Data as of Oct 28, 2026.
SPY vs YMAX: Differences, Returns & Fees
Over the year to Oct 28, 2026, SPY returned +13.6% to YMAX's −4.0%, and SPY charges 0.09% to YMAX's 1.33%.
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Net assets on Oct 27, 2026: $814.8bn for SPDR S&P 500 ETF Trust and $352m for YieldMax Universe Fund of Option Income ETFs.
Pair scorecard
SPY costs 1.24 points a year less; their one-year returns differ by 17.6 points; SPY is far larger, $814.8bn against $352m.
| Measure | SPY | YMAX |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.6% | −4.0% |
| Price change, 1 year | rose 12.4% | fell 42.4% |
| Latest payout, annualized | 39.9% | |
| Return of capital, issuer estimate | 35% of the Oct 29, 2026 payment | |
| Against its benchmark | ||
| What it tracks | S&P 500 Index | Benchmark: its own holdings |
| Against its benchmark, same days | behind by 14.9 pts | |
| Cost and size | ||
| Expense ratio | 0.09% | 1.33% |
| Net assets, as of Oct 27, 2026 | $814.8bn | $352m |
| Holdings | ||
| Holdings in common | 0% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Oct 27, 2026 and Oct 28, 2026. Method
What they share
By the books each fund has filed, SPY and YMAX hold 0% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026 and Oct 28, 2026.
half
0% in common
Only in one fund ↓
Side by side
SPY and YMAX on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
YMAX's own holdings, without the options (from its filed holdings, rebalanced at each filing; latest Oct 26, 2026) returned +10.9% over the same days, so a holder was behind by 14.9 pts.
Over the year to Oct 28, 2026, YMAX paid 36.1% of its starting value in cash distributions while its price fell 42.4%. With every distribution reinvested, the fund returned −4.0%. At its price on Oct 28, 2026 the latest distribution annualizes to 39.9%, paid weekly. YieldMax estimates that 35% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are SPY and YMAX in the same category?
- SPY is a stock ETF and YMAX is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, SPY or YMAX?
- In the year to Oct 28, 2026, with distributions reinvested, SPY returned +13.6% and YMAX −4.0%.
- Which is cheaper, SPY or YMAX?
- SPY is cheaper, by 1.24 percentage points a year. That is about $124 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, SPY against YMAX, data as of Oct 28, 2026. https://etfiq.com/compare/any/spy-vs-ymax
ETFIQ. (Oct 28, 2026). SPY against YMAX. Retrieved from https://etfiq.com/compare/any/spy-vs-ymax
[SPY against YMAX (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/spy-vs-ymax)
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