YMAX vs ZSEP
YieldMax Universe Fund of Option Income ETF vs Innovator Equity Defined Protection ETF - 1 Yr September
Which is better, YMAX or ZSEP?
Each has led over a different period.
ZSEP has a lower expense ratio. YMAX led over the full window, ZSEP over 1Y.
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 | YMAX | ZSEP |
|---|---|---|
| Expense Ratio | 1.33% | 0.79%Best |
| AUM | $367M | $238M |
| Dividend Yield | 66.30% | 0.00% |
| Holdings | 60 | 20 |
| YTD Return | +8.41%Best | +4.46% |
| 1Y Return | -1.48% | +5.70%Best |
| Volatility (annualized) | 21.2% | 2.6%Best |
| Max Drawdown | -26.1% | -4.0%Best |
| $10,000 over 2.1 years | $13,514Best | $11,396 |
| Fund Family | YieldMax ETF | Innovator ETFs Trust |
| Category | Alternative | Alternative |
| Style | Option Writing | Option Writing |
| Inception | Jan 16, 2024 | Aug 31, 2024 |
Not shown on this pair: 3Y Return (annualized), 5Y Return (annualized), Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 2.1 years row, are measured over the window both funds cover: Sep 3, 2024 to Oct 15, 2026 (2.1 years).
YMAX vs ZSEP 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 2.1 years both funds cover.
YMAX vs ZSEP Performance
YieldMax Universe Fund of Option Income ETF (YMAX) is an ETF from YieldMax ETF and Innovator Equity Defined Protection ETF - 1 Yr September (ZSEP) is an ETF from Innovator ETFs Trust. Over the past year YMAX returned -1.48% while ZSEP returned +5.70%. Year to date, YMAX is up 8.41% versus a gain of 4.46% for ZSEP.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
YMAX has been the more volatile fund, with annualized monthly volatility of 21.2% compared with 2.6% for ZSEP. 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 -26.1% for YMAX and -4.0% for ZSEP. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.75. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
YMAX charges 1.33% per year while ZSEP charges 0.79%. On a $10,000 position that is $133 vs $79 annually, a gap of $54 per year that compounds over a long holding period. On income, YMAX currently yields 66.30% against 0.00% for ZSEP.
Holdings Overlap
We hold position weights for 29 holdings in YMAX and 1 in ZSEP, totalling 99.8% and 98.7% 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 29 positions we hold weights for in YMAX and 1 in ZSEP, against full books of 60 and 20.
You are not choosing between two funds in isolation.
Whichever of YMAX and ZSEP 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, YMAX or ZSEP?
YMAX has an expense ratio of 1.33% while ZSEP charges 0.79%. ZSEP is the cheaper option, by $54 a year on a $10,000 investment.
Which performed better, YMAX or ZSEP?
Over the past year YMAX returned -1.48% vs +5.70% for ZSEP, so ZSEP leads on 1-year performance. Over the longest common window we track (2 years), YMAX annualized +15.42% vs +6.42% for ZSEP. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, YMAX or ZSEP?
YMAX has been the more volatile fund at 21.2% annualized versus 2.6% for ZSEP. Worst drawdown: YMAX -26.1% vs ZSEP -4.0%.
Should I hold both YMAX and ZSEP?
YMAX and ZSEP have a monthly-return correlation of 0.75, 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, YMAX or ZSEP?
YMAX yields 66.30% while ZSEP yields 0.00%, so YMAX currently pays the higher dividend yield.
Is ZSEP better than YMAX?
ZSEP has a lower expense ratio. YMAX led over the full window, ZSEP over 1Y. Which one suits a particular account depends on what it is for. This is information, not a recommendation.