Which paid more, NVIT or TEST?

Over the year to Oct 2, 2026, NVIT paid 21.3% of its starting price in cash and TEST paid 19.2%, so NVIT paid more. Cash paid is not the same as money made: the price change matters too.

Which returned more once distributions are counted, NVIT or TEST?

With every distribution reinvested, NVIT returned +30.2% and TEST −6.8% over the year to Oct 2, 2026.

Which is cheaper, NVIT or TEST?

NVIT charges 1.27% a year and TEST charges 1.04%, so TEST is cheaper. Fees come from each fund's prospectus.

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NVIT vs TEST: which paid, and which earned it?

Over the window both share NVIT paid 21.3% of its price in cash against TEST’s 19.2%, and returned more with it reinvested. YieldMax(R) NVDA Performance & Distribution Target 25(TM) ETF and YieldMax(R) TSLA Performance & Distribution Target 25(TM) ETF.

TEST costs 0.23 points a year less; NVIT is 3.5 times larger.

	NVIT	TEST
Expense ratio	1.27%	1.04%
Net assets	$13m	$4m
What it tracks	TM	TM
Holdings in common	22%

21.3%

NVIT cash paid, since launch

19.2%

TEST cash paid, since launch

+30.2%

NVIT total return, since launch

−6.8%

TEST total return, since launch

NVIT · since launch to Oct 2, 202637.6 pts ahead of TM

NVIT

+30.2%

−7.4%

37.6 pts ahead of TM

NVIT since launch: paid 21.3%, price +5.4%, total +30.2%, TM −7.4%, +37.6 pts.

−7.4%

NVIT

+30.2%

21.3% of it arrived as cash

37.6 pts ahead of TM

Total return, distributions reinvested

37.6 pts ahead of TM

NVIT since launch: paid 21.3%, price +5.4%, total +30.2%, TM −7.4%, +37.6 pts.

−7.4%

NVIT

+30.2%

21.3% cash

37.6 pts ahead of TM

21.3% of it arrived as cash. Total return, distributions reinvested. NVIT since launch: paid 21.3%, price +5.4%, total +30.2%, TM −7.4%, +37.6 pts.

TEST · since launch to Oct 2, 20260.6 pts ahead of TM

TEST

−6.8%

−7.4%

0.6 pts ahead of TM

TEST since launch: paid 19.2%, price −24.6%, total −6.8%, TM −7.4%, +0.6 pts.

−7.4%

TEST

−6.8%

0.6 pts ahead of TM

Total return, distributions reinvested

0.6 pts ahead of TM

TEST since launch: paid 19.2%, price −24.6%, total −6.8%, TM −7.4%, +0.6 pts.

−7.4%

TEST

−6.8%

0.6 pts ahead of TM

19.2% of it arrived as cash. Both charts share one scale, with zero at the line. TEST since launch: paid 19.2%, price −24.6%, total −6.8%, TM −7.4%, +0.6 pts.

What they hold in common

By the books each fund has filed, NVIT and TEST hold 22% of their money in the same securities at the same weight. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Oct 2, 2026.

50%

half

22% in common

Positions both hold, largest shared weight first

Holding NVIT TEST

TREASURY BILL 13.97% 17.67%

TREASURY BILL 8.12% 17.10%

Only in NVIT

TREASURY BILL 51.95%

TREASURY BILL 19.97%

TREASURY BILL 5.98%

Only in TEST

United States Treasury Bill 07/08/2027 47.15%

United States Treasury Note/Bond 2.375% 05/15/2027 17.77%

TSLA 11/20/2026 370.01 C 6.85%

First American Government Obligations Fund 12/01/2031 1.51%

TSLA US 10/16/26 C410 0.33%

TSLA US 10/16/26 C390 0.24%

TSLA US 10/16/26 C375 -0.70%

TSLA US 10/16/26 C365 -0.78%

Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed.

Performance, window by window

	Total return		Cash paid		Against the benchmark
Window	NVIT	TEST	NVIT	TEST	NVIT	TEST
3 months	+17.6%	−8.6%	6.6%	5.5%	+13.7 pts	−12.6 pts
6 months	+25.2%	−0.3%	13.3%	12.2%	+37.5 pts	+12.1 pts
Since launch NVIT Nov 2025 · TEST Nov 2025	+30.2%	−6.8%	21.3%	19.2%	+37.6 pts	+0.6 pts

NVIT and TEST over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NVIT

YieldMax(R) NVDA Performance & Distribution Target 25(TM) ETF · Synthetic covered call on TM, paying weekly

TEST

YieldMax(R) TSLA Performance & Distribution Target 25(TM) ETF · Synthetic covered call on TM, paying weekly

Issuer YieldMax YieldMax

Strategy synthetic covered call synthetic covered call

Benchmark (TM) (TM)

Pays weekly weekly

Payout rate, annualized 24.5% 25.4%

Expense ratio 1.27% 1.04%

Cash paid, 1 year 21.3% (since launch on Nov 18, 2025) 19.2% (since launch on Nov 18, 2025)

Price change, 1 year +5.4% −24.6%

Total return, 1 year +30.2% (since launch on Nov 18, 2025) −6.8% (since launch on Nov 18, 2025)

Benchmark return, 1 year −7.4% −7.4%

Ahead or behind +37.6 pts +0.6 pts

Return of capital, latest estimate 0% 88%

Age 318 days 318 days

Net assets $13m $4m

NVIT and TEST on the same fields, as of Oct 2, 2026. Source: ETFIQ.

NVIT in plain words

Over the period since launch on Nov 18, 2025 to Oct 2, 2026, NVIT paid 21.3% of its starting value in cash distributions while its price rose 5.4%. With every distribution reinvested, the fund returned +30.2%. (TM) returned −7.4% over the same days, so a holder was ahead by 37.6 pts. At its price on Oct 2, 2026 the latest distribution annualizes to 24.5%, paid weekly. YieldMax estimates that 0% of the distribution paid Sep 30, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

TEST in plain words

Over the period since launch on Nov 18, 2025 to Oct 2, 2026, TEST paid 19.2% of its starting value in cash distributions while its price fell 24.6%. With every distribution reinvested, the fund returned −6.8%. (TM) returned −7.4% over the same days, so a holder was ahead by 0.6 pts. At its price on Oct 2, 2026 the latest distribution annualizes to 25.4%, paid weekly. YieldMax estimates that 88% of the distribution paid Sep 30, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).

Questions people ask

Which paid more, NVIT or TEST?: Over the year to Oct 2, 2026, NVIT paid 21.3% of its starting price in cash and TEST paid 19.2%, so NVIT paid more. Cash paid is not the same as money made: the price change matters too.
Which returned more once distributions are counted, NVIT or TEST?: With every distribution reinvested, NVIT returned +30.2% and TEST −6.8% over the year to Oct 2, 2026.
Which is cheaper, NVIT or TEST?: NVIT charges 1.27% a year and TEST charges 1.04%, so TEST is cheaper. Fees come from each fund's prospectus.

Other comparisons

NVIT on its own →TEST on its own →How every figure is computed →Standards and sources →

Where these figures came from

NVIT and TEST filings on SEC EDGAR ↗NVIT and TEST prospectus with the expense ratio (SEC) ↗NVIT 19a-1 distribution notice ↗YieldMax page for NVIT ↗TEST 19a-1 distribution notice ↗YieldMax page for TEST ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NVIT against TEST, data as of Oct 2, 2026. https://etfiq.com/compare/income/nvit-vs-test

Open data

Free to use with attribution for figures ETFIQ computes; issuer data stays under its owner's terms. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.