USEP vs YMAX
Innovator U.S. Equity Ultra Buffer ETF - September vs YieldMax Universe Fund of Option Income ETF
Which is better, USEP or YMAX?
Each has led over a different period.
USEP has a lower expense ratio. USEP led over 1Y, YMAX over the full window.
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 | USEP | YMAX |
|---|---|---|
| Expense Ratio | 0.79%Best | 1.33% |
| AUM | $239M | $370M |
| Dividend Yield | 0.00% | 70.90% |
| Holdings | 23 | 60 |
| YTD Return | +7.42%Best | +5.14% |
| 1Y Return | +9.56%Best | -3.33% |
| 3Y Return (annualized) | +12.59% | - |
| 5Y Return (annualized) | +8.51% | - |
| Volatility (annualized) | 5.5%Best | 19.9% |
| Max Drawdown | -9.7%Best | -26.1% |
| $10,000 over 2.7 years | $13,465 | $14,117Best |
| Fund Family | Innovator ETFs Trust | YieldMax ETF |
| Category | Alternative | Alternative |
| Style | Option Writing | Option Writing |
| Inception | Aug 30, 2019 | Jan 16, 2024 |
Not shown on this pair: Top 10 Weight.
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).
USEP 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.
USEP vs YMAX Performance
Innovator U.S. Equity Ultra Buffer ETF - September (USEP) 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 USEP returned +9.56% while YMAX returned -3.33%. Year to date, USEP is up 7.42% 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 5.5% for USEP. 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 -9.7% for USEP 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
USEP 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, USEP currently yields 0.00% against 70.90% for YMAX.
Holdings Overlap
We hold position weights for 1 holding in USEP and 29 in YMAX, totalling 98.6% 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 1 positions we hold weights for in USEP and 29 in YMAX, against full books of 23 and 60.
You are not choosing between two funds in isolation.
Whichever of USEP 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, USEP or YMAX?
USEP has an expense ratio of 0.79% while YMAX charges 1.33%. USEP is the cheaper option, by $54 a year on a $10,000 investment.
Which performed better, USEP or YMAX?
Over the past year USEP returned +9.56% vs -3.33% for YMAX, so USEP leads on 1-year performance. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, USEP or YMAX?
YMAX has been the more volatile fund at 19.9% annualized versus 5.5% for USEP. Worst drawdown: USEP -9.7% vs YMAX -26.1%.
Should I hold both USEP and YMAX?
USEP 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, USEP or YMAX?
USEP yields 0.00% while YMAX yields 70.90%, so YMAX currently pays the higher dividend yield.
Is YMAX better than USEP?
USEP has a lower expense ratio. USEP led over 1Y, YMAX over the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.