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ETF Comparison

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

A head-to-head comparison of YieldMax Magnificent 7 Fund of Option Income ETFs and YieldMax Universe Fund of Option Income ETFs covering yield, cost, risk, and income potential.

Data updated August 19, 2026

Best for

  • YMAGInvestors who want to maximize current income — roughly 49.16%, generated by selling options premium.
  • YMAXInvestors who are comfortable trading away most upside for a large, steady payout.

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

YMAG has outpaced YMAX over the trailing twelve months, posting a 9.83% total return against -2.47%. Measured from Jan 2024 — when the younger fund began trading — YMAG has compounded at 20.93% a year versus 11.87% for YMAX. YMAG has been the steadier holding, though — annualized volatility of 18.4% against 24.4% for YMAX. 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.
SymbolYTD1YSince Jan 2024Volatility Sharpe Sortino Max drawdown
YMAG1.36%9.83%20.93%18.4%0.270.36-14.4%
YMAX1.61%-2.47%11.87%24.4%-0.29-0.39-26.1%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 2024” measures every fund from January 30, 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricYMAGYMAX
Full nameYieldMax Magnificent 7 Fund of Option Income ETFsYieldMax Universe Fund of Option Income ETFs
IssuerYieldMaxYieldMax
Last Close$11.16 as of August 19, 2026$7.59 as of August 19, 2026
Distribution yield49.16%41.04%
Distribution Safety Score™ 7361
Expense ratio1.34%1.33%
AUM$290M$389M
Distribution frequencyWeeklyWeekly
Underlying indexBasket (Magnificent 7 Stocks)Basket (Yieldmax ETFs)
ObjectiveFund of funds that seeks weekly income by investing nearly all of its assets in seven underlying YieldMax option income ETFs tied to the Magnificent 7 stocks.Fund of funds that seeks weekly income by investing its assets across the shares of the underlying YieldMax option income ETFs, or directly in the instruments those ETFs hold.
Asset classEquityEquity
Inception date01/29/202401/16/2024
Beta1.16241.5515
Last dividend$0.1055$0.0599
Ex-dividend date08/19/202608/19/2026

Bottom lineChoose YMAG if you want to maximize current income — roughly 49.16%, 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: YMAG's payout comes from selling options, which caps upside and can erode the share price over time, while YMAX keeps full price exposure.

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. YMAG and YMAX generate 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 ETF at current yields.

YieldMax
ETFs59
Total AUM$9.29B

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 YMAG and YMAX.

See all YieldMax ETFs

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Quick verdict

YMAG (YieldMax Magnificent 7 Fund of Option Income ETFs) and YMAX (YieldMax Universe Fund of Option Income ETFs) are both weekly-pay dividend ETFs, but they take different approaches.

YMAG offers the higher yield at 49.16% vs 41.04% for YMAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

YMAX is cheaper with an expense ratio of 1.33% compared to 1.34%.

They track different benchmarks: YMAG is linked to Basket (Magnificent 7 Stocks) while YMAX tracks Basket (Yieldmax ETFs), which means their performance drivers differ.

YMAX is the larger fund by assets ($389M), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose YMAG

YieldMax Magnificent 7 Fund of Option Income ETFs

  • Want to maximize current income — YMAG distributes roughly 49.16% from selling options premium, vs 41.04% for YMAX.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 1.2 vs 1.6 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.
  • Want to keep costs low — a 1.33% expense ratio vs 1.34% for YMAG.

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, YMAG would generate roughly $409.67/month, while YMAX would produce $342.00/month, at current distribution rates. Both pay weekly distributions.

YMAG yield49.16%
YMAX yield41.04%
Monthly diff on $10K$67.67

Cost & efficiency

Over 10 years on $10,000, YMAG would cost approximately $1,340 in fees vs $1,330 for YMAX (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

YMAG ER1.34%
YMAX ER1.33%

Strategy & risk

YMAG tracks Basket (Magnificent 7 Stocks) with a covered call approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 1.1624 for YMAG and 1.5515 for YMAX, making YMAG the less volatile of the two by this measure.

YMAG beta1.1624
YMAX beta1.5515

Fund details

YMAG is managed by YieldMax (launched 01/29/2024) with $290M in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $389M in assets.

YMAG AUM$290M
YMAX AUM$389M
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Frequently asked questions

What is the current distribution yield for YMAG and YMAX?

YMAG currently distributes 49.16% and YMAX 41.04%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is YMAG or YMAX better for dividend income?

It depends on your goals. YMAG 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 YMAG and YMAX?

YMAG (YieldMax Magnificent 7 Fund of Option Income ETFs) tracks Basket (Magnificent 7 Stocks) 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 YMAG 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.

