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Security Comparison

MSTR vs MSTY: Option Income, or the Stock?

A head-to-head of YieldMax MSTR Option Income Strategy and Strategy covering the options overlay, cost, and what each is for.

Updated October 12, 2026

How these figures are calculated: methodology.

Best for

  • MSTRInvestors who want direct ownership of the underlying business, with no fund wrapper or management fee.
  • MSTYInvestors who want to maximize current income — roughly 81.81%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

MSTR has lagged MSTY over the trailing twelve months, posting a -49.91% total return against -43.36%. Measured from Feb 2024 — the start of shared available history — MSTR has compounded at 33.47% a year versus 22.58% for MSTY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Feb 2024Volatility Sharpe Sortino Max drawdown
MSTR0.48%-49.91%33.47%80.1%-0.92-1.33-73.9%
MSTY-0.56%-43.36%22.58%69.2%-0.89-1.26-68.4%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 12, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Feb 2024” measures every fund from February 22, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate, SEC yield and return of capital

MetricMSTRMSTY
Forward distribution rate—81.81%
Trailing 12-month yield—148.71%
30-day SEC yield—0.96%
Return of capital—78.12%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Not a distribution payer

MSTR (Strategy Inc.) has no distribution rate on file and its distribution frequency is None. MSTR is not a payer. The blank yield is not a zero yield.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricMSTRMSTY
Full nameStrategy Inc.YieldMax MSTR Option Income Strategy ETF
Issuer—YieldMax
Last Close$152.68 as of October 12, 2026$15.54 as of October 12, 2026
Distribution rate—81.81%
Trailing 12-month yield—148.71%
30-day SEC yield—0.96%
Distribution Safety Score™ —18
Safety-Adjusted Yield —14.73%
Expense ratio—1.03%
AUM—$1.14B
Distribution frequencyNoneWeekly
Underlying index—Actively managed (no tracked index recorded)
ObjectiveOperates an enterprise analytics software business while pursuing a Bitcoin treasury reserve strategy, accumulating one of the largest corporate Bitcoin balance sheets.Actively managed fund that seeks current income while maintaining indirect exposure to the share price of MicroStrategy Incorporated (MSTR), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception dateN/A02/21/2024
Beta3.5712.5604
Last dividend—$0.2445
Ex-dividend date—10/08/2026

Bottom lineChoose MSTR if you want direct ownership of the underlying business, with no fund wrapper or management fee. Choose MSTY if you want to maximize current income — roughly 81.81%, generated by selling options premium. There's no free lunch: MSTY's payout comes from selling options, which caps upside and can erode the share price over time, while MSTR keeps full price exposure.

The stock versus option income on the stock

MSTR is the stock. MSTY sells options on that stock and caps upside in exchange for income. Structure is the split.

MSTRMSTY
What you ownThe common stockOptions on the stock
Expense ratio—1.03%
Distribution rate—81.81%
Size—$1.14B

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. MSTY generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each security at current yields.

YieldMax
ETFs62
Total AUM$10.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on MSTY.

See all ETFs from YieldMax

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Quick verdict

MSTR (Strategy Inc.) is a stock, while MSTY (YieldMax MSTR Option Income Strategy ETF) is an ETF — their trading structures differ.

MSTY currently shows a 81.81% distribution yield. MSTR has not yet established a full distribution history, so a comparable yield figure is not available.

Deep dive

Yield & income

On a $10,000 investment, MSTR has no reported distribution yield yet, so a cash estimate is not available, while MSTY would produce $157.33 cash per distribution, at current distribution rates.

MSTR yield—
MSTY yield81.81%

Cost & efficiency

MSTY charges a 1.03% expense ratio — roughly $1,030 over 10 years on $10,000 (simplified, not compounded). MSTR is a stock, not a fund, so it charges no expense ratio.

MSTY ER1.03%

Strategy & risk

MSTR is a stock built around software exposure, while MSTY is actively managed around Strategy (MSTR) exposure with a covered call approach. Beta is 3.571 for MSTR and 2.5604 for MSTY, making MSTY the less volatile of the two by this measure.

MSTR beta3.571
MSTY beta2.5604

Security details

MSTR (Strategy Inc.) is a stock. MSTY is managed by YieldMax (launched 02/21/2024) with $1.14B in assets.

