. YMAX - Volatility Comparison

The current volatility for YieldMax Short N100 Option Income Strategy ETF (YQQQ) is 3.90%, while YieldMax Universe Fund of Option Income ETFs (YMAX) has a volatility of 6.22%. This indicates that YQQQ experiences smaller price fluctuations and is considered to be less risky than YMAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YQQQ	YMAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	6.22%	-2.32%
Volatility (6M) Calculated over the trailing 6-month period	9.85%	17.09%	-7.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.50%	21.60%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	22.95%	-6.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.25%	22.95%	-6.70%

YQQQ vs. YMAX - Expense Ratio Comparison

YQQQ has a 0.99% expense ratio, which is lower than YMAX's 1.28% expense ratio.

Dividends

YQQQ vs. YMAX - Dividend Comparison

YQQQ's dividend yield for the trailing twelve months is around 32.16%, less than YMAX's 72.77% yield.

Position	TTM	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	72.77%	78.70%	44.20%
YQQQ YieldMax Short N100 Option Income Strategy ETF	32.16%	31.71%	7.88%

Frequently Asked Questions

Can I hold both YQQQ and YMAX in my portfolio?

YQQQ and YMAX have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YQQQ or YMAX?

YMAX has higher volatility (6.22%) compared to YQQQ (3.90%). In terms of maximum drawdown, YQQQ dropped -28.21% vs YMAX's -26.13%.

Which ETF is better, YQQQ or YMAX?

On 1-year performance, YMAX leads with 9.04% vs -13.84% for YQQQ. On fees, YQQQ is cheaper at 0.99% per year. On volatility, YQQQ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YQQQ or YMAX?

Over the 1-year period, YMAX has performed better with a 9.04% return vs -13.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YQQQ or YMAX?

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

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

YMAX has the higher dividend yield at 72.77%, compared with 32.16% for YQQQ.

What is the main difference between YQQQ and YMAX?

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

Which has better risk-adjusted returns?

YMAX currently has the higher Sharpe Ratio (0.42 vs -1.11), 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.