BSEP vs YMAX
Innovator U.S. Equity Buffer ETF - September vs YieldMax Universe Fund of Option Income ETF
Which is better, BSEP or YMAX?
BSEP has been ahead.
BSEP has a lower expense ratio. BSEP led over 1Y and the full window. BSEP is less concentrated, with 37.7% of the fund in its ten largest positions against 47.9%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BSEP | YMAX |
|---|---|---|
| Expense Ratio | 0.79%Best | 1.33% |
| AUM | $470M | $370M |
| Dividend Yield | 0.00% | 70.90% |
| Holdings | 1,520 | 60 |
| YTD Return | +10.32%Best | +5.14% |
| 1Y Return | +13.43%Best | -3.33% |
| 3Y Return (annualized) | +16.86% | - |
| 5Y Return (annualized) | +11.29% | - |
| Volatility (annualized) | 7.5%Best | 19.9% |
| Max Drawdown | -13.4%Best | -26.1% |
| $10,000 over 2.7 years | $14,801Best | $14,117 |
| Top 10 Weight | 37.7%Best | 47.9% |
| Fund Family | Innovator ETFs Trust | YieldMax ETF |
| Category | Alternative | Alternative |
| Style | Option Writing | Option Writing |
| Inception | Aug 30, 2019 | Jan 16, 2024 |
Volatility and max drawdown, and the $10,000 over 2.7 years row, are measured over the window both funds cover: Jan 17, 2024 to Oct 14, 2026 (2.7 years).
BSEP vs YMAX growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 2.7 years both funds cover.
BSEP vs YMAX Performance
Innovator U.S. Equity Buffer ETF - September (BSEP) is an ETF from Innovator ETFs Trust and YieldMax Universe Fund of Option Income ETF (YMAX) is an ETF from YieldMax ETF. Over the past year BSEP returned +13.43% while YMAX returned -3.33%. Year to date, BSEP is up 10.32% versus a gain of 5.14% for YMAX.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
YMAX has been the more volatile fund, with annualized monthly volatility of 19.9% compared with 7.5% for BSEP. 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 -13.4% for BSEP and -26.1% for YMAX. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.79. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
BSEP charges 0.79% per year while YMAX charges 1.33%. On a $10,000 position that is $79 vs $133 annually, a gap of $54 per year that compounds over a long holding period. On income, BSEP currently yields 0.00% against 70.90% for YMAX.
Holdings Overlap
We hold position weights for 494 holdings in BSEP and 29 in YMAX, totalling 98.2% and 99.8% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 494 positions we hold weights for in BSEP and 29 in YMAX, against full books of 1,520 and 60.
What only one of them owns
Our book lists 29 positions for YMAX that do not appear in our book for BSEP (99.8% of the fund), and 490 for BSEP that do not appear in YMAX (98.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
You are not choosing between two funds in isolation.
Whichever of BSEP and YMAX you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, BSEP or YMAX?
BSEP has an expense ratio of 0.79% while YMAX charges 1.33%. BSEP is the cheaper option, by $54 a year on a $10,000 investment.
Which performed better, BSEP or YMAX?
Over the past year BSEP returned +13.43% vs -3.33% for YMAX, so BSEP leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BSEP or YMAX?
YMAX has been the more volatile fund at 19.9% annualized versus 7.5% for BSEP. Worst drawdown: BSEP -13.4% vs YMAX -26.1%.
Should I hold both BSEP and YMAX?
BSEP and YMAX have a monthly-return correlation of 0.79, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, BSEP or YMAX?
BSEP yields 0.00% while YMAX yields 70.90%, so YMAX currently pays the higher dividend yield.
Is YMAX better than BSEP?
BSEP has a lower expense ratio. BSEP led over 1Y and the full window. BSEP is less concentrated, with 37.7% of the fund in its ten largest positions against 47.9%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.