SPY vs YMAX
State Street SPDR S&P 500 ETF Trust vs YieldMax Universe Fund of Option Income ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | YMAX | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 1.33% | |
| AUM | $789.1B | $390M | |
| Dividend Yield | 1.01% | 76.20% | |
| Holdings | 505 | 30 | |
| YTD Return | +13.68% | +1.61% | |
| 1Y Return | +21.53% | -2.09% | |
| 3Y Return (annualized) | +21.44% | - | |
| 5Y Return (annualized) | +13.18% | - | |
| Volatility (annualized) | 15.3% | 20.1% | |
| Max Drawdown | -56.5% | -26.1% | |
| Fund Family | State Street Investment Management | YieldMax ETF | |
| Category | Equity | Alternative | |
| Inception | Jan 22, 1993 | Jan 16, 2024 |
SPY vs YMAX Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and YieldMax Universe Fund of Option Income ETF (YMAX) is a ETF from YieldMax ETF. Over the past year SPY returned +21.53% while YMAX returned -2.09%. Year to date, SPY is up 13.68% versus a gain of 1.61% for YMAX.
Risk: Volatility and Drawdowns
YMAX has been the more volatile fund, with annualized monthly volatility of 20.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -26.1% for YMAX. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.86. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while YMAX charges 1.33%. On a $10,000 position that is $9 vs $133 annually, a gap of $124 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 76.20% for YMAX.
Holdings Overlap
SPY and YMAX share 0 holdings out of 530 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPY or YMAX?
SPY has an expense ratio of 0.09% while YMAX charges 1.33%. SPY is the cheaper option. On a $10,000 investment, that is $124 per year of difference.
Which performed better, SPY or YMAX?
Over the past year SPY returned +21.53% vs -2.09% for YMAX, so SPY leads on 1-year performance. Over the longest common window we track (3 years), SPY annualized +8.85% vs +13.08% for YMAX. Past performance does not guarantee future results.
Which is riskier, SPY or YMAX?
YMAX has been the more volatile fund at 20.1% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs YMAX -26.1%.
Should I hold both SPY and YMAX?
SPY and YMAX have a monthly-return correlation of 0.86, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and YMAX?
SPY and YMAX share 0 common holdings with a 0.0% weight overlap. Combined, they hold 530 unique securities.
Which pays a higher dividend, SPY or YMAX?
SPY yields 1.01% while YMAX yields 76.20%, so YMAX currently pays the higher dividend yield.
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