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ETF Comparison

MSTY vs YMAX: Which Is the Better Pick in 2026?

A head-to-head comparison of YieldMax MSTR Option Income Strategy ETF and YieldMax Universe Fund of Option Income ETFs covering yield, cost, risk, and income potential.

Data updated July 21, 2026

YieldMax
ETFs59
Total AUM$9.28B

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 and YMAX.

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Side-by-side snapshot

MSTYYMAX
Full nameYieldMax MSTR Option Income Strategy ETFYieldMax Universe Fund of Option Income ETFs
IssuerYieldMaxYieldMax
Last Close$13.12 as of July 21, 2026$7.52 as of July 21, 2026
Distribution yield82.04%50.48%
Distribution Safety Score™ 2454
Expense ratio0.99%1.28%
AUM$765M$415M
Distribution frequencyWeeklyWeekly
Underlying indexStrategy (MSTR)Basket (Yieldmax ETFs)
ObjectiveCovered CallCovered Call
Asset classEquityEquity
Inception date02/21/202401/16/2024
Beta2.56041.5515
Last dividend$0.2070$0.0730
Ex-dividend date07/16/202607/22/2026

Bottom lineChoose MSTY if you want to maximize current income — roughly 82.04%, generated by selling options premium. Choose YMAX if you are comfortable trading away most upside for a large, steady payout. There's no free lunch: MSTY's payout comes from selling options, which caps upside and can erode the share price over time, while YMAX keeps full price exposure.

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Key metrics

Projected income on $10K

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

Total returns

MSTY has lagged YMAX over the trailing twelve months, posting a -73.30% total return against -15.36%. Measured from Feb 2024 — when the younger fund began trading — YMAX has compounded at 5.19% a year versus 4.40% for MSTY. YMAX has been the steadier holding, though — annualized volatility of 25.1% against 64.9% for MSTY. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Feb 2024Volatility Sharpe Sortino Max drawdown
MSTY-37.38%-73.30%4.40%64.9%-2.12-2.73-76.6%
YMAX-10.46%-15.36%5.19%25.1%-0.85-1.09-26.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Feb 2024” measures every fund from February 22, 2024 — the youngest fund's first trading day — 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.

Quick verdict

MSTY (YieldMax MSTR Option Income Strategy ETF) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both weekly-pay dividend ETFs, but they take different approaches.

MSTY offers the higher yield at 82.04% vs 50.48% for YMAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

MSTY is cheaper with an expense ratio of 0.99% compared to 1.28%.

They track different benchmarks: MSTY is linked to Strategy (MSTR) while YMAX tracks Basket (Yieldmax ETFs), which means their performance drivers differ.

MSTY is the larger fund by assets ($765M), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose MSTY

YieldMax MSTR Option Income Strategy ETF

  • Want to maximize current income — MSTY distributes roughly 82.04% from selling options premium, vs 50.48% for YMAX.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.99% expense ratio vs 1.28% for YMAX.

Choose YMAX

YieldMax Universe Fund of Option Income ETFs

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 1.6 vs 2.6 for MSTY.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, MSTY would generate roughly $683.67/month, while YMAX would produce $420.67/month, at current distribution rates. Both pay weekly distributions.

MSTY yield82.04%
YMAX yield50.48%
Monthly diff on $10K$263.00

Cost & efficiency

Over 10 years on $10,000, MSTY would cost approximately $990 in fees vs $1,280 for YMAX (simplified, not compounded). The $290.00 difference may be offset by yield or performance.

MSTY ER0.99%
YMAX ER1.28%

Strategy & risk

MSTY tracks Strategy (MSTR) with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 2.5604 for MSTY and 1.5515 for YMAX, indicating YMAX is less volatile relative to the market.

MSTY beta2.5604
YMAX beta1.5515

Fund details

MSTY is managed by YieldMax (launched 02/21/2024) with $765M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $415M in assets.

MSTY AUM$765M
YMAX AUM$415M
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Frequently asked questions

Is MSTY or YMAX better for dividend income?

It depends on your goals. MSTY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between MSTY and YMAX?

MSTY (YieldMax MSTR Option Income Strategy ETF) tracks Strategy (MSTR) with a covered call approach, while YMAX (YieldMax Universe Fund of Option Income ETFs) tracks Basket (Yieldmax ETFs) with a covered call approach. They are issued by YieldMax and YieldMax respectively.

Can I hold both MSTY and YMAX?

