YSPY vs. YMAX

Last updated Jul 21, 2026

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

Performance

YSPY vs. YMAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST SPY ETF (YSPY) 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, YSPY achieves a 2.94% return, which is significantly higher than YMAX's -0.74% return.

YSPY

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

YMAX

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

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

YSPY vs. YMAX - Yearly Performance Comparison

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

Correlation

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

Return for Risk

YSPY vs. YMAX — Risk / Return Rank

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

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

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

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.

YSPY vs. YMAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST SPY ETF (YSPY) 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.

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.

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

YSPY vs. YMAX - Sharpe Ratio Comparison

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

Drawdowns

YSPY vs. YMAX - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

YSPY vs. YMAX - Volatility Comparison

The current volatility for GraniteShares YieldBOOST SPY ETF (YSPY) is 1.76%, while YieldMax Universe Fund of Option Income ETFs (YMAX) has a volatility of 6.50%. This indicates that YSPY 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

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

YSPY vs. YMAX - Expense Ratio Comparison

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

Dividends

YSPY vs. YMAX - Dividend Comparison

YSPY's dividend yield for the trailing twelve months is around 53.09%, less than YMAX's 74.50% 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 YSPY and YMAX in my portfolio?

YSPY and YMAX 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, YSPY or YMAX?

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

Which ETF is better, YSPY or YMAX?

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, YSPY or YMAX?

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, YSPY or YMAX?

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

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

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

What is the main difference between YSPY and YMAX?

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

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.