ETF Comparison

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

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

Data updated July 4, 2026

YieldMax

ETFs60

Total AUM$9.78B

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.

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Side-by-side snapshot

	TSLY	YMAX
Full name	YieldMax TSLA Option Income Strategy ETF	YieldMax Universe Fund of Option Income ETFs
Issuer	YieldMax	YieldMax
Last Close	$26.83 as of July 4, 2026	$7.92 as of July 4, 2026
Distribution yield	54.46%	47.93%
Distribution Safety Score	49	55
Expense ratio	1.01%	1.28%
AUM	$823M	$420M
Distribution frequency	Weekly	Weekly
Underlying index	Tesla (TSLA)	Basket (Yieldmax ETFs)
Objective	Covered Call	Covered Call
Asset class	Equity	Equity
Inception date	11/22/2022	01/16/2024
Beta	1.5	1.5515
Last dividend	$0.2810	$0.0730
Ex-dividend date	06/18/2026	06/24/2026

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Visual comparison

Key metrics

Projected income on $10K

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

Total returns

TSLY has outpaced YMAX over the trailing twelve months, posting a 25.20% total return against -6.59%. Measured from Jan 2024 — when the younger fund began trading — TSLY has compounded at 13.70% a year versus 10.32% for YMAX. YMAX has been the steadier holding, though — annualized volatility of 24.6% against 36.7% for TSLY. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
TSLY	-11.34%	25.20%	13.70%	36.7%	0.49	0.68	-21.1%
YMAX	-5.69%	-6.59%	10.32%	24.6%	-0.46	-0.59	-26.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 2024” measures every fund from January 17, 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

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

TSLY offers the higher yield at 54.46% vs 47.93% for YMAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

TSLY is cheaper with an expense ratio of 1.01% compared to 1.28%.

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

TSLY is the larger fund by assets ($823M), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, TSLY would generate roughly $453.83/month, while YMAX would produce $399.42/month, at current distribution rates. Both pay weekly distributions.

TSLY yield54.46%

YMAX yield47.93%

Monthly diff on $10K$54.42

Cost & efficiency

Over 10 years on $10,000, TSLY would cost approximately $1,010 in fees vs $1,280 for YMAX (simplified, not compounded). The $270.00 difference may be offset by yield or performance.

TSLY ER1.01%

YMAX ER1.28%

Strategy & risk

TSLY tracks Tesla (TSLA) with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 1.5 for TSLY and 1.5515 for YMAX, indicating TSLY is less volatile relative to the market.

TSLY beta1.5

YMAX beta1.5515

Fund details

TSLY is managed by YieldMax (launched 11/22/2022) with $823M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $420M in assets.

TSLY AUM$823M

YMAX AUM$420M

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Frequently asked questions

Is TSLY or YMAX better for dividend income?

It depends on your goals. TSLY 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 TSLY and YMAX?

TSLY (YieldMax TSLA Option Income Strategy ETF) tracks Tesla (TSLA) 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 TSLY and YMAX?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, TSLY or YMAX?

TSLY has an expense ratio of 1.01% 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 TSLY vs YMAX generate?

At current rates, $10,000 in TSLY would generate roughly $453.83 per month ($5,446.00 annually). The same in YMAX would produce about $399.42 per month ($4,793.00 annually).

Which has performed better historically, TSLY or YMAX?

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TSLY vs YMAX — at a glance

Generated June 2026 from current fund data.

Overview

TSLY and YMAX are both YieldMax-issued covered-call ETFs that generate income by selling call options on their underlying holdings and distributing the premium weekly. TSLY is a single-name fund holding only Tesla shares, while YMAX is a fund-of-funds that holds a basket of YieldMax's own option-income ETFs, providing diversification across multiple stocks. The key distinction is concentration versus breadth: TSLY offers Tesla-only exposure with a 53.07% distribution rate; YMAX spreads that exposure across multiple underlying names at a slightly lower 50.99% yield.

How they differ

TSLY and YMAX both use covered calls to generate high current yield, but their underlying construction differs fundamentally. TSLY holds Tesla directly and sells call options against it, capturing 100% of the volatility-driven option premium from a single megacap stock. YMAX, by contrast, is a fund-of-funds holding multiple YieldMax option-income ETFs (each of which runs the same covered-call strategy on different underlyings), diversifying single-name concentration risk at the cost of an extra layer of fees and complexity.

The yield gap is modest: TSLY distributes 53.07% annualized versus YMAX's 50.99%, a difference likely driven by Tesla's outsize volatility, which commands higher option premiums. On cost, TSLY's 1.01% expense ratio undercuts YMAX's 1.28%, partly reflecting YMAX's fund-of-funds structure. Both funds have similar beta exposure (TSLY 1.5 vs. YMAX 1.5515), but TSLY's concentration in Tesla introduces idiosyncratic risk absent from YMAX's more balanced portfolio approach.

Who each is best for

TSLY: Fits investors who are bullish on Tesla specifically and willing to accept single-name concentration in exchange for higher current yield and simpler execution. Suitable for those who already hold diversified equity exposure elsewhere and want a tactical, high-yield satellite position.

YMAX: Designed for investors seeking option-income exposure with built-in diversification across multiple underlying stocks. Fits those who want weekly distributions and covered-call strategy benefits without betting heavily on any single company, or who are uncertain which mega-cap names to emphasize.

Key risks to know

NAV erosion at yield exceeds 50%: Both funds distribute more than half their NAV annually. This yield level typically relies on sustained option premium capture and may erode principal if underlying stock prices decline or implied volatility compresses, reducing call premiums. TSLY's 53.07% yield sits at the higher end of this range, intensifying the risk.

Single-name idiosyncratic risk (TSLY): Tesla's price swings, regulatory developments, competition, and CEO sentiment can drive large moves independent of broader market conditions. TSLY is exposed to this full force; YMAX spreads it across its holdings.

Call-capped upside: Both funds cap gains through short calls. If Tesla (TSLY) or the underlying basket (YMAX) rallies sharply, the calls will be exercised and shares called away, locking in gains but preventing further participation. Investors missing further upside may underperform a simple buy-and-hold.

Options liquidity and rolling risk: Weekly distributions require continuous call-selling. If options liquidity dries up—particularly for TSLA during market stress—premiums can collapse, reducing distributions and forcing repricing. YMAX's broader underlying basket may provide some insulation.

Fund-of-funds fee layering (YMAX): YMAX holds YieldMax ETFs that themselves charge expense ratios, on top of YMAX's 1.28%. The total fee burden is higher than a single-name fund, reducing net yield to the investor.

Bottom line

TSLY concentrates Tesla's volatility into a single fund, earning a premium yield (53.07%) in exchange for concentration and single-name risk. YMAX trades some yield (50.99%) for diversification across multiple covered-call ETFs and adds 0.27% in extra fees. If you want maximum current yield and conviction in Tesla, TSLY's simplicity and higher distribution rate stand out; if you prefer diversified option-income exposure and are willing to accept a modestly lower yield and higher fees for it, YMAX's portfolio approach fits better. Past performance of covered-call strategies doesn't predict future option premiums or principal stability.

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