Is YMAG or YMAX safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — YMAG scores 73, YMAX scores 61, so YMAG's payout currently looks the more resilient of the two. YMAG has also shown lower price volatility (beta 1.16 vs 1.55 for YMAX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, YMAG or YMAX?

YMAG has an expense ratio of 1.34% while YMAX charges 1.33%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in YMAG would generate roughly $409.67 per month ($4,916.00 annually). The same in YMAX would produce about $342.00 per month ($4,104.00 annually).

Which has performed better historically, YMAG or YMAX?

YMAG has outpaced YMAX over the trailing twelve months, posting a 9.83% total return against -2.47%. Measured from Jan 2024 — when the younger fund began trading — YMAG has compounded at 20.93% a year versus 11.87% for YMAX. YMAG has been the steadier holding, though — annualized volatility of 18.4% against 24.4% for YMAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

YMAG vs YMAX — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

YMAG and YMAX are both funds of funds from YieldMax that generate weekly income through covered call strategies on baskets of stocks. YMAG focuses exclusively on the Magnificent 7 tech giants and distributes at a 51.09% annual rate; YMAX casts a much wider net across YieldMax's entire suite of option income ETFs and distributes at 41.30%. Both charge 1.28% in expenses and launched within two weeks of each other in January 2024.

How they differ

The biggest difference is exposure scope: YMAG is a concentrated play on seven mega-cap tech stocks (Apple, Microsoft, Nvidia, Tesla, Google, Amazon, Meta), while YMAX diversifies across multiple YieldMax option income ETFs covering a broader universe of companies and sectors. This makes YMAX's underlying holdings much less correlated to large-cap tech momentum.

YMAG's higher distribution rate—51.09% versus 41.30%—reflects the tighter positioning and likely greater option premium capture on the Magnificent 7's higher volatility. YMAX carries a significantly higher beta of 1.5515 compared to YMAG's 1.1624, suggesting it swings harder with broader market moves despite the lower yield. AUM is comparable but YMAX has grown slightly larger at $392M versus YMAG's $291M.

Both funds charge identical 1.28% expense ratios and distribute weekly. The trade-off is concentration for yield: YMAG offers higher income from a narrower, more volatile tech-focused sleeve; YMAX offers a lower yield but from a diversified option-income portfolio that may behave differently in market dislocations.

Who each is best for

YMAG: Investors who want concentrated exposure to the Magnificent 7 and are willing to tolerate significant tech sector concentration in exchange for a higher distribution yield, with the understanding that valuations and sentiment in those seven names drive returns.

YMAX: Investors seeking weekly income from option strategies across a broader range of underlying securities, preferring diversification across multiple YieldMax funds over single-sector concentration, and comfortable with higher volatility relative to market moves.

Key risks to know

  • NAV erosion at yields above 50%: YMAG's 51.09% distribution rate implies the fund must rely on return of capital or principal decay to sustain distributions if the underlying Magnificent 7 holdings don't appreciate. Weekly distributions at this pace will erode net asset value unless option premiums and stock appreciation offset payouts.
  • Concentration in mega-cap tech: YMAG's entire portfolio hinges on seven stocks. A broad tech selloff, regulatory pressure on any of the Magnificent 7, or a reset in AI-driven valuations would hit the fund severely. YMAX avoids this, but investors should verify its underlying ETF holdings to assess any unintended overlap.
  • Options-derived volatility mismatch: YMAX's beta of 1.5515 is substantially higher than YMAG's, despite a lower yield. This suggests the diversified option-income portfolio exhibits greater sensitivity to market swings—possibly because the underlying YieldMax ETFs cover higher-volatility securities or employ different strike selection strategies. Weekly rebalancing may amplify this during downturns.
  • Fund-of-funds layering: Both are funds of funds, meaning shareholders pay the 1.28% fee atop the expense ratios of the underlying YieldMax option income ETFs. The true all-in cost is higher than the headline expense ratio suggests.
  • Limited track record: Both funds launched in January 2024—less than a year of history. There is no data on how distributions hold up in a sustained market decline or when option volatility contracts.

Bottom line

YMAG offers higher current yield but concentrates that income on seven stocks in a single sector; YMAX trades some yield for broader diversification but exhibits more pronounced volatility. If you prioritize maximum income and can tolerate concentrated tech exposure, YMAG's higher distribution rate reflects that trade-off; if you want option-income diversification across multiple YieldMax strategies, YMAX's lower yield reflects a different risk profile. Neither fund has weathered a full market cycle, so past performance does not predict future distributions or principal preservation.

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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