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, MSTY or YMAX?

MSTY has an expense ratio of 0.99% while YMAX charges 1.28%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in MSTY would generate roughly $683.67 per month ($8,204.00 annually). The same in YMAX would produce about $420.67 per month ($5,048.00 annually).

Which has performed better historically, MSTY or YMAX?

MSTY has lagged YMAX over the trailing twelve months, posting a -73.30% total return against -15.36%. Measured from Feb 2024 — when the younger fund began trading — YMAX has compounded at 5.19% a year versus 4.40% for MSTY. YMAX has been the steadier holding, though — annualized volatility of 25.1% against 64.9% for MSTY. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

MSTY vs YMAX — at a glance

Generated July 2026 from current fund data.

Overview

MSTY and YMAX are both weekly-paying covered-call ETFs from YieldMax, but they target entirely different underlying exposures. MSTY writes calls on a single stock—MicroStrategy (MSTR), a leveraged Bitcoin proxy—while YMAX is a fund-of-funds that holds a basket of YieldMax's own single-stock option-income ETFs across different companies. The key distinction: MSTY offers concentrated, high-volatility call income on one crypto-linked play; YMAX provides diversified call income across multiple holdings and sectors.

How they differ

MSTY's 83.49% distribution yield comes from weekly call premiums on MSTR, which carries a beta of 2.5604 and tracks the volatile Bitcoin-proxy market. YMAX's 46.62% yield is spread across a diversified portfolio of similar covered-call strategies on different single stocks, with a substantially lower beta of 1.5515. The most significant consequence: MSTY's narrower focus means its NAV can swing sharply when MSTR rallies past short-call strike prices or crashes below them, whereas YMAX's diversification smooths those single-position swings. MSTY's 0.99% expense ratio is cheaper than YMAX's 1.28%, but YMAX's higher fee partly reflects fund-of-funds administration and diversification overhead. MSTY has accumulated $1.01 billion in AUM since February 2024, while YMAX has built $420 million since January 2024.

Who each is best for

MSTY: Fits investors with a strong directional view of Bitcoin or MicroStrategy who want leveraged call premium income from that bet, and who can tolerate sharp NAV swings when MSTR makes large moves in either direction.

YMAX: Designed for investors seeking steady, diversified call-income streams across multiple single-stock option strategies, with preference for lower volatility and broader sector exposure than a single concentrated play can offer.

Key risks to know

  • Extreme volatility and NAV erosion at MSTY's yield level. An 83.49% annualized distribution yield on a single stock with a beta over 2.5 signals that call premiums are being captured in full, leaving little room for appreciation. If MSTR rallies sharply, calls are exercised and the position resets; if it falls, NAV erodes faster than the high yield can offset. This dynamic is built into covered-call structures on volatile underlyings and will persist.
  • Concentration risk in MSTY. Holding only MSTR means all portfolio risk is on one security's corporate, regulatory, and market-linked factors. A single adverse event—regulatory action against MicroStrategy or Bitcoin, competitive pressure, or margin call issues—creates single-point-of-failure risk that diversification cannot reduce.
  • Fund-of-funds complexity in YMAX. YMAX holds other YieldMax ETFs, which themselves hold single stocks and execute call strategies. Fees nest (YMAX's 1.28% sits atop the expense ratios of its underlying holdings), and performance depends partly on the quality and stability of YieldMax's other strategy implementations.
  • Call-capped upside in both. Covered-call structures cap the participation in sharp rallies. If MSTR or YMAX's underlying holdings surge past strike prices, shares are called away or gains are foregone—a trade-off baked into the weekly premium income but important to weigh against buy-and-hold potential.
  • Cryptocurrency and single-stock volatility in MSTY. MSTR's price moves are leveraged to Bitcoin sentiment and corporate leverage; volatility in that pair can amplify losses during sharp drawdowns, compressing NAV even as distributions continue.

Bottom line

MSTY pursues maximum call income on a single leveraged position, accepting extreme volatility and NAV erosion risk in exchange for an 83.49% yield; YMAX trades that concentration for a lower 46.62% yield spread across multiple holdings and much lower beta, adding a layer of diversification and stability. If you crave a focused, high-income bet on Bitcoin via MSTR and can tolerate weekly NAV swings, MSTY's concentrated yield stands out; if you want steady covered-call income with less concentration risk, YMAX's diversified approach addresses that differently. Past performance doesn't predict future results, especially for options-based strategies in volatile markets.

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

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