MSTY AUM$1.14B
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Frequently asked questions

What is the difference between MSTY and MSTR?

MSTY (YieldMax MSTR Option Income Strategy ETF) sells options on MSTR and caps upside in exchange for income. MSTR (Strategy Inc.) is the stock those options are written on. The fund's cost is 1.03%. Distributions are — and 81.81% as of October 2026. Structure, not a one-date yield, is the split.

Which of MSTR or MSTY pays more dividend income?

MSTY currently reports a distribution yield, while MSTR has not yet established a full distribution history. A direct income comparison is not yet meaningful — check back once both funds have published several consecutive distributions.

What is the difference between MSTR and MSTY?

MSTR (Strategy Inc.) is a stock built around software exposure, while MSTY (YieldMax MSTR Option Income Strategy ETF) is actively managed around Strategy (MSTR) exposure with a covered call approach. They are issued by — and YieldMax respectively.

Can I hold both MSTR and MSTY?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has lower fees, MSTR or MSTY?

MSTY charges a 1.03% expense ratio. MSTR is a stock, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.

How much income does $10,000 in MSTR vs MSTY generate?

At current rates, MSTR does not pay distributions, so there is no cash income to estimate. The same in MSTY would produce about $157.33 cash per distribution ($8,181.00 annually).

Which has performed better historically, MSTR or MSTY?

MSTR has lagged MSTY over the trailing twelve months, posting a -49.91% total return against -43.36%. Measured from Feb 2024 — the start of shared available history — MSTR has compounded at 33.47% a year versus 22.58% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

MSTR vs MSTY — at a glance

Generated October 10, 2026.

Overview

MSTR is a stock in MicroStrategy, an enterprise software company that also holds one of the largest corporate Bitcoin treasuries. The critical distinction: MSTR is direct equity ownership with no distribution; MSTY wraps MSTR in an active options overlay designed to harvest premium income at the cost of limiting capital appreciation.

How they differ

MSTR trades as a traditional stock with no income component and full upside participation in the underlying business and Bitcoin holdings. The second major difference is volatility exposure: MSTR has a beta of 3.571, reflecting the software business plus Bitcoin treasury leverage; MSTY's beta of 2.5604 is lower because the call-selling dampens upside capture.

Who each is best for

MSTR: Fits investors who have a long time horizon and can tolerate significant price swings—the high beta reflects both the software business cycle and the Bitcoin holdings' volatility. Those seeking capital appreciation over dividends and who view the company's Bitcoin accumulation strategy as a core conviction would align with this vehicle.

MSTY: Designed for investors who prioritize near-term income generation and are comfortable capping their upside if the underlying share price rises sharply.

Key risks to know

  • Call cap limits gains: If MSTR rallies significantly above the call strike, MSTY shareholders forgo the excess appreciation while continuing to hold downside risk. This asymmetry means investors capture losses freely but have their wins clipped.
  • High distribution yield and NAV erosion: A 81.81% annualized yield is likely sustained partly through return-of-capital treatment rather than underlying business earnings alone, which may erode NAV over time if the strategy does not generate equivalent total returns.
  • Single-stock concentration: Both vehicles expose investors entirely to MSTR. MSTY's concentration is absolute; there's no diversification within the fund. Any adverse event at MicroStrategy or sharp Bitcoin price decline hits both equally hard.
  • Bitcoin treasury volatility: MSTR's business value is increasingly tied to its Bitcoin holdings. Steep Bitcoin drawdowns create a feedback loop where MSTR equity falls, potentially triggering assignment of MSTY calls and locking in losses at depressed levels.
  • MSTY inception recency and strategy unproven: MSTY launched on 02/21/2024 and has operated through only early-stage market conditions. The long-term sustainability of its weekly income target and the actual realized returns relative to the cap are not yet demonstrated over a full market cycle.

Bottom line

If you want direct ownership of MicroStrategy's business and Bitcoin treasury with no payout constraints and full upside capture, MSTR offers that with high volatility. If you prioritize weekly income and are comfortable surrendering significant gains above the call strike in exchange for consistent distributions and lower beta, MSTY trades that asymmetry. Past performance does not guarantee future results, and the options overlay in MSTY means the realized payout and capital return will depend on the call strike placement and MSTR's actual price path over time.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.